What is the usual term in years of a small business loan?
I’m looking into small business loans, what is the usual term in years, like auto loans are up to 5 years, mortgage is 30 years, what is it for a small business loan?
My husband and I want to buy a business, it is
$ 125,000 down and $ 74,000 @ 8% for 36 months total 199,000
it is a tanning salon and all the machines are new etc we have looked at the figures and all looks good.
Now how to we go about getting a loan to fund this. I can obtain the financials of the business for the last 3 years and it has been in operation for 12 years. What are our best options in a loan, thing is he has no collateral . If he buys a house and has a mortgage will it affect our chances of a loan? What way is the best way in obtaining the $ 125,000 in a small business loan in new york.