700+
Personal credit score needed for a startup loan
3 years
Of projected revenue, with assumptions
10 years
Without bankruptcies or judgments
Start with your idea
You have an idea, a dream, or desire to start a business but not sure what to do now. These resources were created to aid you in the process of pursuing your idea. Starting a business is certainly not easy, but can be so rewarding.
Financing options available
Loans and credit
SBA 7a Term Loan
Business Credit Cards
Home Equity Loans
Life Insurance Policies
Factoring Line of Credit
Merchant Cash Advance
Friends, family and investors
Grants
Government Grants
Helpful attachments, resources and links
Helpful attachments
- Business Startup Resource Guide
- What is the SBA 7a loan program
- Types and Sources of Financing for Start-up Businesses
- Washington State Business Startup Playbook
Helpful resources
- SCORE – National Business Advising Services
- SCORE – Startup Resources
- Small Business Development Center – Washington
- Small Business Development Center – Oregon
- Small Business Development Center – Idaho
- CBA – Commercial Multiple Listing Service (find commercial lease space)
Videos
- How to start a business from scratch
- How to get a startup loan
- What bankers look for in Service Companies
- How business credit works
- Business Plans
Getting set up
- SBA Lender Match
- Get an IRS Tax ID Number in Minutes (IRS)
- Create a Washington State LLC (WA Sec of State)
- Create a Washington State Corporation (WA DOR)
Startup tools
startupstash.comA curated directory of resources and tools to help you build your startup. This is a good starting point.squarespace.com/logoUse this for basic logos done instantly.portent.com/tools/title-makerThis helps you figure out content ideas. Help get creativity flowing.stocksnap.ioFree Stock Photos for your website or other uses.mailchimp.comNewsletters and signup widgets.zoho.comFREE CRM tool in order to keep track of your clients and follow up.namecheap.comLowest cost way to register your website domain.fiverr.comPay $5 (or a bit more) for tasks ranging from logo design to copy writing.score.org/browse-libraryTake free classes on things to help start your business.skillshare.comUnlock your creativity with free online classes & projects.
Calculators
Restaurant Food Cost Calculator – easily break down bulk food purchase costs into portion costsStart up Cost Calculator – find out how much you need to start up your business
Loan Payment Calculator (use 10 year loan term)
FAQ
In order to be successful getting a start up loan what are the key things I need?
- You’ll need great personal credit 700+
- No Bankruptcy’s or judgements in the last 10 years
- Positive net worth
- Sold Business Plan
- 3 Years of Projected Revenue with Assumptions
- Collateral for offer for the loan
Will I need collateral?
Yes, startup loans are hard to get and not many banks provide them. It is safe to say even using SBA loans you will need to be close to full collateralization for these types of loans.
Do I have to have good credit?
YES! a score of 700 plus would be required.
I heard that startup restaurant loans are hard to get
Yes- That is true, they are the hardest because in general restaurant margins are small and loan defaults are high.
