Interested in opening a high end hair salon in NY. First time business owner. Need a business loan.

Any information on the right financial institution for the loan? Any tips on how to go about the approach?

Interested in opening a high end hair salon in NY. First time business owner. Need a business loan. Any tips?

The easiest will be to go to the bank where you already have an existing relationship.

Some banks extend what they call "small business lines of credit" often through credit cards. Those are easier to get and can be based on your credit history alone. They typically are up to $100,000. For example, Wachovia's has various business lines of credits http://www.wachovia.com/small_biz/page/0... Their business line of credit can even be approved overnight,

However, if you're applying for a loan and if it is a big amount, banks and even the Small Business Administration may consider other factors aside from your business credit:

- A business plan explaining what the business is

- Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you

- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application

- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you

- Condition or terms of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.

Aside from banks I suggest you consider microloan providers. They typically fund up to $30K Read about the SBA Microloan Program http://www.sba.gov/financing/sbaloan/mic...

Interested in opening a high end hair salon in NY. First time business owner. Need a business loan. Any tips?

try SBA [small bussiness administration} loans

Interested in opening a high end hair salon in NY. First time business owner. Need a business loan. Any tips?

Why don"t you approach a private lender?I got mine loan from a certain agency and i had really bad credit.Their interest rate of 0.2% is simply great..Why don"t you try there?

You can contact them with their email,richards_loan_agency@yahoo.com