Even those with good credit may have to crack their retirement nest eggs to come up with enough cash to make a deal get a free credit report Mississippi work. "The first thing get a free credit report Mississippi we want to know is, 'How much cash do you have? Any outside income coming in?' " says Rick Anderson, general manager of Franchise Finance of Little Rock, Ark., a company that originates loans and leases for the franchise industry.
Anderson says if borrowers have substantial cash, "we'd recommend they put more get a free credit report Mississippi money into the deal -- maybe 40% to 50%, and we'd finance it conventionally." If they aren'get a free credit report Mississippi t flush, he says, they still may have to contribute at get a free credit report Mississippi least 20% along with collateral -- perhaps just enough from a retirement account to cover the down payment to qualify for an SBA loan. credit report scores
Brian Colburn, managing director of franchise finance at Butler Capital Corp., a commercial lender in Hunt Valley, Md., says that the "only bank loans I see being made to new franchisees are if a person has established other relationships with a banker, or has previous experience, or is a local figure in the marketplace. The average Joe, 99% of the time the bank will turn him over to an SBA" office.
Indeed, with banks becoming more tight-fisted, the SBA is becoming the place more would-be franchisees are turning to. order a credit report online "It's what the SBA was get a free credit report Mississippi created for, to provide access to capital for small businesses who get a free credit report Mississippi can't get it through conventional means," says Christine Reilly, get a free credit report Mississippi head of small-business lending at CIT Group Inc., a New York-based finance company.
Reilly, CIT has recently "made some changes" to its underwriting criteria for franchising in order to reduce its risk exposure. The standard SBA loan for franchisees is known as the 7(a), which is issued by a bank or other qualified lender, and partly guaranteed against default get a free credit report Mississippi by the government. Because of that backing, such loans are seen as relatively low-risk. free score credit report SBA loans include those for short-term working capital and equipment, which get a free credit report Mississippi often have a five- to six-year maturity; get a free credit report Mississippi and real-estate loans, which can run for 20 years or more.
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