SBA loans for a start up lawn care business?

When you are a new business and are looking for funding, sometimes you might consider getting an SBA loan. That question was asked in the Gopher Lawn Care Forum.

Jerry: “How hard it is to get a Small Business Association Loan for $10,000 for some new equipment?”

Joel: “How hard it is depends on your own situation. Overall, you have to jump through quite a few hoops and you are examined quite thoroughly when you apply for an SBA loam.

Here are the very basic qualifications to get a business loan:

  • You must have a reasonable amount already invested in your business.

  • Your business plan and other business document must be very detailed. What we have done here is only touching the surface compared to what they will want to see.

  • You really need to explain everything about your business, why you need the funds and your plan to pay it back.

  • You’ll need income statements, balance sheets and long-term forecasts. Lots of paperwork!

  • Also, expect to have your personal credit scrutinized (not just the business).

  • You will need collateral to secure the loan.

So you will have to answer the question as to whether it is worth it or not.

I have not actually known anyone who has got an SBA loan. Most find it too much work to satisfy the eligibility requirements. So I would not recommend this route.

If you are need of capital the easiest type of loan to get is a basic personal loan. You’ll still need the collateral but they will not ask for financial statements, forecasts and the like. This is the route that I have used in the past and it is the route I would recommend for Western Lawn and other small/medium sized LCOs if they are in need of capital.

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Lawn Care Business Books And Software.
How To Get Lawn Care Customers Vol. 2
The landscaping and lawn care business plan startup guide
A rebellious teenagers guide to starting a landscaping & lawn care business
The GopherHaul Lawn Care Business Show Episode Guide.
Stop Lowballing! A Lawn Care Business Owner\'s Guide To Success