How to apply for business loan?

[WiniqueStylez]

Me and my business partner just started our salon business and we’re looking for a loan to fully launch our service business. Where and how can I get a legitimate loan and how fast can I get it ?

[Minion]

Hi @WiniqueStylez 

Welcome to the Square Community and congratulations on starting your new business. 

What is the structure of your business?  

What bank is your current business checking account opened with?

How much approximately in funding are you looking for to start up?

Do you have a business plan drawn up?

Are you and your partners personal credit report clear and free from any negative items?

You will most likely be looking into personal loan options starting out, pending the information above.  Assuming you have all the documents and information needed to provide to loan officer/underwriter you could be looking anywhere from 3-7 business days.

[Doran]

Hi, @WiniqueStylez Welcome to the Square Community! 

I'm also a salon pro and here is where I've found quality financing.  

The SBA

My local bank that I do business checking.

My local bank that I do personal checking. 

AMEX- I've loved working with them.  

Square loans are on offer only and you can't apply.  They are based on a few different things one being processing volume.  So if you're starting you may not get much of an offer since they need several months of data to base their offer on.   

Make sure when you go to apply for the loans you have"

• A strong business plan
• A credit history both personal and business
• potential collateral 
• A clear plan on what the funding is for and how you will use it and repay it.