Has anyone secured a small business loan?
Answers:
Loans are different that investments. A loan will carry a specific interest rate payable within a specific time. It is not based on income from sales. An investment return is sometimes based on a income from sales (net profit).
$1,000? Too small of an amount from most commercial investors. An angel investor? dream on - you have to have a dynamic product for that. $1,000 is something that you can use a credit card for.
I have gone through the SBA process for a medium sized loan ($20K) and have received some investments from family and secured personal loans (which are easier than business loans). The SBA is set up to provide you with the most pain and anguish for the least return. I find that because civil servants don't understand technology, they are more apt to approve a loan for a donut shop or a shoe store (something which almost always fails), than a high tech idea. I would never both with the SBA for any reason - I would secure a credit card advance first.
Most loans under $1000 will either come from a bank or your family and friends. Angel investors usually invest anywhere from $10,000 up to $1,000,000 depending on the individual. They tend to invest in early stage local companies in industries with which they are familar.
If you cannot get a loan from the bank, start saving or ask friends if you can borrow from them.
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