The only way to know for sure if you will qualify for a business loan is to apply with a lender. Here are some things to consider though if you want to judge for yourself the likelihood that you will be able to score a business loan.

Start Up Businesses

If you’re looking for a loan for a start up business, it might be harder for you. First of all, you will need to have some of your own money to put into the business. Owner equity injection is a key way that lenders are able to see that the future business owner believes in the risk themselves. One option, if you don’t have a lot of cash for start up is to look for a microloan program. These sometimes only require a 10 percent owner equity, though some require at least 30 percent owner equity. The more money you’re willing to put into the business, the better it looks to lenders. Why would they want to take a risk on you if you’re not willing to take a risk on yourself?
Do you have any collateral to secure the loan for your business. Both personal and business assets can be used for collateral. Lenders need to see that there is a way to repay the loan if it goes into default. They’ll also examine whether you’re willing to personally guarantee the loan.

Existing Businesses

If you have an existing business or wish to purchase an existing business, it’s easier for lenders to judge the likelihood that they will get paid back. Still, when a business already exists and is running, that means the bank will want to see more proofs. They will want to know the qualifications of your management team. They will want to see your inventory records, financial records, and marketing plan.
If you’ve never owned a business, you will benefit from entrepreneurial classes. Positive experiences in previous businesses looks even more favorable to business lenders though.

RE/MAX Keys Connection

$21,000,000

101600 Overseas Highway KEY LARGO, Florida

3 Beds 3 Baths 3,717 SqFt

$9,750,000

200 Treasure Harbor Drive ISLAMORADA, Florida

4 Baths 1,069 SqFt

$7,900,000

90311 Old Highway Tavernier, Florida

2 Beds 2 Baths 10,714 SqFt

$6,500,000

82705 Overseas Highway ISLAMORADA, Florida

2 Beds 5 Baths 9,064 SqFt

$6,500,000

517 Duval & 518 Bahama Street KEY WEST, Florida

4 Baths 7,854 SqFt

$6,500,000

38 Coco Plum Drive MARATHON, Florida

1 Baths 5,439 SqFt

$6,290,000

243 61St Street Gulf Street MARATHON, Florida

13 Beds 14 Baths 4,461 SqFt

$5,454,400

3300 Riviera Drive KEY WEST, Florida

4 Beds 5 Baths 3,577 SqFt 0.27 Acres

$5,000,000

199 Morris Avenue KEY LARGO, Florida

2 Baths 224 SqFt

$4,900,000

58000 Card Sound Road KEY LARGO, Florida

1 Beds 3 Baths 2,297 SqFt

$4,655,500

1812 Flagler Avenue KEY WEST, Florida

9 Beds 11 Baths 8,004 SqFt 0.31 Acres

$4,655,500

1812 Flagler Avenue KEY WEST, Florida

9 Beds 11 Baths 8,004 SqFt

$4,500,000

1000-1006 Truman Avenue KEY WEST, Florida

2 Baths 2,756 SqFt

$4,500,000

1114 Duval Street KEY WEST, Florida

2 Baths 2,760 SqFt

$3,750,000

830 50Th Court MARATHON, Florida

4 Beds 3 Baths 2,469 SqFt 0.63 Acres

Upscale, Comfortable Commercial Real Estate Office

The RE/MAX Keys Connection office is located in the Historic Heritage House in the heart of Old Town, conveniently located immediately nearby major downtown hotels. Our unique, cafe-style real estate office offers our valued clients a welcoming, upscale, professional environment. Enjoy complimentary beverages, free wi-fi, and a private conference room or expansive front porch, depending on the level of privacy you’re most comfortable with.

Experienced Commercial Real Estate Brokerage Company

RE/MAX Keys Connection’s owner and broker Curtis Skomp is one of South Florida’s top commercial real estate brokers. With over two decades of experience and a CCIM (Certified Commercial Investment Member) designation, Curtis has brokered commercial real estate including industrial properties, shopping centers, strip malls, trailer parks, bars, restaurants, hotels and multi-unit apartment buildings. Unlike many brokers, Curtis isn’t intimidated by bank foreclosures either.
RE/MAX Keys Connection offers clients international exposure with local service. Our service area includes Key West, Big Pine Key, Marathon, Islamorada, Key Largo, and all of unincorporated Monroe County. Our office is fluent in Spanish, which is highly important when doing business in Southern Florida.