I was wondering if anybody knows how i can get a loan to start my daycare?

Question

I also wanted to know if i do get the loan since i dont live in a house can i use to money to rent a house just for the daycare or does it have to be a facility? Thanks!

Answer 1

Starting a daycare is really not that easy.  Depending on your state you need certifications, permits etc.  Not that they are all that hard to get, but they take time.

As a start up time cost money, which you don't have.  So things are working against you.  

My biggest suggestion is to lease all the physical things you need.  This credit is much easier to get than just unsecured money.  

So, lease the van, the furniture, the play equipment, etc.

Answer 2

There's allot of house run day cares .  Try for government grants.  They are giving allot of money away for first time small business owners.  Also usually loans require collateral and good credit.  Collateral can be anything.  A car, bonds, rare antiques etc.

The law stipulations differ from state to state.  Generally the type of building that is required also is determined by ratio requirements.  How many students you have versus staffing needs and areas required for sufficient daycare needs.  Hope it helps.

Answer 3

If you are interested in starting a small business, then you have to know about small business loans. There are many different ways to get funding for your new enterprise, as well as many different kinds of loans. Finding the one that is best for your enterprise can be a daunting task, but with the right information, it is not impossible. Most banks do not want to loan money to someone who is starting a new enterprise. When trying to get a loan for a small business, collateral will probably be needed for the bank to approve the loan. Things such as cars, houses, land, or other hard assets will usually work for collateral. The bank will probably want to have an asset-backed borrowing transaction with business owners, rather than loaning money to a business based on inventory or other such methods. Having a co-signer is also an option for getting a loan from the bank, but make sure you trust the co-signer before trying this method. There is also another place that a loan can be borrowed from, which is the Small Business Administration. This is a government agency that invests in new, small businesses. In many cases, if a loan is borrowed from the SBA, then the SBA will pay back 90% of the loan if you default on it.

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Another place to try for a loan is through commercial finance companies or venture capitalists. When applying for small business loans, there are certain procedures that must be followed to increase the business owners' chances of actually getting a loan. Every place you approach with the hope that they will finance your new enterprise will look at your financial projections, credit history and your character. If there is a personality conflict between you and the lender, then you probably will not get the loan. However, it is a good idea to try several different places until you find someone who gets along with you, so that you can get a small business loan. There are also little quirky things that can be done to make a better impression on loan officers. Dressing professionally, keeping a professional manner, and calling ahead of time for an appointment are usually necessary to get loans for small businesses. There are some other things that might increase your chances of getting a loan as well, such as being able to answer any questions about your business plan. Being over prepared is better than being under prepared.