Hi guys, I would like to start a vending machine business ASAP. I’m a single mom trying to supplement my income. So please share any advice for a business loan because I have got to make this work.
I can probably answer some SBA loan questions, but don’t know what box you’re speaking of
Check with the local MOB. They control most vending machine businesses in most towns. Same applies to entertainment and bars.
Here is great article about women business loan-https://www.finimpact.com/business-loans-for-women/
There are several banks and NBFCs in market where you can get business loan for your vending machine business.
However it will be most required that you should fulfil the eligibility criteria or the terms and conditions. Different loan providers offers lending at different interest rates having different eligibility criteria.
However the basic eligibility criteria would be include:
1- Age of business
2- Your Credit score
3- Partnership or Proprietorship Firm
4- Age limit
6- Turnover of Business
If you are looking for proper business loan the age of your business and income will be most in consideration. If you are thinking to have an startup for your vending business, you may opt the msme loan for new business. According to the need of business, loan amount get sanctioned by banks you are requested for. However, the benefit with MSME loan is that as it is specially designed for medium and small businesses, one can easily opt it.