What's the best business loan I can get?

Question

I have been learning a lot about investing in the U.S. but I am an American living in Thailand and actually came across an amazing deal here.

But I am short about $50,000 for it. I have a legal business in the U.S. that has been open 1.5 years and I'm wondering if anyone has any good recommendations for a personal or business loan that will give me the best rate for this purchase?

Thanks!

Chris Seveney · Answer

Having that consultancy could be huge, I would look at a SBA loan from a local lender or who you bank with or a credit union.

You could start this overseas but most likely you would need to sign docs in the USA. One thing we know people have done is have a power of attorney so if there are docs that person could sign on their behalf if you are going to be out of the country a lot

Chris Seveney · Answer

You can check to see if you qualify for a SBA loan but living in Thailand will not benefit you, also what type of business is it and is it generating revenue. One of the misconceptions investors have is they open a LLC for real estate and owning rentals and think they can get business credit, which would be like opening a LLC to trade stocks - business must be operating and generate revenue and EBITDA

Molly Jones · Answer

@Chris Seveney I have an IT consultancy as my main income for the last four years. I will also be back in the states soon and can apply for a loan in person for a few weeks if that works?

What's the best business loan I can get?

3 Replies