Will I be able to obtain a small business loan in this economy?

I was recently laid off from a job in my career field that I worked in for about nine years. I am looking for a change and want to buy a bar/restaurant. I have about 30k form my pension. Will I be able to borrow against my pension?
In Buying Property - Asked by William T. - Nov 7, 2008
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Answer(s)

Colton G.
Owner/Investor
Oklahoma City, OK

go to www.resurrectionfinancial.com - they'll be able to help you

Nov 9, 2008
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Michael A.
Broker/Agent
Salt Lake City, UT

Depends on your personal financial status and how much debt and assets you have. In the residential market most lenders have obviously left the subprime lending market to pursue FHA and VA loans because they are government participation loans. SBA is the same thing essentially. You put up 10%, Bank puts up 40% and Govt. puts up 50%. If you could qualify for any loan it would be SBA. I would talk to a preferred SBA Lender at a strong institutional bank like Wells Fargo. I don't know if you can borrow against pensions.

Nov 12, 2008
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