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  • #1

    Small business loan questions

    So, i've been thinking (for quite some time) about doing my own thing - whether it be working on cars (doubt it) or some kind of service sales business of my own - long story short, I'm sick and tired of working for 'the man'. I make GOOD money now, and most people wouldn't dream of leaving what I have, but I want to be my own boss, work on my own schedule and do what I need to do.

    My questions are simple - What kind of credit stipulations are needed or required for a small business loan, specifically one that has not even materialized as of yet?

    I seem to remember talking to a loan officer years ago and there was some sort of stipulatoin on the business bieng around for a certain number of years before they can loan any money... but if you're starting a new business from the ground up then that's not likely - what happens in that case?


    thoughts?
    Tags: any obamabucks for loan?, jodyturnedintoanelitist, minority-owned bizness, no loans for whitey
  • #2
    I'd say in todays economy it would be tuff for a new business to get a loan, without your personal credit being tied to it. Lyn never looked for a loan to get her business started, but did recently get an American Express card with only her business attached to it. (great points for buying all her work stuff and gas for her truck).


    Good luck if you go that route!

    Comment

    • #3
      I know it may be a long shot but check out the local and federal govt sites. There may be grants and stuff in place for new buisness's to help get you off the ground.

      As far as loans go, Im sorry I dont have any input in that.

      Comment

      • #4
        good luck, but in this current economy, id think twice.

        Comment

        • #5
          The area of town I live in has no fast food other than Sonic, Taco bell or Subway. I have been wanting to open a little mexican restraunt down here since the population is mexican I figure I can attract a few people.

          A buddy of mine did this and had a byob policy and they just ate it up with the $1 tacos....especially on the weekends


          Just dont have any cash to buy equipment, food, marketing and space rental or lease
          Originally posted by Sean88gt
          You can take white off the list. White on anything is the best, including vehicles, women, and the Presidency.
          Originally posted by Baron Von Crowder
          You can not imagine how difficult it is to hold a half gallon of moo juice and polish the one-eyed gopher when your doin' seventy-five in an eighteen-wheeler.

          Comment

          • #6
            Easiest way to get a small-business loan is to call the SBA and tell them you're a black woman.

            No, I'm not kidding.

            Comment

            • #7
              Originally posted by Slowhand View Post
              Easiest way to get a small-business loan is to call the SBA and tell them you're a pregnant black woman.

              No, I'm not kidding.

              Fixed

              Comment

              • #8
                Originally posted by yellowstang View Post
                Fixed
                Touche.

                Comment

                • #9
                  They will almost all want two years of financials for a line of credit. It is not hard to get a loan for machinery, but initial operating expenses etc. will be on you.

                  For most small start ups you will need your own money to get it going and hopefully your first two years turn enough of a profit to allow you a line of credit for expansion.

                  I have a friend with a profitable business that had shown a profit for over 6 years, while growing, who couldn't get a loan without pulling money out of something. They all said his D/I was too high, even though he had more than enough income growth was enough to easily cover it.

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                  • #10
                    Originally posted by Slowhand View Post
                    Easiest way to get a small-business loan is to call the SBA and tell them you're a black woman with full blown AIDS and no legs.

                    No, I'm not kidding.
                    truf
                    Originally posted by racrguy
                    What's your beef with NPR, because their listeners are typically more informed than others?
                    Originally posted by racrguy
                    Voting is a constitutional right, overthrowing the government isn't.

                    Comment

                    • #11
                      Brooks when I had my franchise I had to do it with an open line of credit rather than a small business loan. This was due to the fact that even though I had great credit they were not going to loan money if I told them it was for a new businees. However, you tell them you want a line of credit because you want to make some home improvements and they were cool with that. They don't check to see where or how you are spending you LOC once they give it to you. That was in 2008 and I don't think things have gotten any better as far as banks loaning money.

                      Do you have any idea how much you think you may need? I was only able to get them to give me 12K at the time becuase they were starting to tighten the loaning belts at that time.

                      Your other option would be just a personal loan. Again not sure how much they would be willing to loan that way but I would say if they give you enough go that way. The way the interest is stuctured on a LOC its dam near impossible to pay it back in a reasonable amount of time. Personal loans you at least can forcast exactly when the note would be paid off and you should not get hammered so bad on interest. I eventually got a personal loan to pay off my LOC for this very reason.

                      If you have any other questions give me a shout and I will do what I can to give you the little bit of knowledge I have in the matter.

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                      • #12
                        800k in revenue last year... Chase (where all my accounts are) wouldn't even consider a LOC for us without personal guarantees.

                        Putting your name/credit on the line for a business lease (even office space) or loan is a great way to be screwed long term if (and it's a very likely if) the business goes under. Your likelihood of failure increases with each business partner you have as well.

                        Comment

                        • #13
                          choooo$$$$$$$$$$$$$$$$$$$$$$$$$$$$ choooo$$$$$$$$$$$$$$$$$$$$$$$$$$
                          Originally posted by davbrucas
                          I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

                          Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

                          You and slow99 should date. You both have passive aggressiveness down pat.

                          Comment

                          • #14
                            Originally posted by Slowhand View Post
                            Easiest way to get a small-business loan is to call the SBA and tell them you're a black woman.

                            No, I'm not kidding.
                            That's pretty funny considering who I work for...

                            Brooks,
                            I sure feel like we have some sort of dejavu going on here!
                            Have you prepared the business plan that we discussed yet?
                            As for the LOC, yes you could go that route, but how much are you wanting and how much equity do you have in your home first off?
                            Most unsecured personal loans have around a $10k limit, depending on the lender.
                            You have always helped me out, maybe one day I will swing by and we can sit down and discuss some stuff.
                            I don't mind helping you out with whatever I can.

                            Comment

                            • #15
                              Originally posted by stangin4lyfe View Post
                              That's pretty funny considering who I work for...

                              Brooks,
                              I sure feel like we have some sort of dejavu going on here!
                              Have you prepared the business plan that we discussed yet?
                              As for the LOC, yes you could go that route, but how much are you wanting and how much equity do you have in your home first off?
                              Most unsecured personal loans have around a $10k limit, depending on the lender.
                              You have always helped me out, maybe one day I will swing by and we can sit down and discuss some stuff.
                              I don't mind helping you out with whatever I can.
                              LOl, yup.

                              I was at a place asking about renting the building, a wedding chapel, and at ~6500$ a day, it got me to thinking.

                              One of these days in the near future we can sit and discuss it. I have many ideas for different businesses - success isn't the problem, it's getting started and the funds needed to get started. I guess what they say is true - "you gotta have money to make money!!"

                              Comment

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