Small business loan questions

[dblack1]

LOl, yup.

"you gotta have money to make money!!"

That saying is true almost every time.

Don't just look at the house as for collateral.

I have a good friend whose dad uses everything with wheels on it. He'll put up his 5 year old DD for the downpayment on a property, his hunting rig, four wheeler, etc. Sometime you have to use everything at your disposal to make it happen. That nice turbo car would make decent collateral. A local bank should loan against it as I have a friend who borrowed $25k to buy a renegade car.

[black2002ls]

there are channels outside of banks for money. There are a lot of investors out there who have large sums of money who are simply looking for a better ROI. They aren't easy to find, and harder to tap into, but they are there.

I've tried for the last year to find someone to invest in a bakery here in my town, I haven't had much luck.

[onemeangixxer7502]

Honestly if you don't have any start up capital of your own you probably shouldn't open a business..... It takes money to make $$

[Grape]

most loans to buy an existing business are based on assets only. People get way out in left field thinking their name and current customer list is actually a viable selling point.

[fastfullsize]

SBA will tell you you have to have 50-75% of your loan amount in the bank before you can get a SBA loan. I told them when I was starting my business if I had that kind of cash available I would not need the loan I would just down size my plans a little and expand in the near future. As said in previous posts its hard to get a bank to loan on a new business. Hell its hard to get them to do a loan for an existing (profitable) business with a great credit history.