Small Business Loans

[snacksnack]

I probably tried every avenue available short of a loan shark and was pretty much told what others have said straight to me.

How much capitol and was this a start up or already running business?

I'm in the same boat and looking for more info as well.


40-50k and its already running and profiting, is this still out of the question?

[Forever_frost]

Here's seriously how you handle this. Get a black or hispanic disabled woman to be your partner and tell them to go ask for it. Check with the Dept of Agriculture first.

Edit: This is actually something I asked the state about and was basically told that certain people deserve loans despite not being qualified for one.

[majorownage]

Here's seriously how you handle this. Get a black or hispanic disabled woman to be your partner and tell them to go ask for it. Check with the Dept of Agriculture first.

Edit: This is actually something I asked the state about and was basically told that certain people deserve loans despite not being qualified for one.

That's really not a bad idea. I'd like to find a good partner though instead of just finding a piece of shit welfare monkey.

[Forever_frost]

That's really not a bad idea. I'd like to find a good partner though instead of just finding a piece of shit welfare monkey.

Want to sweeten it? Find a minority disabled veteran. VA gives small business loans

[Slowhand]

How much capitol and was this a start up or already running business?

I'm in the same boat and looking for more info as well.


40-50k and its already running and profiting, is this still out of the question?

A bank is going to judge primarily on cashflows, since they have first dibs on free cash as a creditor. How long you've been generating positive cash, how much positive cash you generate and how that compares to your equity, and the consistency of cashflows are the big ones. Is that $40-50k of invested capital? If so, that's a plus in your favor, although it's not an overwhelmingly large amount to a bank.

You need to pay up front for a CPA to prepare financials for you and help you come up with a very good (read: don't google and do it yourself) business plan with market research, etc. I don't see a bank engaging in very serious discussions without either.

They'll probably want to grill your (and any partners') personal financial situation as well.

[majorownage]

Want to sweeten it? Find a minority disabled veteran. VA gives small business loans

^_^

I'll keep that in mind bud.

[Forever_frost]

^_^

I'll keep that in mind bud.

I don't have a degree in economics but I am VERY up on the system and how affirmative action has fucked it up

[Strychnine]

New business or existing and looking to expand?

[black2002ls]

I've kicked this idea around trying to get a cupcake/cake shop opened up. I've pretty much decided that if its going to happen, I'm going to have to sell everything I own and just stash away any and all money from cakes for the next year or two

[Strychnine]

Also, how much money do you need? Have you looked into a business credit card?

We just got a Chase business card for the LLC and it has 0% for the first 12 months. Next step is a standing line of credit.

[majorownage]

I've kicked this idea around trying to get a cupcake/cake shop opened up. I've pretty much decided that if its going to happen, I'm going to have to sell everything I own and just stash away any and all money from cakes for the next year or two

Please, what ever "small business idea" you have, don't ever try a restaurant. It is the worst. You will work your ass off to lose every single dime. It is highly competitive. My grandfather had one, but he only managed because he had a program that would re-compute the prices of food every time inputs changed prices. It basically broke even for 10 years, and kept my grandmother busy.

My dad would distribute this advise to his buds when they thought opening a restaurant: "Give me all your money right now, and I'll let you have your 2-3 years you would have worked for free." More often than naught, they wouldn't heed and they would bump heads 2-4 years later 200k lighter after it went belly up.

[stinginstang]

So all ya need is a female, minority lesbian or transgendered, disabled vet? Piece of cake.

[bcoop]

Please, what ever "small business idea" you have, don't ever try a restaurant. It is the worst. You will work your ass off to lose every single dime. It is highly competitive. My grandfather had one, but he only managed because he had a program that would re-compute the prices of food every time inputs changed prices. It basically broke even for 10 years, and kept my grandmother busy.

My dad would distribute this advise to his buds when they thought opening a restaurant: "Give me all your money right now, and I'll let you have your 2-3 years you would have worked for free." More often than naught, they wouldn't heed and they would bump heads 2-4 years later 200k lighter after it went belly up.

First off, a bakery isn't a restaurant. Just because your grandfather couldn't make it work, doesn't mean nobody can. You have zero life experience. Please stop talking about things you have no first hand knowledge of, and for crying out loud, you can't base an entire industry (wildly successful one at that) off of one failed attempt. That's as ignorant as your tin foil hat theories

Restaurants and bars are the most failed businesses there are, mainly because people getting in to them don't have a fucking clue about what it takes to succeed, and don't have enough capital to do it correctly. But that doesn't mean they can't be successful. I've got PLENTY of customers that prove you wrong day in, and day out.

[majorownage]

First off, a bakery isn't a restaurant. Just because your grandfather couldn't make it work, doesn't mean nobody can. You have zero life experience. Please stop talking about things you have no first hand knowledge of.

Restaurants and bars are the most failed businesses there are, mainly because people getting in to them don't have a fucking clue about what it takes to succeed, and don't have enough capital to do it correctly. But that doesn't mean they can't be successful. I've got PLENTY of customers that prove you wrong day in, and day out.

First off, he didn't go under. It made money, just not much.

I agree what you are saying: people do not know what they are getting into. I knew some of these guys by name; they were highly educated people. I have more than enough experience to chime in on an internet board, bitch.

[Forever_frost]

I've kicked this idea around trying to get a cupcake/cake shop opened up. I've pretty much decided that if its going to happen, I'm going to have to sell everything I own and just stash away any and all money from cakes for the next year or two

My wife is considering doing the same