Small Business Loans

[bcoop]

I have more than enough experience to chime in on an internet board, bitch.

You said "basically broke even". Your words, not mine. It either made money or it didn't. If he only made a little, or broke even, it's still a failed attempt. I deal with every side of the restaurant industry every day. It's clear to me that you don't have a clue what the fuck you're talking about on this subject. It's an apparent common theme with you.

"Highly educated" doesn't amount to shit when it comes to restaurants.

[majorownage]

You said "basically broke even". Your words, not mine. It either made money or it didn't. If he only made a little, or broke even, it's still a failed attempt. I deal with every side of the restaurant industry every day. It's clear to me that you don't have a clue what the fuck you're talking about on this subject. It's an apparent common theme with you.

"Highly educated" doesn't amount to shit when it comes to restaurants.

You are making my point. I clearly have no idea how to run a one. People go in thinking they can pull off a restaurant using their nest egg. More times than naught they get their ass handed to them on a platter. That was the only warning I was giving.

[black2002ls]

Majorownage, I appreciate your input. I have 12 years experience in retail, direct customer service, and management. I spent 6 years working in a commercial bakery, baking bread, frying donuts, managing inventory, and decorating cakes. I also spent 3 years in what I feel is one of the toughest parts of the bar/restaurant industry, and that is directly managing a bar. The last bar I was at, I set the foundation and developed the tools to allow it to succeed. It is now a 350-400K a year project with profits of 4-6K a month, not stellar, by any means, however, the owners got screwed when they bought the joint. They have another year or two of $3500 payments to the previous owners. once those are clear, they will be making about 10K a month free and clear.

I'm not saying I'm a pro, I'm not saying that it is easy. I do fully understand the time commitment it takes. The last bar/venue I was at was open wed-sat 8P-midnight or 1. I worked mon-sun typically noon until close or later.

[CWO]

Let me rephrase. If you and your spouse are white, don't bother.

CWO has personal experience with his wife (at the time) trying to get a small business loan. It was a lost cause, and she was a master at her craft.

The govt will award contracts based on MWBE status, but the lending isn't any easier to get, at least, for caucasian women.

And what Slowhand said. Everything is worth a shot. It's just highly unlikely.

Yep. It sucked. I've been considering doing stuff as extra income now that the laws have been updated to help guys like me.

[centexchick]

Affirmative action at work. And it's not female minority owned. It's female OR minority owned.

Precisely how I was awarded 3 contracts on our local post. The big company I was contracted to needed more "minority or women" owned businesses to be subs on the projects.....I made out great!

I may benefit from it, but I do not think that it is right....I can not get a SBL because I am white. We tried many different avenues. So I use the good ol boy network that I have made over the last 10 years and just built it a little at a time....sure is nice not having a loan to pay back!

[bcoop]

Precisely how I was awarded 3 contracts on our local post. The big company I was contracted to needed more "minority or women" owned businesses to be subs on the projects.....I made out great!

I may benefit from it, but I do not think that it is right....I can not get a SBL because I am white. We tried many different avenues. So I use the good ol boy network that I have made over the last 10 years and just built it a little at a time....sure is nice not having a loan to pay back!

The company I work for is MWBE certified, and it does benefit us greatly, because so much of what we do is public money. I don't think it's right, either. But I'll be damned if we aren't going to use the system before us. We are the only company in TX in our field, that is MWBE. It's been a great benefit for us.

[bluecollar]

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.

Looking at buying an existing business. Need around 200k, I have 50k in the bank as of now.


We'll see how everything goes. A former business associate of my mother is sitting down with me this weekend to discuss my business plan. He's shown some interest and may loan me the cash himself. This is the ideal situation, but I always want a plan B and C.