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Thread: Business Loans
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02-25-2004, 08:49 PM #1
Business Loans
Hey, real quick question, for any of you out there that obtained/applied for a business loan.. Care to shed some of your experience on the topic: difficulty, colaterial, how many times have you applied, how many different banks, whats the worst that happened, etc.. I've been collecting data for quite some time, and have a few ideas.. I contacted a bank already and they need a business plan from me (some sort of in depth explanation in writing) so i can take this a step further..
Thanks alot, you are all SWEETHEARTS!!!!!!!!!!
lolLast edited by monster.; 02-25-2004 at 08:53 PM.
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02-25-2004, 09:03 PM #2
monster you thinking of getting out the hoe game?! bitch whats wrong with you!? do you know who i am?! im rick james bitch..
i applied for a few loans for a already running business as high as 100k and never had a problem.. BUMP either wya..
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02-25-2004, 09:09 PM #3
If you qualify, and can expand your business, alot of states will offer grants, coupled with loans...
Issue is they use a different criteria to qualify you...
Example..
we created a company in my wife's name.. used her mom's home address as the corp address.. (farm)...
as a woman, she qualifies for many grants in just that.. but a rural company that hires, and trains displaced farm workers to do computer programing...
it's working to the tune of $320,000 the first year...
Good luck........The answer to your every question
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02-25-2004, 09:09 PM #4
Hands down the best resource for you is http://www.score.org
It is a collection of former directors and CEO's that will help small business in the US for free. They can even help you find an Angel Investor. You can usually find one in your neighborhood if you want to request a face-to-face... otherwise they can be very helpful simply via e-mail.
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02-25-2004, 09:09 PM #5
I'M RICK JAMES BIATCH!!!!!!!!!!!!! LOLLLL Thanks elliot, I don't want to get too optimistic, but I explained what the deal was with the banker, and he said gather together a 'business plan' Go into detail how everything is going to run, and call him back for an appointment.. I might as well since i'm doing this in my spare time, just looking for a second opinion..
What did the hand say to the face?
SLAP!!!!!!!!!!!!!
I'm Rick James Biatch!!
LOLLLLLLLLLLLLLLLLLLLLLLLLLLLL
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02-25-2004, 09:09 PM #6
What type of business Monster?
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02-25-2004, 09:12 PM #7
Wow, thank you guys Spy and Warrior.. I'll take a look into that, I'm sure there is some sort of grant, or interest only loans.. Business is like a different language to me, I'm slowly learning it..
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02-25-2004, 09:14 PM #8Originally Posted by spywizard
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02-25-2004, 09:15 PM #9
Learning it slow is the best way... little setbacks... little gains...
in the end.... you're on top..........
Originally Posted by monster.The answer to your every question
Rules
A bigot is a person obstinately or intolerantly devoted
to his or her own opinions and prejudices, especially
one exhibiting intolerance, and animosity toward those of differing beliefs.
If you get scammed by an UGL listed on this board or by another member here, it's all part of the game and learning experience for you,
we do not approve nor support any sources that may be listed on this site.
I will not do source checks for you, the peer review from other members should be enough to help you make a decision on your quest. Buyer beware.
Don't Let the Police kick your ass
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02-25-2004, 09:15 PM #10Originally Posted by mass junkie
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02-25-2004, 09:18 PM #11
yea, that is basicly what i need is startup money.. Thank you Warrior and spy again.. Not many employees needed.. Probally myself, and a buddy to run things smoothly.. I'll do some research on those sites.. I really appreciate guys
thanks again
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02-25-2004, 09:20 PM #12Originally Posted by monster.
Good luck man - remember that an entrepeneur takes risks... just try and cover your ass as much as possible. And keep records on how much you spend so you can claim it on your taxes. A profit and earnings statement.
I tried to start something big a few years ago - but my biz partner fell through
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02-25-2004, 09:23 PM #13
dont forget "the E myth" great book
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02-25-2004, 09:25 PM #14Originally Posted by Warrior
My view on this, is obviously start small, and gradually increase size in time..
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02-25-2004, 09:25 PM #15Originally Posted by monster.
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02-25-2004, 09:32 PM #16Originally Posted by mass junkie
haha
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02-25-2004, 09:38 PM #17Originally Posted by monster.
As far as a partner - make sure they are as commited as you and STABLE in life... and look into the benefits of an LLC versus a partnership.
Much luck - congrats! Starting a business is like having a newborn... you got to tend to it, invest time and money trying to groom it... start small then watch it grow.
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02-25-2004, 09:45 PM #18Originally Posted by Warrior
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02-25-2004, 09:51 PM #19
Indeed, I have a notebook 3/4 full of just ideas, amounts, leases.. etc. I know exactly what he meant as far as 'business plan'.. It must of sounded halfway interesting on the phone for him to offer a callback and an appointment.. I know from my career, that there is no hinting if someone dislikes an idea of yours.. We'll see as far as what happens.. I do plan on going into crucial detail to explain every aspect, this should make it comfortable for the whoever (investors, bankers, etc.) to understand the possibilities.. Which do you think would be the less painful way to go about applying for 'startup' money.. Grants or a loan? I'm looking at those websites now, and they are very helpful.. I will keep you guys posted for sure..
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02-25-2004, 10:05 PM #20
You could lose part of your ownership with some loans and others will cost you - GRANTS are the best way, aside from Angel investors (which are basically retired CEO's with a lot of extra money on their hands just trying to help new businesses). Talk to someone at SCORE...
Alternatively, you could try and strike a deal with the local Hells Angels chapter and promiss to return the money and then some when it takes off. Negatives - could lose your immediate family members if you fall through
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02-25-2004, 10:08 PM #21Originally Posted by mass junkie
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