Business Loans

**monster.** · 02-25-2004, 08:49 PM

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!!!!!!!!!!

lol

**Elliot** · 02-25-2004, 09:03 PM

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..

**spywizard** · 02-25-2004, 09:09 PM

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........

**Warrior** · 02-25-2004, 09:09 PM

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.

**monster.** · 02-25-2004, 09:09 PM

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

**mass junkie** · 02-25-2004, 09:09 PM

What type of business Monster?

**monster.** · 02-25-2004, 09:12 PM

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..

**Warrior** · 02-25-2004, 09:14 PM

Originally Posted by spywizard

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........

Thats a good way to get more grants - aka, free start up money. You should get a good grant writing book or find a freelancer at places like Elance.com - so you know how much money you can obtain without a loan. Many grant writers will take a commission for based on how much money they can find you... which is nominal since they are finding you thousands that you may have not found without their professional direction...

**spywizard** · 02-25-2004, 09:15 PM

Learning it slow is the best way... little setbacks... little gains...

in the end.... you're on top..........

Originally Posted by monster.

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..

**monster.** · 02-25-2004, 09:15 PM

Originally Posted by mass junkie

What type of business Monster?

Nothing special, I don't want to jinx myself, I'll update you on the progress bro, for sure!! By no means am i 'blowing smoke', but i don't like failure, so i'll just keep this to myself, and i'll let everyone know if it turns out in a positive way..

**monster.** · 02-25-2004, 09:18 PM

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

**Warrior** · 02-25-2004, 09:20 PM

Originally Posted by monster.

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..

There are a lot of good books on starting up a small business. Even those Dummie books offer a lot of good info... in an easy to follow manner

Also, Web sites like SmallBusiness.com and MyCorporation.com have lots of good stuff.

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

**Phillyboy1** · 02-25-2004, 09:23 PM

dont forget "the E myth" great book

**monster.** · 02-25-2004, 09:25 PM

Originally Posted by Warrior

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

It's is defintley a gamble!!! You do have alot to lose, but a tremendous amount to gain if all of it works out.. I realize this now, that is why i'm digging into this with near perfection from every possible angle.. I've just been looking things up here and there, patiently waiting the right time to call a bank.. I guess a second opinion was helpful.. I'll take my time there is no rush, but i want to try and minimize all possible negative outcomes..

My view on this, is obviously start small, and gradually increase size in time..

**mass junkie** · 02-25-2004, 09:25 PM

Originally Posted by monster.

Nothing special, I don't want to jinx myself, I'll update you on the progress bro, for sure!! By no means am i 'blowing smoke', but i don't like failure, so i'll just keep this to myself, and i'll let everyone know if it turns out in a positive way..

Thats cool....... I was just asking because all inventory can be used as collateral.....and it helps if you have a client base that would actually sign documentation about wanting to use your services......the banks love that

**monster.** · 02-25-2004, 09:32 PM

Originally Posted by mass junkie

Thats cool....... I was just asking because all inventory can be used as collateral.....and it helps if you have a client base that would actually sign documentation about wanting to use your services......the banks love that

I'll keep that in mind, x-many years in college - for scientific and technical courses only!!! I'm kicking my own ass now for not having an interest in business earlier in my life.. Thanks bro for the heads up, I'm actually writing this all down now!!!

haha

**Warrior** · 02-25-2004, 09:38 PM

Originally Posted by monster.

It's is defintley a gamble!!! You do have alot to lose, but a tremendous amount to gain if all of it works out.. I realize this now, that is why i'm digging into this with near perfection from every possible angle.. I've just been looking things up here and there, patiently waiting the right time to call a bank.. I guess a second opinion was helpful.. I'll take my time there is no rush, but i want to try and minimize all possible negative outcomes..

My view on this, is obviously start small, and gradually increase size in time..

Just spend some quality time on your business plan. Research what it is that you're after. If you can't sell yourself off your business plan - then you aren't going to be able to convince investors. The business plan should be priority numero uno in the beginning. Research, project, analysis, research - figure out what it is that will make YOU such a big success. Get some recent books on writing business plans. Figure all the variables... don't cut corners... again, if you aren't convincing yourself of the success - you aren't going to convince investors.

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.

**mass junkie** · 02-25-2004, 09:45 PM

Originally Posted by Warrior

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.

thats actually pretty good warrior..............oh yeah by the way....your no longer the space invaders champion

**monster.** · 02-25-2004, 09:51 PM

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..

**Warrior** · 02-25-2004, 10:05 PM

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