OT: Anyone know anything about small business loans?

[CoRPS]

Just as the title states, does anyone know anything about small business loans? I'm trying to become a captain and fix up my 32' rampage. I'd need about 15-20K... Anyone know the process? Requirements? Would they give up money for somethin' like this?

Thanks for any info, if you have any questions that would help with your own answers let me know!

 

[mrx66699]

pm me ask away

 

[CoRPS]

PM sent

 

[laud]

Have an extremely well written business plan and take it to a bank.

 

[clayspst]

as for the captian part you need to test with the CG.(i.e. ME)

 

[CoRPS]

Yeah the captain part is already in process. Had to 'clean' out the system first if you know what I mean. :/

 

[avaneaton2000]

Not to rain on your parade I haven't seen much small business lending lately. When I went to speak to the business banking guy at B of A where we have our personal and 3 business accounts I was told that they will only do lending based on a percentage of established gross revenue and the business has to be banking with them for a year.

Do you have credit cards? Family you can hit up? Good credit to try and get a personal loan?

I will echo what Laud said, put together a realistic business plan and a proforma so you can try and plan for what your expenses for start up and growth will be. Also what ever you estimate your expenses to be add in 50% on top of the original number, it always costs more than you expect.

What type of charter will you be doing?

How/where will you be advertising? How much will it cost?

Factor in rising fuel costs to your plan because gas is going up up up for now.

What can you do that will set you apart from your competition.

Good luck with your plan, creating a business for yourself can be one of the most rewarding things in your life.

 

[mitchwelt]

good luck with the personal loan, my brother has a 835 credit score and applied for a personal and he only got approved for 10000, it is based on your current salary, so if you make under 60k a year, you wont get much...

 

[koiscapes]

I agree with everyone else, I tried getting a sba loan and I have $600,000 worth of equity(equipment), was trying to buy more equipment and they basically laughed at me. Basically said unless I have a lot of money in the bank and a lot of equity in a house(which hardly anyone has these days unless you own it outright) they said I wouldn't qualify.

 

[CoRPS]

Well this is all great news!

Maybe just a personal 5-6yr loan similar to an auto loan? I don't know!