View previous topic :: View next topic |
Author |
Message |
edrex Wakeboarder.Commie
Joined: 24 Dec 2006 Posts: 2243 City: Nor*Cal
|
Posted: Jan 17, 2007 1:04 pm Post subject: SBA Loans |
|
|
Anyone have any experience? What is the process like and do you need a lot of cash up front, or are they pretty good about giving you what you need provided you meet the requirements?
A friend and I would like to start a business and need some help on financing it.
Cheers,
ed. _________________
cameraboy wrote: | hey edrex, go fkuc yourself. |
|
|
Back to top |
|
|
|
Wakebrad Ladies Man
Joined: 11 Dec 2003 Posts: 12257 City: Dallas
|
Posted: Jan 17, 2007 1:33 pm Post subject: |
|
|
Go down there and talk to an advisor. They are free and can help you with the process along with giving you advice. The guys that work there are usually well versed business people who kind of do it for a hobby. They can help you get your business plan in the format you need it and even help you with the concept. _________________ You have just entered the twilight zone. |
|
Back to top |
|
|
edrex Wakeboarder.Commie
Joined: 24 Dec 2006 Posts: 2243 City: Nor*Cal
|
Posted: Jan 17, 2007 1:36 pm Post subject: |
|
|
Wakebrad, thanks, I'll look into it. _________________
cameraboy wrote: | hey edrex, go fkuc yourself. |
|
|
Back to top |
|
|
brew Wakeboarder.com Freak
Joined: 09 Aug 2005 Posts: 2778 City: Jackson
|
Posted: Jan 17, 2007 8:18 pm Post subject: |
|
|
Generally with SBA lending you have to have the funds to cover a portion of what you want. You can generally cover this with an outside loan, gift, etc. So let's say you need $100,000 with a 20% owner investment. You would get a loan for $80,000 and have to provide a match of $20,000.
Go here and it should answer most questions you have:
http://www.sba.gov/services/financialassistance/index.html |
|
Back to top |
|
|
chavez Ladies Man
Joined: 22 Sep 2003 Posts: 27375 City: Roseville
|
Posted: Jan 17, 2007 8:51 pm Post subject: |
|
|
edrex, you want to borrow my last name?
It helps with the SBA process.
Or change your name to JaiPal Azenajbaji or something like that. That helps too.
Sorry, I've seen people try that are more than qualified (credit and capital wise) for SBA and failed so I am jaded. I then see folks who are brand new to the US of A having no problem establishing small businesses.
Good luck in your efforts, sincerely. SBA may not be the end-all for you. Ask your bank about other business loans that may be available. _________________
Quote: | That's Mr. Gingermex to you a$$hole. |
RIP MHL 04/25/1958 - 01/11/2006 |
|
Back to top |
|
|
edrex Wakeboarder.Commie
Joined: 24 Dec 2006 Posts: 2243 City: Nor*Cal
|
Posted: Jan 17, 2007 10:09 pm Post subject: |
|
|
chavez, Thanks for the offer, I may end up having to take you up on it to qualify. Apperently being a white male like me is about the worst thing you could be when trying to open a business. Maybe I can make it seem like my daughter is opening the business... we need to give more opportunity to 6 year old girls who want to start a family business run by thier dad!! _________________
cameraboy wrote: | hey edrex, go fkuc yourself. |
|
|
Back to top |
|
|
lcap Ladies Man
Joined: 13 Nov 2003 Posts: 10973 City: Homeless
|
Posted: Feb 08, 2007 10:00 pm Post subject: |
|
|
edrex,
Talk to your local bank about the SBA loans. The SBA backs the bank loan, 80%. The minority thing does help, but if you have a sound business plan with conservative projections and good management----oh and they like the big numbers, you should be fine.
Oh, and the SBA likes women almost as much as minorities. Just give the wife 51% ownershio and day to day managemet responsibilities. |
|
Back to top |
|
|
greenspirithydro Newbie
Joined: 06 Jun 2003 Posts: 32 City: charleston
|
Posted: May 21, 2007 5:22 pm Post subject: |
|
|
I took out a $10K Sba loan in 2003 to start my biz. A few months ago I just got another sba loan for $1,000,000. You have to love capitalism! Their are a lot of different programs out their. I would first talk w/ a local non profit group (maybe call your cities chamber of commerce for a number) then talk w/ a local bank. I always got the worst responses from big banks like Bank of America. I got my $1,000,000 w/ just 10% down. And a killer rate. Just make sure you have a solid business plan and you aren't trying to open a restaurant. Owning your own business can be a double edge sword. Be pre paired to get taxed out the A$$! Also be ready to be handcuffed to your new biz...but hopefully they will turn into golden handcuffs. _________________
|
|
Back to top |
|
|
edrex Wakeboarder.Commie
Joined: 24 Dec 2006 Posts: 2243 City: Nor*Cal
|
Posted: May 22, 2007 1:47 am Post subject: |
|
|
greenspirithydro, Congrats!! Thanks for the advice. Its going to be a while before I can do anything, but I'm trying to get info ahead of time so I know what to expect.
Cheers.
ed. _________________
cameraboy wrote: | hey edrex, go fkuc yourself. |
|
|
Back to top |
|
|
|
|