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Thread: Business line of credit.

  1. #1
    dmontzsta
    I have a long story, but I will make it short, unless someone wants to know more, then we can chat through PMs. Basically, I need to know how to go about getting a business loan or line of credit. Any business owners who have done this, I would appreciate the advice, this is for a start up business.
    Thank you.

  2. #2
    ChumpChange
    Make a business plan would be a good start or pay me lots of money to develop one for you.

  3. #3
    jdogginla
    You will need a buisness plan for sure..........pm if you need help. I've put together a few in the last few months.
    ChumpChange- your in the banking/loan biz right? I may have to have you tweak mine our use mine as a basis for one.

  4. #4
    ChumpChange
    ChumpChange- your in the banking/loan biz right? I may have to have you tweak mine our use mine as a basis for one.
    Yup, still am. Commercial Loans and Business Financing. Let me know if you need anything.

  5. #5
    HM
    You got PM.
    Do you qualify for a Business Loan (SBA Link)? (http://www.sba.gov/starting/qualify.html)

  6. #6
    dmontzsta
    We have a business plan. We just need to get the funds to present a buyout to the current owners, or to break away and start our own business. Me and my partner have been in this business working for people who know nothing about it for 7 years each, we a professionals in this brokerage and are ready to do our own thing, I think the owners would go for it. They really have no choice, we run the business without us it is closed, so they could either get some money or close up shop.

  7. #7
    moneypit
    If you ever have any questions PM me.

  8. #8
    ChumpChange
    I would recommend working on a buyout price prior to applying for bank funds for a few reasons. First:You're going to want to know how much you can be approved for? Second:The bank is going to want a purchase agreement. Third:Maybe you can qualify for the amount but it will put unneccessary pressure on your current financial situation. Would you still want to do it?
    People who own boats always think their boats are worth more than other people are willing to pay for them. People who own businesses are the same way. They may want to sell it for more than you are willing to pay because in their minds, they think it's worth that much.

  9. #9
    dmontzsta
    I would recommend working on a buyout price prior to applying for bank funds for a few reasons. First:You're going to want to know how much you can be approved for? Second:The bank is going to want a purchase agreement. Third:Maybe you can qualify for the amount but it will put unneccessary pressure on your current financial situation. Would you still want to do it?
    People who own boats always think their boats are worth more than other people are willing to pay for them. People who own businesses are the same way. They may want to sell it for more than you are willing to pay because in their minds, they think it's worth that much.
    You have some good info. The plan we came up with is if they ask for more than $30k, then we will break off and do our own thing. We can get a business off the ground for $30-50k.
    The reason we dont want to offer a buy out before getting the funds is, we could offer a buyout on Friday and be out of jobs on Monday leaving a scramble to get our business off the ground. I have talked to a few of my customers and they are willing to go with, since they dont know anyone else in this business but me and my partner. (We never signed agreements).

  10. #10
    HM
    You have some good info. The plan we came up with is if they ask for more than $30k, then we will break off and do our own thing. We can get a business off the ground for $30-50k.
    The reason we dont want to offer a buy out before getting the funds is, we could offer a buyout on Friday and be out of jobs on Monday leaving a scramble to get our business off the ground. I have talked to a few of my customers and they are willing to go with, since they dont know anyone else in this business but me and my partner. (We never signed agreements).
    Be very careful about taking customers if you start a separate gig. In California, it does not matter whether or not you have an agreement or non-compete contract. CA is a right to work state, but, if you cause any financial hardship to a previous company due to activities like taking customers you gained knowledge of by working for them (never mind the owners don't know jack), that would stick in court. I have been on both sides of court cases like this. I was sued for a non-compete which didn't hold up, and another company I was working for sued a competitor who left to start his own gig and took customers with him...he was fined and was ordered to cease and disist all business with the customers layed out in the law suit, which shut him down.

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