Saved, Begged, Borrowed & Stole.
To get any kind of SBA loan, I believe you need at least two years experience in the industry you are going in. And it is tough enough to start out, let alone some kind of loan repayment.
How and where did you come up with the money to start your own business? Is there a certain percentage of "down payment" needed to get loans? I'm not very knowledgeable in this area.
Thanks
Nubbs
Saved, Begged, Borrowed & Stole.
To get any kind of SBA loan, I believe you need at least two years experience in the industry you are going in. And it is tough enough to start out, let alone some kind of loan repayment.
Depends on what kind of business you are talking about. Typically you need some collateral to get a loan. Home equity line perhaps???
i tried checking into this. i think many places want 30% down, I could be wrong althought its never happened
The bank of Grandpa.
depends entirely on the business, Can you work from home or small office? Do you need equipment. How about funding your receivables.
Three times I have started or been involved with start up trucking co. Sold out twice. This third one I intend to sell in the future too, I don't want to work forever.
Relied on parents and home mortgage for cash. This last one we used 401 monies on also.
Good luck
Jerry
save and saved just be sure to incorporate and NEVER sign any document in your own name always as officer of the corporation especially things like leases and supplies, utilities etc. that way your only liability what money the corporation has when that is gone thats the end of it, no matter what t he company owes. also it is a good idea to have your wife or a family member on the payroll that way you will have a steady income. payroll must be made first then bills and then if any left over you.
Originally posted by sleekster
save and saved just be sure to incorporate and NEVER sign any document in your own name always as officer of the corporation especially things like leases and supplies, utilities etc. that way your only liability what money the corporation has when that is gone thats the end of it, no matter what t he company owes.
Unless the corporation has built a credit history itself, this no longer works. That game has been played out and everyone who does business with a corp now requires a personal guarantee.
I have started a few businesses. Best way is to save and/or cash out your investments. Another is to take in investors, just make sure you always control 51% of the company. Getting a straight loan from a conventional lending institution is a royal PITA, if possible at all.
I hafta agree with that. When I started out I did incorporate (C-corp) to protect me and my assets from creditors. But I had to personally guarantee every credit card or lease personally or else they would not do it. Loans were at high rates so I just squeaked along.
Been 9 years on my own. Now I get loan offers weekly and the landlord finally took my name off the lease. Had good times and lean times but never missed payroll for the workers.
What kind of business are you trying to start up? Don't tell me you will be making boats.....
Originally posted by Mandelon
Don't tell me you will be making boats.....
Yeah, just what the world needs, another boat builder...