Author Topic: SBA loans  (Read 1754 times)

Irongrip400

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SBA loans
« on: April 14, 2008, 05:47:24 PM »
Anyone know the best way to set this up to get operating income for a small buisness, anyone have any experience?  Thanks in advance.

E N A N T H A T O R

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Re: SBA loans
« Reply #1 on: April 14, 2008, 08:59:47 PM »
Anyone know the best way to set this up to get operating income for a small buisness, anyone have any experience?  Thanks in advance.
Beg, Borrow and sign your life away!

PRAXIS

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Re: SBA loans
« Reply #2 on: April 14, 2008, 09:45:52 PM »
Anyone know the best way to set this up to get operating income for a small buisness, anyone have any experience?  Thanks in advance.

Are you operating off of a franchise model? Start up private businesses are destined to fail in this economy. I am not hating and I am not trying to rain on your parade. What type of business are you opening? What is your experience? and What is your business plan? Demo? Market? Location you are opening store ect ect? I used to open privately owned retail businesses and flip them. I mostly buy failing franchises build them up and flip them. It keeps me busy.

onlyme

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Re: SBA loans
« Reply #3 on: April 14, 2008, 11:58:30 PM »
Get ready for a ton of paperwork and more.  Also you better have a very solid Business Plan.  And don't plan on swaying one bit from your plan.  Any deviation will hold up funds.  Also, be sure to have if I remember right at least 30% (it might be more) of the amount of the loan in cash.  That money is returned once the loan is approved.  I was going to go that way cause I have an insider that was going to walk it through the whole process but even with her help it was just too much.  My financial advisor who is a god in the industry said it was just too much and it was easier for us to get our financing through private investors with less paperwork.  And I had to give up more ownership than with the SBA (which is none) but the simplicity was worth it.