wnaplay1647545503 Posted September 10, 2011 Report Share Posted September 10, 2011 3 years ago I had the money to start the cake shop we had been planning but that was 3 years ago. Are banks still giving loans? I dont believe I have had a loan in nearly 15 years besides my home loan. I remember they were doing signature loans is that even a thing anymore? Quote Link to comment Share on other sites More sharing options...
Linn1647545492 Posted September 11, 2011 Report Share Posted September 11, 2011 www.gobignetwork.com Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted September 11, 2011 Report Share Posted September 11, 2011 You NEED to do a detailed business plan showing how you're going to be a profitable business. Then, you need to make sure you have financial statements in order (balance sheet, income statement, 7 years of tax statements). Even though I work for Fifth Third Bank, I can tell you not every bank deals with start-up capital, especially in this economy. I've heard good things (in the past) about Huntington, and Chase. Also, look at the local banks and credit unions; they like any business that's HQ'd in their banking footprint. Aside from that, there are a couple of micro-financiers I know, but they deal mostly with Tech/IT/Medical startups. Quote Link to comment Share on other sites More sharing options...
Littleguy Posted September 11, 2011 Report Share Posted September 11, 2011 3 years ago I had the money to start the cake shop we had been planning but that was 3 years ago. Are banks still giving loans? I dont believe I have had a loan in nearly 15 years besides my home loan. I remember they were doing signature loans is that even a thing anymore? As far as signature loans, that really just means any unsecured loan/line of credit, and those are still done. Is this loan for a start-up or an existing business? If the business has been in existence more than 3 years then getting a loan shouldn't be a problem as long as your credit is good. If it is a new business I would try to get in contact with an SBA specialist at whatever bank you want to use. They will have the programs you want to use as a start-up. The big national banks usually have more lenient credit standards than smaller/local banks, and whoever you go with, you will probably have to guarantee the loan yourself. Also, what type of business is it (llc, corp, sole prop? and do you have a tin?) Quote Link to comment Share on other sites More sharing options...
LJ Posted September 12, 2011 Report Share Posted September 12, 2011 In my experiences Huntington will probably be your best bet. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted September 12, 2011 Author Report Share Posted September 12, 2011 Just became an llc, I feel I have a fairly solid business plan, we have not been an established business until now despite the fact its been nearly 10 years. No real numbers based on fact as it was just a hobby until recently when we decided to take a look at making it a future. I dont require alot of startup capital other than the money to actually turn a retail space it a shop. I have all my equipment necessary just looking for a small loan to hire an architect, and get us through the remodel stage. I may have enough in savings, but it will leave me broke. Quote Link to comment Share on other sites More sharing options...
Clifford Automotive Posted September 12, 2011 Report Share Posted September 12, 2011 Leaving you broke is the best way to go Jason. I walked away from a guaranteed paycheck job, weather I was there or not. I was in "business" for myself the very next day. That was a weird feeling going to a total different place the next day instead of where I had been going for 5 years. Doing it the way I did it, if tomorrow I decide I want to pack it up and be done, I dont own anyone a dime. I can walk away. If you get a loan and decide to use that loan to revamp a strip unit, if business is not good and you have to close it up, you still have that loan to take care of. (I think you'll do fine.) I would go for a line of credit myself. I had an approved 30k line of credit I never used 4 years ago because I knew I would probably be unrealistic with it. Though, thats a very hard decision. I could have grown the hell out of my business. It would have allowed me to hire plenty of guys. Move locations way earlier. I could go on, Im sure you get the point. But it would have been some to owe money to. Ive hated that feeling my whole life so I never borrowed money. And that is what made my decision. A gut feeling. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted September 18, 2011 Author Report Share Posted September 18, 2011 After going over everything again and again, I dont see how I can get by without at least a small loan. Anyone know if I would be better trying at a conventional bank or a credit union? Quote Link to comment Share on other sites More sharing options...
GilbWs6 Posted September 19, 2011 Report Share Posted September 19, 2011 A credit union would probably be more forgiving in tougher times. Just don't keep any of your assets there as they can seize any assets held there to repay any loan if you default. Quote Link to comment Share on other sites More sharing options...
LJ Posted September 19, 2011 Report Share Posted September 19, 2011 After going over everything again and again, I dont see how I can get by without at least a small loan. Anyone know if I would be better trying at a conventional bank or a credit union? I would honestly check Huntington and Chase first. Both are top 5 in SBA lending in the entire country. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted September 19, 2011 Author Report Share Posted September 19, 2011 The loan should be for a very low amount $5-10k range. I would be able to repay it from savings if it came down to it, I am just scared to death of pulling that kind of money out of savings right now. Its a sick feeling having no money in savings and I enjoy the comfortable feeling knowing that if something were to spring up with either my wife, myself or the kids, the cars we would be okay. At least if it came to defaulting on the loan, (I would borrow from my parents to repay before it came to defaulting), I could work out a payment plan. It would mess with my credit but nothing major would happen. I could just borrow from my parents now and I might do that but I dont want the hassle that comes with it. Quote Link to comment Share on other sites More sharing options...
jeffro Posted September 19, 2011 Report Share Posted September 19, 2011 You ask alot of questions. ROFL inb4permaban Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted September 19, 2011 Author Report Share Posted September 19, 2011 You ask alot of questions. ROFL inb4permaban Well certainly, theres alot at stake here for my family. I would hope anyone in a similar situation would ask alot of questions and seek the advice from others. I have owned my own painting company for 17 years, this is an entirely different beast and there are those on here that know more about financing than I do. So yeah, I ask alot of questions. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted September 19, 2011 Report Share Posted September 19, 2011 Well certainly, theres alot at stake here for my family. I would hope anyone in a similar situation would ask alot of questions and seek the advice from others. I have owned my own painting company for 17 years, this is an entirely different beast and there are those on here that know more about financing than I do. So yeah, I ask alot of questions. Yep. Don't ask a lot of questions.. you get burned. Jason. what's to stop you from just keep running it out of the house and saving up that money to get a shop? Saving up money for the next year might be better than getting a loan now. I'm not sure of you situation but no loan is better than any loan if you can go that route. You could probably get a Line of credit and put it against your house. I did that years ago when I first started with chase. You can take out money if you need it or keep paying it off. I made the mistake of keep taking money out of it . I'm not even sure banks are doing that anymore. That was close to 10 years ago. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted September 19, 2011 Author Report Share Posted September 19, 2011 Yep. Don't ask a lot of questions.. you get burned. Jason. what's to stop you from just keep running it out of the house and saving up that money to get a shop? Saving up money for the next year might be better than getting a loan now. I'm not sure of you situation but no loan is better than any loan if you can go that route. You could probably get a Line of credit and put it against your house. I did that years ago when I first started with chase. You can take out money if you need it or keep paying it off. I made the mistake of keep taking money out of it . I'm not even sure banks are doing that anymore. That was close to 10 years ago. Unfortunately we have spent $40-50k out of savings since I last worked. They wont ever let me return to work(my job) so my options are to find another job that I can do or go to schooling. I have seen so many people who actually have degrees working menial jobs and what chance do I stand with an associates from columbus state. At this point I have to get shots into the nerves next to my spine to walk and its only going to get worse with time. I wont be able to live in a home with stairs for much longer, my wife and I dont have any insurance and really we have no plan for how anything is going to be paid for. I reached what they consider maximum medical improvement awhile back and that means no paycheck for me. So now we have to figure out how were going to sustain ourselves from now on with what we have left we figured why not go for it. If it fails at least we an say we tried. We saved for several years before I was hurt and it took a long time, we use almost everything we make to stay afloat and really cant put anything into savings. I have put alot of stuff up for sale and will eventually put my project car on the line when it comes to it, despite the fact I so wanted to build it and drive it just once. But life goes on. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted September 19, 2011 Report Share Posted September 19, 2011 Just put your kids to work and run a sweat shop out of your house . Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted September 19, 2011 Author Report Share Posted September 19, 2011 They are way to lazy and I dont know how I would explain the bruises when they refuse to work. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted September 19, 2011 Report Share Posted September 19, 2011 Just have Tina air brush the bruises out Quote Link to comment Share on other sites More sharing options...
KennyFKINPowerz Posted September 19, 2011 Report Share Posted September 19, 2011 Chase has a loan program with the SBC that does not require a buisness plan. I think they are 25k loans. Quote Link to comment Share on other sites More sharing options...
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