Business loan

[panhandlehunter]

That's hard. I had to pledge every penny of my life's savings and the equity in my rent house and my business's AR to get started.

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That’s what they wanted. We just decided to use our cash. If we failed, we wouldn’t lose everything, just be kind of broke for a little bit. Lol

[DXTrey]

I second what JBJ said. I'd love to hear more about your business and maybe there's an opportunity for both of us (or others on the thread). I've found that good people with good business plans tend to find funding.

[curtintex]

Do you know any folks with money that could be a partner and help you get established? What sort of business are you trying to start? How much do you need? Do you have a written plan with pro formas?

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These are all good questions. I’ve been an investor in a couple of small businesses to help get them started and then allowed the owners to buy out my shares once they were good and established. Good for them and good for me.

You’re just not gonna find an unsecured business loan. Something is gonna secure it even if it’s a personal guarantee which is effectively pledging all your personal assets to cover the loan.


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[Mexico]

I did a home equity loan years ago when I went into business.I had great credit could go get a loan on anything with a stroke of a pen until I went to work for myself and checked the self employed box.After about 5 years in business then everyone wanted to loan me money so at that point I did my best to not borrow from any one it had hurt my feelings.Seems like it’s easy to get a loan when you don’t need it and hard to get one when you do need it.

Lol.... man this is truth. If you have a normal job making 100k a year with good credit you can pretty much buy whatever you want on credit.

Check that self employed box and the chit hits the fan. Doesnt matter if you can prove you're making 200k with good credit.

Seems banks are scared to death of those who are self employed. Even those who have been successful.

[rvd]

Lol.... man this is truth. If you have a normal job making 100k a year with good credit you can pretty much buy whatever you want on credit.

Check that self employed box and the chit hits the fan. Doesnt matter if you can prove you're making 200k with good credit.

Seems banks are scared to death of those who are self employed. Even those who have been successful.

This was one of my biggest surprises when I became self employed years ago that no one warned me about.

OP I suggest you look for investors, banks are not really there to help startups unless you have a lot of equity.

[Hammerdown]

I'd like to hear more.

[Atfulldraw]

Also an investor, but I don't want to be involved in any of the actual work, and I'm going to also take a share in the business that is going to seem unfair to you, and I want a super high interest rate, with the loan secured by your personal assets.

Now, for something you really don't want to hear.....don't borrow money to start a business. Figure out a way to start smaller or slower and build it up into something that you don't need to borrow money for.

I sincerely wish you the best of luck.

Running your own is nothing like you think it will be, and lots of people can't do it.

[Bro. Bill]

Also an investor, but I don't want to be involved in any of the actual work, and I'm going to also take a share in the business that is going to seem unfair to you, and I want a super high interest rate, with the loan secured by your personal assets.

Now, for something you really don't want to hear.....don't borrow money to start a business. Figure out a way to start smaller or slower and build it up into something that you don't need to borrow money for.

I sincerely wish you the best of luck.

Running your own is nothing like you think it will be, and lots of people can't do it.

The last sentence is CORRECT
I’ve worked harder than I ever have and disciplined my self to put money back..
Even when the slow times come.. cause they will!
OP
Good luck with new business

[MisterSanders]

I got my business loan through the SBA. The SBA finances part of it, then they partner you with a bank that finances the rest. I got a 25 year fixed @ 2.2 and 1.8 percent. My down payment was very minimal, and wasn’t complicated at all. It was slow, because the government was involved, but worth the wait. If you have any questions, give me a shout, I can put you in touch with the guy that handled my loan, and made it pretty dang easy.

[outlook8]

I had all of the same hurtles when trying to buy out an existing business. I'm a younger guy, and you should've seen the looks I got from banks when I told them how much $$$ I was truly going to need.

I ended up having to go the SBA route, which is no fun for anybody involved, but it got us the capital we needed. Regardless, we still had to personally guarantee, pledge AR, and us equity from rental properties, vehicles, etc.

No bank is going to give you money for nothing without some collateral. Unless, maybe you have a rich uncle.

[brnhtown]

I second what JBJ said. I'd love to hear more about your business and maybe there's an opportunity for both of us (or others on the thread). I've found that good people with good business plans tend to find funding.

We are trying to get into the land clearing and mulching business. I know there's plenty of competition but thats with any industry you get in. We started a roofing business a year ago that is going really well but we just qualify for loans because of time in business.

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[brnhtown]

I had all of the same hurtles when trying to buy out an existing business. I'm a younger guy, and you should've seen the looks I got from banks when I told them how much $$$ I was truly going to need.



I ended up having to go the SBA route, which is no fun for anybody involved, but it got us the capital we needed. Regardless, we still had to personally guarantee, pledge AR, and us equity from rental properties, vehicles, etc.



No bank is going to give you money for nothing without some collateral. Unless, maybe you have a rich uncle.

I may have to look into sba


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[brnhtown]

I got my business loan through the SBA. The SBA finances part of it, then they partner you with a bank that finances the rest. I got a 25 year fixed @ 2.2 and 1.8 percent. My down payment was very minimal, and wasn’t complicated at all. It was slow, because the government was involved, but worth the wait. If you have any questions, give me a shout, I can put you in touch with the guy that handled my loan, and made it pretty dang easy.

Thabks for the help, will you pm me the info?

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[brnhtown]

There are a lot of cool banks that will help you.

Well heck, not the ones ive talked to

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[westtexducks]

Yeah good luck getting an unsecured loan to start up a business. I wouldn't do it if I was the bank, no offense to you but I get stuck holding the bag if you fail and I then have nothing to recover that loss if it is unsecured. And being unsecured you don't have any incentive to not default as you don't lose anything, I have to eat all of the risk. Just the way the world works and for good reason.

I wouldn't take the approach of cash only either, debt when properly utilized can make you a lot of money real quick that would take years to accomplish cash only. We went from 2 rent houses free and clear to now owning a duplex, an oil lease, and 6 houses in the span of 3 years by utilizing properly invested debt. Would still be stuck at 2-3 houses right now if we had not used our buying power to expand. And looking at another project now to add this year. Even getting hammered this last year we were still properly covered and able to make money and survive with a huge debt load, but our debt to asset ratio more than covers it so our local bank has no problems throwing money at us. But to start we had to put a ton of personal cash, time and assets into it. Including getting personal loans against our assets to cover it. No way in hell we were going to get an unsecured loan just not possible. Unless you can get a group of buddies or someone who would trust you to back you probably going to be out of luck with the banks.