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Old 06-30-2005, 09:35 AM   #1 (permalink)
 
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Hello - I need help fast!!!! I apllied for an SBA loan through my bank to start a tanning salon. I got final approval last week - yea!!!!! It was going to be a 10 bed salon in Iowa, I had an investment of $60,000.00 that has fallen through and need help fast. Could someone give me some information on investers ect.......
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Old 06-30-2005, 11:41 AM   #2 (permalink)
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What specifically are you asking for? Do you mean to say that your SBA loan was approved with a $60,000 investment of your own, but you don't have the $60,000?
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Old 06-30-2005, 01:58 PM   #3 (permalink)
 
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Yes, my mother passed away four years ago and left the house to my stepfather but when he dies my sister and I get the house. I asked him to take out a home equity loan for my share to buy me out to start this business and he agreed but now I find out his credit is to bad to get an equity loan. My bank approved me and the SBA just approved it but now I don't have my injection.
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Old 06-30-2005, 07:51 PM   #4 (permalink)
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How much money do you have? liquid ?
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Old 06-30-2005, 08:01 PM   #5 (permalink)
 
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Try taking out some Microloans, they will give you about $50,000. They have ones specifically for people that would not have capital to start their own business. Just do a search on the net for microloans you will find info. Take that money and use it to get a larger loan, they usually only require 10% of your loan amount to put down if you have good credit. Also, they have loan programs for women and minorities where you may also be able to get a smaller loan to use to put down on the loan the bank approved you for. I'm not sure if it will work, but it is worth a try.
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Old 06-30-2005, 08:23 PM   #6 (permalink)
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I agree...there are ways...but hold on...please answer how much you have in cash?
I am concerned about the approach because you do not want a bunch of credit pulls.

You are probably getting a great interest rate from your SBA loan...so you might be able to carry a higher smaller loan...but I want to make sure you have some liquid cash...
Terry from Highline is wonderful..and she can give you a quick honest answer..

The sba might want to see your downpayment in your bank account and seasoned...They tend to want to see your risk factor and that you have put money into the deal...

Terri's number
1-877-422-4100 ext 311

770-517-1506 direct

1-877-422-6100 facsimile


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Any Advice given please consider the size of your market![ This Message was edited by: DWhite6872 on 2005-06-30 20:25 ]
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Old 07-01-2005, 07:35 AM   #7 (permalink)
 
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You also may want to get started on a business plan. If you are doing this without capital or a small amount lenders are going to see a business plan.
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Old 07-01-2005, 07:45 AM   #8 (permalink)
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I am sure she/he has one of those since she was approved by the SBA...
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Old 07-01-2005, 08:55 AM   #9 (permalink)
 
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You can also call Rob at 888-288-5801. He'll help you get a loan
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Old 07-01-2005, 09:15 AM   #10 (permalink)
 
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Thanks Ramcat!


Sinergygrl,

I'd advise caution against getting several micro loans then applying it for the same reason as DWhite. But it goes beyond just the inquiries. It's true that if you have several inquiries, it may lower your overall credit score, but more than that, the lender you're going to for the 'bigger' money, may call to see if any of those inquiries resulted in a line of credit. If several micro loans were taken out and then verified that they were just recently opened, that can be taken in to consideration when making a credit decision, this can cause a lender to offer more restricted plans or even decline an application. You don't want to be stuck with several micro loans and then unable to get the real $$ you need!
Rob Wade

(sorry for the edits, I'm spelling like it's Friday afternoon!)

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[ This Message was edited by: LeaseHere on 2005-07-01 09:26 ][ This Message was edited by: LeaseHere on 2005-07-01 14:28 ]
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