Loan Question - Page 2

tanthisbak · 10-21-2005, 01:25 PM

took about a week, Neon is right. Put everything including explaination about anything that may be wrong with your credit up front and it goes way quicker. Our B.P. was so extensive they had no questions. Make copies of your d/license and all other documents, or just ask for a list of evrything up front.

SunKissed78 · 10-21-2005, 02:56 PM

I have a prospective buyer for my salon, and they want to apply for an sba loan to buy it, I was concerned when i heard this, i heard it can take like 6 mos..so I thought I'd ask you guys for some feedback on time, b/c one of you probably applied to one.

toasty bunz · 10-21-2005, 03:29 PM

Your buyer may just be able to borrow from the bank. Interest might be a couple of points higher though. Either way like others have stated it depends on the credit worthiness/risk involved with banks loaning the money to your buyer.

TanningEmporium · 10-21-2005, 05:38 PM

There are different SBA type loans..some that take less than 30 days and other that can take longer.
I have the Matt Lesko books...alot of paperwork involved in alot of the grants in the book, but if anyone will pm me i will give you numbers and addresses in your area to look for money.
But I will tell you this, alot of them require biz plans, and good credit, regardless of years in business.

tropicgirl · 10-22-2005, 05:26 AM

Different route-
I got a personal loan, using my beds as collatoral. My interest rate was 8.5%. No business plan, nothing. Just the serial numbers on the beds, and my personal credit report. Loan approved same day, cashiers check received the same day.

TanningEmporium · 10-22-2005, 10:17 AM

The thing is with the right grants you dont pay that money back..

missyhot · 10-22-2005, 11:18 AM

If you are a woman, you can quality for some pretty awesome grants where you don't have to pay the money back. That is what I am in the process of doing. I'm looking at getting close to 10,000. It is a lengthy process but it's also intertwined with applying for SBA loan and I was told to expect to wait 90 days for a closing. Lot's of paperwork with SBA and Grants, a bank loan can be closed in 30 days (with good credit and collateral).

movieking · 10-22-2005, 11:27 AM

Are there any grants that don't have to be paid back for single men?

HBT6872 · 10-22-2005, 12:49 PM

No. Your life is already too good!lol

missyhot · 10-22-2005, 12:54 PM

Most grants are for minorities that I know of. Apparantly women are still considered minorities!

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10-21-2005, 01:25 PM	#11 (permalink)
tanthisbak Waiting Confirmation Join Date: Jun 10 2005 Posts: 587 Rep Power: 0	took about a week, Neon is right. Put everything including explaination about anything that may be wrong with your credit up front and it goes way quicker. Our B.P. was so extensive they had no questions. Make copies of your d/license and all other documents, or just ask for a list of evrything up front.

10-21-2005, 03:29 PM	#13 (permalink)
toasty bunz Join Date: Jul 2 2005 Posts: 37 Rep Power: 0	Your buyer may just be able to borrow from the bank. Interest might be a couple of points higher though. Either way like others have stated it depends on the credit worthiness/risk involved with banks loaning the money to your buyer.

10-21-2005, 05:38 PM	#14 (permalink)
TanningEmporium Join Date: Jul 15 2003 Location: 213 Skyland Shp Ctr Posts: 4,192 Rep Power: 8	There are different SBA type loans..some that take less than 30 days and other that can take longer. I have the Matt Lesko books...alot of paperwork involved in alot of the grants in the book, but if anyone will pm me i will give you numbers and addresses in your area to look for money. But I will tell you this, alot of them require biz plans, and good credit, regardless of years in business.

10-22-2005, 10:17 AM	#16 (permalink)
TanningEmporium Join Date: Jul 15 2003 Location: 213 Skyland Shp Ctr Posts: 4,192 Rep Power: 8	The thing is with the right grants you dont pay that money back..

10-22-2005, 11:27 AM	#18 (permalink)
movieking Police Department Join Date: Aug 12 2004 Location: Eastern NC Age: 43 Posts: 2,849 Rep Power: 14	Are there any grants that don't have to be paid back for single men?

10-22-2005, 12:49 PM	#19 (permalink)
HBT6872 Join Date: Sep 22 2005 Location: Ocean Age: 38 Posts: 172 Rep Power: 4	No. Your life is already too good!lol

10-22-2005, 12:54 PM	#20 (permalink)
missyhot I love Derf!! Join Date: Jun 30 2005 Location: Michigan Posts: 2,595 Rep Power: 102	Most grants are for minorities that I know of. Apparantly women are still considered minorities!

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