Great credit, Highly educated, responsible. What is the most I can get in terms of...

#1 pick

loans from a bank, gov't, outside agencies and what not to start a business?

I am looking for 140 to 150K. No collateral.

traestar

I recommend talking to a small business rep at a development center!

I have a small business that I build on the side and I didn't need much funds to get it started.

#1 pick

traestar wrote: »

I recommend talking to a small business rep at a development center!

I have a small business that I build on the side and I didn't need much funds to get it started.

Well, I don't. I had a bunch of dead end jobs and jobs with great exposure but hardly any pay. Now this shit is dead. The shit didn't go through that would have got me paid. I have talked to the local SBDC group and many others. I also know that Obama last small business bill that was pass several months ago helped with good loans without the collateral. I need this BAD. It could help me greatly. Thx for the tip. You have anything else as advice?

traestar

#1 pick wrote: »

Well, I don't. I had a bunch of dead end jobs and jobs with great exposure but hardly any pay. Now this shit is dead. The shit didn't go through that would have got me paid. I have talked to the local SBDC group and many others. I also know that Obama last small business bill that was pass several months ago helped with good loans without the collateral. I need this BAD. It could help me greatly. Thx for the tip. You have anything else as advice?

Well what business are you trying to go into??

#1 pick

traestar wrote: »

Well what business are you trying to go into??

fitness, brick and mortar.

Sion

Fam the game has changed..... these days credit alone WILL NOT cut it. You're just 2 & half years late, it used to be like that where if you had R1 credit or lots of cash in the bank u could get loans in excess of 6 figures or get a line of credit w/ ur cash as collateral & could BUY ANYTHING. But after the new financial regulations & niggas being EXTRA cautious the game done changed. Nowadays ur gonna need an income that can cover the interest rates - but ONCE YOU HAVE THAT you can go very very far with your great credit & education.

& I hate to burst your bubble but for 140k to 150k a bank is gonna need a co-signer who also has good credit & income. The only place ur gonna get a loan for 140-150k is from a Hard Money/Private Lender but they usually have high interest rates that range anywhere from 9%-29%. Now I don't know the details to Obama's bill but I'd suggest going to your local state's business development center or check out the website of your local state to find out the details of Obama's bill & what you will need.

This is just an example of what such a site looks like: http://www.georgia.org/BusinessInGeorgia/Pages/default.aspx

As for advice, if you manage to get a loan in the amount ur looking for have your business incorporated as a Corporation or LLC & ask the lender if they'll allow you to have your business to accept 50% of the liabilities - its a stretch but in the future u want to build a credit history for your business so that when you borrow the bank doesnt have to use ur assets & credit as a liability should u default.

Sion

Its a good thing u got ur education & good credit too in this climate cuz a lot of niggas are making the mistake of saying "F" an education or saying it dont count anymore - stupid niggas dont understand that the game has changed & the new normal is that lenders or anyone in general wants u to look as good as possible on paper (income, credit & EDUCATION whether its a license,trade or degree), have steady income & been employed for some years. Nobody wants to hire a liability & no one wants someone behind the 'wheel' who isn't qualified to work for them b/c of what happened in 2007/2008.....

traestar

#1 pick wrote: »

fitness, brick and mortar.

Aww man, you gotta get your business plan popping off! Also start networking and talk to people who are fitness club owners to get advice on how to get started, what to look for, what you need legally and physically, they may even let you know on what loans or funds they got started on.

Also start looking online as well if you haven't already...

http://www.fitnesscenterowner.com/
http://www.entrepreneur.com/businessideas/157.html
http://articles.bplans.com/starting-a-business/start-a-fitness-center-business/283
http://www.businessideas.net/businessideas/how-to-start-a-fitness-center-0188

Also check out this:

http://www.businesslenders.com/

#1 pick

Thanks sion and traestar. I really appreciate the information. Good looking out.

traestar

#1 pick wrote: »

Thanks sion and traestar. I really appreciate the information. Good looking out.

No doubt, you caught me when I just added a couple of links!!