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Getting a loan.....

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hey guys… i was wondering… does any of you know a place where i can get a loan to buy or startup a business???..
 
yes a small business friendly bank. dont always have to deal with a big bank a business friendly bank can be small but easy to get a loan. alot is required to get a loan. excellent credit, collateral, money,in business for a while 2-3yrs or worked in business your opening.
 
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You gotta go local. My small business friendly bank would help you IF you were in this town… They have no interest in you otherwise. Join the chamber, meet some people. It’s all about relationships.
 
I started looking at some of them, i haven’t applied to any yet… i am just checking each one of the and comparing the rates, amount i can get etc…
 
A lot of banks are a pain to try to get a loan from, specially the big ones, now i am looking a small banks like you guys told me and see what they can offer…
 
A key to small banks is getting a member of the loan committee to be your loan officer. Some banks that seem small actually are owned by a larger group, and even if the bank wants to give you the money, the large loan committee vetoes it.

I found a bank that is relatively new in my community, and was formed by a group of local business owners ticked off by the other banks in town. The loan committee were the president and 2 vice presidents of the bank. The President I knew from Rotary, VP #1 was president of the chamber (I was VP of the chamber) and VP#2 was head of a local group (who we donate TONS of pizza to). After being turned down by every bank in town for a much needed loan, these guys simply said “yes”. NOTHING mattered, not my business plan, my sales, my debt, my credit rating, nothing. All it took was assets to secure the loan (required by regulators) and the fact that they all KNEW ME and BELIEVED IN ME.

Gotta love small towns!
 
also i found that if you own a house you are much better off taking a credit line off your house. i started a business a long time ago after a partnership and i took out a sba loan never again at the time i had no choice . but equity are a joke to get today and even with a sba loan your house is collateral so if sell your house you have to pay it off anyway. if you want advice on this i can help i ve been in business for 19 years landscape contracting business now going into pizza waiting for building to be built i already have my loan and dont make payments until i use it bussiness loans you have to give blood and first born and time it just right and make full payments borrow the exact amount which is never enough.
this is just my opinion and not for everyone but i think it helps to look into everything
 
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i would love to own a house so i could just take out equity, but unfourtunally iam renting for now… it’s hard to get a loan, i try a couple of banks and i havent heart anything yet… if any of you live in the boston area and know of a good bank or someone that can help me i will appreciate it…
 
Start with the government offices to seek financial advice. Ask about any Neighborhood developement loans, or even if they may have a program targeted at particular areas that they may insure a loan for you.
Ask if the state govt has any properties that they own or have an interest in that they would be willing to work out something mutually beneficial.

I just took a loan through MD and was successfully able to purchase a building and construct a nice pizza shop.
I couldnt have done such a project without their financing.

Not owning property is going to be your biggest set back.

Do you have a set location your adoment about?
An existing shop would be the easiest to get into with out a big loan, just find one who is desparate to get out, and will finance you to buy his headache.
 
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Roller that is my main plan, trying to get something already stablished and get in there… but some of the places i found want most of the money as a down payment. So even if i get a decent amount from a loan, i can worry about the rest later… i just want to get my foot on my own place… i have all this energy to put into it that i know once i get there iam going to make sure everything goes positive from there…I am not afraid to work, i will work endless hours if i have to just to make sure i make it… Plus i have a great wife by my side, that will be the first one to be there for me and help me to cut back on payroll. I am lucky there…
 
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