| Business Loan Advice Needed |
|
|
|
|
|
jhoinsmath
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 09 Nov 2009
|
| Business Loan Advice Needed |
 |
|
My brother and I are looking at going into business together. We are looking at starting a business in a territory where no business like it exists. The business has a proven model although it is not a franchise as such.
The business in total requires $400,000. This is to open the doors and have about $40,000 working capital.
We have about $40,000 each to contibute which means we need to borrow roughly $160,000 each.
Obviously we will ultimately need to speak to an accountant and the bank. I was hoping to get an idea here firs off as to the likelyhood of getting funding.
I will have $60,000 after selling my home and paying back the loan. I want to keep $20,000 for living and contribute $40,000 to the business.
We wont have security but we will have an attractive business plan.
How do the banks look at this kind of situation? Are there better places to visit other than the banks?
Are there much better alternatives than ANZ's 9.9% business loan rate for example?
|
Mon Nov 09, 2009 9:54 pm |
|
|
Newstockslive
Preferred Member
Cash: $ 17.70
Posts: 100
Joined: 12 Sep 2009
|
I agree no way a bank will give an unsecured loan for anything these days. Good luck
Stock market Forum | Webmaster Forum
|
|
Tue Nov 10, 2009 7:39 am |
|
|
aah48
First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 10 Nov 2009
|
Not a good time to ask the bank for a loan. You might have more luck finding an angel investor.
|
|
Tue Nov 10, 2009 12:13 pm |
|
|
namratasnv
Preferred Member
Cash: $ 25.25
Posts: 126
Joined: 24 Jul 2009
|
Hi,
I think taking loan is the best option.
Good time to take loan.Most banks have low interest this time.
Thanks.
http://www.connecticutwebuyhouses.com/
|
|
Fri Nov 13, 2009 8:35 pm |
|
|
iwillguide
Senior Member
Cash: $ 41.20
Posts: 205
Joined: 09 Jun 2009
|
| hello |
|
|
its good time to take loan because the interests are low now a days ...
loan places | loans near me |payday loans near me
|
|
Mon Nov 16, 2009 5:16 am |
|
|
Elmira Nancy
Preferred Member
Cash: $ 29.30
Posts: 148
Joined: 01 Dec 2009
|
I would like to thank you for sharing your thoughts.
non gamstop sites
|
|
Sat Feb 27, 2010 9:38 am |
|
|
AlFromLA
Contributing Member
Cash: $ 7.70
Posts: 37
Joined: 01 Mar 2010
Location: Los Angeles
|
my family closed their business, because of lack of credit. And they were in business for over 5 years and had established good business credit.
I suggest you look into investors and\or partners with capital.
|
|
Mon Mar 01, 2010 5:41 pm |
|
|
carl12
Contributing Member
Cash: $ 1.95
Posts: 49
Joined: 29 Jan 2010
Location: UK
|
In order to a get loan from SBA or individual investor you need to present them facts about your business like historical success and as you mentioned "future contract value" that actually exceeds current debts of your business. Best option is to prepare a business plan that describes your management potential, capacity to grow and edge over competitors.
|
|
Tue Mar 02, 2010 12:59 pm |
|
|
Dreamlinefunding
First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 15 Mar 2010
Location: Eugene,OR
|
| Business Loan Advice |
|
|
In order to negotiate a small business loan, successfully, entrepreneurs must be able to think like the banker. The small business owner must provide information in a coherent, logical manner that answers questions, even before they are asked.
You have to keep few things in your mind they are
* Loan Purpose Analysis,
* Repayment Source Analysis,
* Loan Structure, and
* Loan Management
Or you can go for financial helper/Loan lender as well as an investor. Who deliver funds on demand and he give funds out to make profits. He give funds with interest rate of just 5% or more or even laser then that depends on him and this is to make sure the best minimum profit and as well to see that you get to the best need of the person giving the Loan.
|
|
Tue Mar 16, 2010 1:02 pm |
|
|
Dannin
New Member
Cash: $ 1.00
Posts: 5
Joined: 17 Mar 2010
|
I understand this probably isn't feasible, but is there any chance you could bootstrap the business with the money that the two of you are able to cobble together?
You would have to start smaller, but as you grow you could potentially grow to encompass the vision that you currently have. Think lease instead of purchasing, try to use the cash flow supplied by your wholesalers, things like that.
With the vague description, hard to say if this advice helps, but good luck!
|
|
Wed Mar 17, 2010 1:03 am |
|
|
john milton
Member
Cash: $ 2.00
Posts: 10
Joined: 12 Apr 2010
|
I agree no way a bank will give an unsecured loan for anything these days.
every banks wants a security for your loan, if you have, then you may be gat the loan
|
|
Fri Apr 16, 2010 9:05 am |
|
|
ed2009
Preferred Member
Cash: $ 27.70
Posts: 137
Joined: 02 Dec 2009
Location: CA
|
| Re: Business Loan Advice Needed |
|
|
What kind of business are you planning to open?
quote:
Originally posted by jhoinsmath
My brother and I are looking at going into business together. We are looking at starting a business in a territory where no business like it exists. The business has a proven model although it is not a franchise as such.
The business in total requires $400,000. This is to open the doors and have about $40,000 working capital.
We have about $40,000 each to contibute which means we need to borrow roughly $160,000 each.
Obviously we will ultimately need to speak to an accountant and the bank. I was hoping to get an idea here firs off as to the likelyhood of getting funding.
I will have $60,000 after selling my home and paying back the loan. I want to keep $20,000 for living and contribute $40,000 to the business.
We wont have security but we will have an attractive business plan.
How do the banks look at this kind of situation? Are there better places to visit other than the banks?
Are there much better alternatives than ANZ's 9.9% business loan rate for example?
Insurance Life Insurance Good Insurance
Cash Loan
|
|
Fri Apr 16, 2010 5:04 pm |
|
|
jason_simpson
Preferred Member
Cash: $ 28.45
Posts: 142
Joined: 20 Apr 2010
Location: London
|
Some credit is granted on an unsecured basis, such as credit cards, but most small business loans are secured by the assets of your business, your personal assets, or both. Unsecured means that there is no collateral granted for the loan.
Whereas ,secured loans mean that there are assets pledged to secure the payment in the event you are not able to pay.
I am not sure if you will be able to get any unsecured loan as per the current scenario of the banks.
|
|
Tue Apr 20, 2010 3:43 pm |
|
|
jonahandrew6
First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 08 Sep 2010
|
Thank you so much for the post. It's really useful.
|
|
Wed Sep 08, 2010 8:19 am |
|
|
|
