Posted on 08/31/2010 12:58:01 PM PDT by Windflier
Does the company that has the equipment you need have some affordable purchase options/plans for you. They want to sell it to you, so let them help you on the finance side of their unique equipment. Leasing, installment plans for them should be easier if they are a bigger company.
The truck should be something that you could rent. Banks are very tough to deal with now unless you have a long term relationship with one.
Credit cards are a very dangerous option, like the previous poster said, if you use them pay them off quickly.
Good Luck, I believe you can do it. Don’t take NO for a answer when you have a gut feeling that tells you that you can. Your gut is telling you the truth.
Contact your local Small Business Development Center (SBDC) for SBA loan info.
Can you sub out the part of the work that requires the specialized equipment?
Perhaps "nervous" was the wrong word to describe how we feel about trying conventional sources. We no longer look good on paper, so we're not very confident of being able to qualify for bank loans today.
The last time we looked into getting an SBA loan, we were in our first year of business. At that time, their lending was based upon your personal credit, of which we had none. It was a dead end road for us.
We wound up building our business the hard way, but in the process, we became successful and affluent enough that we didn't need government loans to operate, or to expand. Funny Catch-22, that.
Today, our credit is crashed, and we have no assets for collateral. Just fifteen years of experience in the business and the know-how to build it all over again. I don't know if that counts for much with loan officers.
Thanks for throwing a ray of hope my way, though. I'll roll up my sleeves and wade into the bureaucratic maze again.
Much appreciated.
No you have to go through a local bank that is working with SBA who guarantees the loan. You have up to 6 yrs to pay back.
What part of Texas are u in?
How much $$$ do you need?
I’m in Collin County, just north of Dallas.
>>SBA Backed micro loan. Up to 35k for 6 yrs. Check online for a local bank.<<
You can go with no payments for 18 months but the loan MUST be paid off in 5 years or else they will come after your assets.
Thanks for the good suggestions, Jack. I’ll be reviewing all of the good tips on this thread over the next week until we find a solution.
Much appreciated.
Thanks, DJ. I appreciate the prayers.
That's a very good question. I hadn't thought to ask, because of the nature of the equipment distributor and my trade. I'll do that tomorrow.
Thank you.
Thanks for the lead. I'll do that.
Can you sub out the part of the work that requires the specialized equipment?
Not really. The best arrangement I can work with another contractor who has the equipment, is to pass the jobs along to them, and take a small commission. Not really ideal, and those small commissions won't pay the bills.
Contractors these days have had their profit margins squeezed to the breaking point by the downward pressure on prices that illegal labor brings to the market. It's put most of us in a position where there's just enough meat on the bone to get the jobs done and make enough to feed our families.
Just one more reason why we've got to beat the liberals and the Obama regime on illegal immigration.
K. Sounds like a good deal.
I did not know that. I'll start with a phone call to our bank tomorrow.
Thanks.
I am too retiring from Merchant Marine and want to start a fishin Biz in Kona Hawaii. Got the boat and all licenses but need to get the shipping.
We can get a basic used rig together for about $10,000. For $20,000 we could get a new machine with the proper accessories and a used box truck to haul it in.
If we somehow qualified for the $35K SBA micro loan, we could do much more, including even better advertising.
Explore free money at grants.gov or here http://www.google.com/gwt/x?wsc=yq&wsi=bdceabc375ebcedd&source=m&u=http%3A%2F%2Fwww.sba.gov/jobsandcapital&ei=w3t9TK8Los7BBZ2smPoO
Thank you for the link, FRiend. I’ll check it out.
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