Posted on 08/31/2010 12:58:01 PM PDT by Windflier
Thank you!
How about renting the equipment on a per-job basis until your finances improve?
Friends and Family first. 0% loans are the best.
Next, you could max out your credit cards, but make sure you pay these off first.
Try the local bank for a business line of credit. You have to put up your assets as collateral though.
..ask your Senator
The advantage would be that you wouldn't be going into debt to meet what might be a momentary spike in demand.
They should go for $10 K.
SBA Backed micro loan. Up to 35k for 6 yrs. Check online for a local bank.
I honestly don’t know anything about these folks, but check it out.
http://www.sballiancecapital.org/store/pg/10-Frequently-Asked-Questions.aspx
My wife and I want to start a business early next year so I’ll be watching this thread closely...
My first thought is the SBA also. In any event, a loan broker might be another source. Be prepared with your documentation. They will require yards and yards of documentation.
I would call the companies who sell the equipment, or see what short term leases would cost you on the equipment. You could also, re-sell the leads to other contractors. The leads themselves have value.
Nervous? But you've got to try it anyway, assuming you have nothing to hide. Most small or regional banks really like SBA loans - they can get guarantees for up to 90% of the value from Uncle Sam. $10,000K is not a large amount either. Do your calculations carefully and be sure you include enough working capital. Doesn't look good to run out of money quickly after getting a loan.
Getting a loan thru your bank would be best.
Or you could try American Express Open.
If demand is that hot, just put expenses on a credit card and then pay them off pronto when you have the $$.
Congrats to you. That is a quality problem you have there.
Can I see your ad? (I’m in the ad game myself).
Not possible with the sort of equipment I need. No one rents the sort of rig I need.
We do rain gutters. What we need is a machine that turns metal coil into rain gutter and a small box truck to haul the operation from job to job.
There are independents who will come to a jobsite and roll out gutter for us, but what they charge per foot would eat up most of the profit from our jobs.
Check out Clark Howard.
All good suggestions, Lance, but none of them will work in our situation. Due to the failure of our business some years back, we lost nearly all of our assets, and our credit rating took a nosedive to below 600.
I’ll have to look hard at the friends and family solution to see if there might be someone who could help, but that’s a stretch.
Thanks.
Friends or family looking to be a silent partner? Can you lease the equipment with option to buy or buy it used? Are there programs in your area for seed capital for start up businesses? Call the SBA in your area and ask the questions there.
That's one option we were looking at for a temporary solution, just this morning.
No mortgage (lost the house four years ago), and no car loans (lost all the vehicles except the work truck, at the same time).
Screaminsunshine mentioned that I might be able to get an SBA loan for up to $35K. I need to explore that, although when we approached the SBA in our first year in business, all we got was the run-around.
I can’t help you with any advice but I can sure pray about it!
I thought you applied directly with the SBA for those micro loans. I wasn't aware that you could do it through a local bank. I'll check with our bank to see about this.
Thanks.
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