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****DBA Help ****

by Desmond24, Rising Star

  • Created: January 22, 2011, 7:48 pm
  • Updated: October 16, 2012, 4:24 pm
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4 comments

Hello everyone, I have been looking into starting my own non emergency medical transportation company, but i have a couple of student loans and im more than certain that the bank isnt gonna give me a loan to start my business. But I was told that if I registered a DBA then I could use that name to  get such things as small business loan and vehicles...How true is this?

Tags: Discuss Popular Topics, Self Employed & Home Based Business
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Focused1 | Window Shopper | 10/8/2012 - 4:26 am

Desmond24, Good day. I actually live in Houston and am in the process of
starting a NEMT as well. If your interested in bouncing some ideas off each
other, let me know.

mrhelpful | Contributor | 1/20/2010 - 8:20 pm

At the moment, lenders are still very risk averse. the default setting is 'don't lend' and you need to prove conclusively that you are a satisfactory risk. Anything that you do to try and manipulate your situation is probably ill-fated and likely to cause you to lose some reputation with the lender should you ever want to work with them again.

Judi-and-Mark | Rising Star | 1/20/2010 - 6:55 pm

Hi Desmond24,   It sounds to me that this strategy will fail because what your actually doing is trying to hide your identity from your potential lenders.  This will just end up coming back and 'biting you in the ....'  The best policy is always going to be honesty.   When borrowing, it is always best to lay everything out on the table.  But there is still hope.  Your going to need to write a dynamite business plan including a full cost analysis of your business requirements and honest cash flow projections.   With a well thought out plan, rehearse it over and over to prepare for a professional presentation to non-traditional lenders who consider non-recourse lending.  That way they're lending on your business prospects, not on you individually.   Of course, to really increase you funding chances now and in the future, you're going to need to clean up your credit profile.  Get with your school loan people and work out a plan.   To greatly increase your business launch and management success, check out our site below.   Hope this helps.   Regards,   Mark LaPoint www.NorthstarAtHomeBasedBusiness.com
Professional Web Site: http://www.NorthstarAtHomeBasedBusiness.com/blog

BizResearcher | Window Shopper | 1/26/2010 - 11:08 am

Registering a DBA simply registers your business name. If you operate as a sole proprietor, the business's assets and liabilities are your assets and liabilities. If you register as an LLC or corporation, you will need to build business credit before you can qualify for a loan without having to personally guarantee the loan. It all takes time. Perhaps the best thing to do now is concentrate on paying off your debts so you can approach lenders with a clean slate. As someone else mentioned, it is currently very difficult to obtain a loan, even with the best of credit.