This is in NO way meant to offend ANYONE on said board or boards. I have many questions, but my first is just a general (hopefully misleading) question. RUMOR has it that foreigners (assuming legal ones) borrow up to $500,000.00 for convenience stores and/or hotels/motels and have up to 7 years to repay loans. Then when the 7 years is up they sell out to a relative who then borrows another $500,000.00 and so on and so on. Is that true or just an old ficticious tale?
anyone pretty much can take that loan of 500k for 7 years with a valid business plan, but no way a relative can take another loan for the same business that is clearly failing to pay its debt.
sound like a ficticious tale to me, or a family of 10 would just 'borrow' 5,000,000$ and take a 'vacation' in Mexico.
I have heard these rumors as well and am not really sure if they are true as I have not researched them. But, there are many foreigners that own businesses here. I would suggest you get out in your community and talk to some of these business owners to find out how they did it.
I have heard these rumors as well and am not really sure if they are true as I have not researched them. But, there are many foreigners that own businesses here. I would suggest you get out in your community and talk to some of these business owners to find out how they did it.
anyone pretty much can take that loan of 500k for 7 years with a valid business plan, but no way a relative can take another loan for the same business that is clearly failing to pay its debt.
sound like a ficticious tale to me, or a family of 10 would just 'borrow' 5,000,000$ and take a 'vacation' in Mexico.
dark0 | Performer | 1/18/2011 - 8:45 am
phanio | Contributor | 3/23/2010 - 1:54 pm
phanio | Contributor | 8/13/2009 - 12:30 pm
dark0 | Performer | 3/23/2010 - 1:54 pm
Join The Discussion
You must be logged in to join the discussion. If you already have an SBA Community account, Log In to join the discussion.
New users, Register for a new account and join the conversation today!