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Information Request

by jcruz4390, Window Shopper

  • Created: November 28, 2012, 12:09 am
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6 comments
I am looking to open a franchise business and would like to know if the Patriot/Xpress Loan would lend money for franchises. Also, is it possible to start a franchise business that's $250,000($75,000 start-up) with absolutely no money in my bank account?
Tags: Discuss Popular Topics, Loans & Grants
‹ Are non-US citizens eligible for government loans or grants given to new start ups? Getting Approved for Business Loan ›

BMT | Window Shopper | 11/29/2012 - 8:02 am

Let's just skip to the chase. No bank or lender will lend you money if you
cannot at least come up with 30% on your own. If they are going to take a 70%
risk on you - they want to to at least share some of it. Plus, no franchise
will approve your application with cash on hand and some substanital
networth.

Two options that I can see here:
1)If you have retirement funds - i.e. 401k, IRA, etc - then you can take
those funds and invest in your own business. This is how many new franchisees
get started.
2) Find partners that will financially back you in this endeavor. I helped a
guy, some years ago, get in touch with several local doctors who were looking
for better ways to invest their money (looking for better returns). Three of
the doctors came to together and backed this gentleman in opening up his
first I-HOP. He now has three stores. It just depends on how bad you want it
and who you are willing to go after to get it.
Business Money Today - Small Business Loans
Professional Web Site: Small Business Loans

JGabriel | Community Moderator | 11/28/2012 - 3:42 pm

To find a list of Patriot Express lenders in your area, contact your local SBA district office.

Paul T. Rottstock | Window Shopper | 11/28/2012 - 2:26 pm

I'm looking for a grant or a loan to help me pay the rent the first year of
my business . I opened up in September and it is primerily summertime' now we
ha opened up the type business that is truck and motorcycle sales and repairs
and my operating capital has depleted and i need cash to help me pay the rent
until march when business picks up again.
Professional Web Site: http://Motorheadnj.com

BizResearcher | Window Shopper | 12/5/2012 - 11:01 am

Show Replied Text…
I'm looking for a grant or a loan to help me pay the rent the first year of my business . I opened up in September and it is primerily summertime' now we ha opened up the type business that is truck and motorcycle sales and repairs and my operating capital has depleted and i need cash to help me pay the rent until march when business picks up again.
You can forget about a grant. They are not available to for-profit businesses
for things like operating capital.

JGabriel | Community Moderator | 11/28/2012 - 3:45 pm

Show Replied Text…
I'm looking for a grant or a loan to help me pay the rent the first year of my business . I opened up in September and it is primerily summertime' now we ha opened up the type business that is truck and motorcycle sales and repairs and my operating capital has depleted and i need cash to help me pay the rent until march when business picks up again.
Hi, check this information out to learn about what you need when considering applying for a loan, including details about credit factors that are taken into consideration.

BizResearcher | Window Shopper | 11/28/2012 - 11:07 am

Your banker can tell you whether you qualify for a Patriot Express loan. The
likelihood of securing a loan with no money in the bank is slim. Banks and
other lenders want to know that you are personally invested in the business
with some equity stake. Additionally, they want a guarantee that you will be
able to make payments. Perhaps you need to work on improving your personal
financial situation while you work on your business plan.