http://www.sba.gov/community/discussion-boards/rss/13591/feed en Funding to start up a new small business http://www.sba.gov/community/discussion-boards/funding-start-new-small-business Hello, I'm looking for funding to start up a Bed and Breakfast on a Lake. I need funding to purchase the property with an existing home on an ideal spot with a beautiful water front view. I'm needing $350,000 to purchase the property, which is located in a prime area of the lake. My credit score is below 600. I currently am employed with a company and have been here for 9 years with no retirement or chance of a raise. I would love to start my own Bed and Breakfast and have the opportunity to use my people skills and accounting ability in my ow business that I can do for the rest of my life. Please direct me as to where I need to start in seeking funding. http://www.sba.gov/community/discussion-boards/funding-start-new-small-business#comments Loans & Grants Thu, 04 Sep 2014 21:23:32 +0000 alfordg67 1106201 at http://www.sba.gov/community Does sba report to credit agencies about personal disaster morgtage? http://www.sba.gov/community/discussion-boards/does-sba-report-credit-agencies-about-personal-disaster-morgtage We have a disaster home mortgage for the past 2 1/2 years, have been paying on time etch. But our credit report says that we have no real estate loans. We need it to be reported so that we can boost our credit as we have no other debts. http://www.sba.gov/community/discussion-boards/does-sba-report-credit-agencies-about-personal-disaster-morgtage#comments Loans & Grants Sun, 14 Sep 2014 19:29:35 +0000 boolanoue 1106801 at http://www.sba.gov/community 7a loan for S-Corp won't allow repayment of shareholder debt? http://www.sba.gov/community/discussion-boards/7a-loan-s-corp-wont-allow-repayment-shareholder-debt My partner and I are working with a lender to secure a 7a loan for refinancing a current business. The lender is telling us our current shareholder loans (start-up and as-needed capital infusions in the early years) are on full standby (can not be re-paid) until the 7a loan is satisfied - 25 years! Since an S-Corp is a pass-through corporation, any profits must be passed through to the shareholders so we must receive the profits at the end of the year. We would like to receive the profits as a re-payment of shareholder debt and avoid income tax. The lender says we can not do that so we would have to receive the profits as a taxable shareholder distribution which is potentially very expensive. Does the SBA have some way of structuring the loan so that we can classify the profits for tax purposes as debt repayment rather than distribution of profit? It seems like semantics to me that affects no one but the shareholders. (Also would reduce company debt} http://www.sba.gov/community/discussion-boards/7a-loan-s-corp-wont-allow-repayment-shareholder-debt#comments Loans & Grants Tue, 09 Sep 2014 06:05:47 +0000 jts1 1106491 at http://www.sba.gov/community A new business. http://www.sba.gov/community/discussion-boards/new-business-5 <p>The business I am interested in starting is a pawn shop.</p> <p> </p> <p>Getting a loan for this type of business would be the same as any other, correct?</p> http://www.sba.gov/community/discussion-boards/new-business-5#comments Loans & Grants Thu, 01 Jul 2010 15:18:05 +0000 saltine 83961 at http://www.sba.gov/community Small business Startup Loan http://www.sba.gov/community/discussion-boards/small-business-startup-loan I am trying to start a business, went through SBA website for help. The website is very encouraging and want you to start business, but when you go to bank or other financial concerns, they always have an excuse for not processing the SBA loan application for start ups. Due to low credit score I am stuck and cannot make progress, since I have all the required experience the SBA loan will enable me to grow and progress at a fast pace. Is there any suggestion for getting a start up loan and equipment finance for Minority own small business, please help. http://www.sba.gov/community/discussion-boards/small-business-startup-loan#comments Loans & Grants Thu, 14 Nov 2013 17:05:49 +0000 ijohri 758227 at http://www.sba.gov/community Homeless veterans interested in starting a business. http://www.sba.gov/community/discussion-boards/homeless-veterans-interested-starting-business How do homeless veterans, like myself, start a business when they have no permanent address? Fortunately, I have 'decent' credit and a business plan based on courses I took last year at a SCORE facility in Florida. I 'scrimp and save' to save what monies I get from social security to keep a good credit score by using my credit card for limited purchases, which I pay back in full. I am sure I am not alone in this situation. There must be other homeless vets who would like to start a business so they can have a job and provide a living wage for themselves. http://www.sba.gov/community/discussion-boards/homeless-veterans-interested-starting-business#comments Loans & Grants Mon, 01 Sep 2014 01:35:02 +0000 Electric Tool and Transportation 1105821 at http://www.sba.gov/community Net worth limit of a guarantor http://www.sba.gov/community/discussion-boards/net-worth-limit-guarantor I need to know if there is a limit on personal net worth for a guarantor on an SBA loan? http://www.sba.gov/community/discussion-boards/net-worth-limit-guarantor#comments Loans & Grants Wed, 18 Sep 2013 19:03:11 +0000 hroberts 753728 at http://www.sba.gov/community How to get a loan or LOC with bad credit? http://www.sba.gov/community/discussion-boards/how-get-loan-or-loc-with-bad-credit Our business is bursting at the seams but can't grow as we have no financing. We lead workshops and always sell out 100%. Every year we make more money than the last. We have many ideas to exponentially grow the business but can't enact them due to lack of funding. Alternatively, because we don't have funding or a nest egg, we live paycheck to paycheck, so to speak. As we never know when people are going to book, we never know when the next paycheck is coming. So we can't plan financially, are always behind on bills and are always using the extra money during times of feasts to pay off all the past due fees. While the business is successful, we have ruined our credit. If we simply have a line of credit or a loan, this would not only not be a problem but we could rapidly build the business to the point of not needing outside funding. So how do we, with credit scores in the 500-600's get either a LOC or a loan? Help! http://www.sba.gov/community/discussion-boards/how-get-loan-or-loc-with-bad-credit#comments Loans & Grants Fri, 29 Aug 2014 21:09:51 +0000 dragonfish 1105581 at http://www.sba.gov/community Market Research http://www.sba.gov/community/discussion-boards/market-research-9 I am trying to utilize the Small Business Database to find data for Colorado. I am specifically looking to find a list of businesses that includes the names of businesses that have received SBA loans during a particular year, the city where they are located, and the amount of the loan. I could have sworn that there was something like this available a few years ago, but I cannot seem to locate it again. --Thanks, Jason http://www.sba.gov/community/discussion-boards/market-research-9#comments Loans & Grants Tue, 02 Sep 2014 03:13:50 +0000 copper22 1105911 at http://www.sba.gov/community Denied an SBA loan w/ good credit score but college debt issues http://www.sba.gov/community/discussion-boards/denied-sba-loan-w-good-credit-score-college-debt-issues I was recently denied an SBA loan. I was applying with 25% down, and the remaining 75% had a mortgage as collateral to back it. My credit score is 712, but I was told that I was denied due to credit defaults, which I settled for less than the full balance years ago. This debt occurred during college, and the last negative mark will be falling off my credit report in October. Everything else on my credit report is good. Yet according to the bank, this type of negative mark is enough to deny me from an SBA loan and I will be denied by any other bank that deals with SBA loans as well. I was told me best option is to work with a small local bank or a military bank (I recently separated). One side note, I applied for this SBA loan through Chase. About 6/7 years ago I defaulted on 2 Chase credit cards during college but later settled and negotiated to have this removed from my credit report. I've checked all three of my credit reports and there is no negative marks from Chase. Could Chase be denying me based on what they see in their own system? Because according to my credit report, there is only one negative mark, which again will be falling off in October. I wonder if I would get a different response from Wells Fargo, since they cannot see the 2 Chase defaults on my credit report...? Any advice would be greatly appreciated! http://www.sba.gov/community/discussion-boards/denied-sba-loan-w-good-credit-score-college-debt-issues#comments Loans & Grants Fri, 29 Aug 2014 17:05:02 +0000 dms04d 1105551 at http://www.sba.gov/community getting a loan or grant on new llc. http://www.sba.gov/community/discussion-boards/getting-loan-or-grant-new-llc I just filed for a llc for a small fixture installations company. My concern now is that every avenue available for financing requires a personal credit history or personal guarantee and unless I'm wrong doesn't that take away the safety of a llc and personal finances? http://www.sba.gov/community/discussion-boards/getting-loan-or-grant-new-llc#comments Loans & Grants Sat, 22 Feb 2014 12:52:26 +0000 Capien Retail Installations LLC 798131 at http://www.sba.gov/community SBA loans http://www.sba.gov/community/discussion-boards/sba-loans-2 How can I respond to any of the informative posts about any of the subjects I am interested in? Or do I just need to follow the links or read some blogs please. I am new to this site and rather not break any protocols. http://www.sba.gov/community/discussion-boards/sba-loans-2#comments Loans & Grants Tue, 26 Aug 2014 22:52:10 +0000 abraxitaxi 1105301 at http://www.sba.gov/community Getting a solid loan to purchase an existing business http://www.sba.gov/community/discussion-boards/getting-solid-loan-purchase-existing-business I have an excellent credit score, solid down payment and in the past I've made good money but for the past few months I've been researching possible businesses to purchase. I think I have a good one but I am unsure what a reasonable loan amount I could get? I am a veteran and female but I am unsure how that would help or not help. I'm located in Los Angeles which is expensive so I would need a good amount to attain a successful business. Can anyone give me any advice... I'm doing a lot of research and taking every business course I can find but I haven't found anything on loans. Thanks http://www.sba.gov/community/discussion-boards/getting-solid-loan-purchase-existing-business#comments Loans & Grants Sun, 27 Jul 2014 00:41:27 +0000 Drell79 1100501 at http://www.sba.gov/community SBA Loan requirements for small businesses http://www.sba.gov/community/discussion-boards/sba-loan-requirements-small-businesses Can anyone tell me what the requirements (SBA requirements, not the lending institution requirements)are for getting a SBA term loan or line of credit? please note if they are different. Also more specifically does the SBA require acknowledgement from 80%+ of the shareholders of the business that a loan or line of credit will applied for? http://www.sba.gov/community/discussion-boards/sba-loan-requirements-small-businesses#comments Loans & Grants Wed, 29 May 2013 16:53:25 +0000 nuaadvisors 643881 at http://www.sba.gov/community Getting Loans and Grants http://www.sba.gov/community/discussion-boards/discuss-popular-topics/loans-grants/getting-loans-and-grants My business partners and I need to find programs that can help us with our financial needs. http://www.sba.gov/community/discussion-boards/discuss-popular-topics/loans-grants/getting-loans-and-grants#comments Loans & Grants Tue, 28 May 2013 21:48:01 +0000 djsbks13 642011 at http://www.sba.gov/community Low Credit Score http://www.sba.gov/community/discussion-boards/low-credit-score Greetings everyone is the anyone out there that can advise on how I can get a Small Business Loan that offers a second chance program to people with poor credit history. Please advise I am trying to open up a business. http://www.sba.gov/community/discussion-boards/low-credit-score#comments Loans & Grants Sat, 10 May 2014 15:44:32 +0000 savagem 839141 at http://www.sba.gov/community Purchase of a house several years after SBA loan and then default http://www.sba.gov/community/discussion-boards/discuss-popular-topics/loans-grants/purchase-house-several-years-after-sba-loan-and-then-default I have a question here just out of curiosity. If my loan is approved and the business does well for a few years and I purchase a house (I currently lease) and then the business does poorly, what happens to the house as it was purchased after the business loan? http://www.sba.gov/community/discussion-boards/discuss-popular-topics/loans-grants/purchase-house-several-years-after-sba-loan-and-then-default#comments Loans & Grants Wed, 21 Aug 2013 03:00:11 +0000 andrew badi 751589 at http://www.sba.gov/community default on unsecured sba loan http://www.sba.gov/community/discussion-boards/default-unsecured-sba-loan My husband and I had an unsecured SBA loan on our business. We had to close the business and subsequently defaulted on the loan. It was turned over to the U.S. Treasury and they are deducting a certain amount from his social security. We both recently recieved separate letters from a collection agency stating that the SBA has turned over the loan to them as well. Can the SBA collect from both co-signers? This is an unsecured loan so there is nothing for them to sell. Why would they turn it over to a collection agency when they have already done the "treasury offset" for the social security? Any advice or information would be appreciated. http://www.sba.gov/community/discussion-boards/default-unsecured-sba-loan#comments Loans & Grants Tue, 10 Jun 2014 18:19:24 +0000 boondoggle 3 1085801 at http://www.sba.gov/community SBA Offer In Compromise Following A Divorce? http://www.sba.gov/community/discussion-boards/discuss-popular-topics/loans-grants/sba-offer-compromise-following-divorce I spend my days fielding phone calls from people around the country, almost all of whom have an ongoing issue with an SBA loan. One of the most common complaints that I hear from people pertain to the personal guarantee, and usually fall within one of these variations: QUESTION: I signed a personal guarantee for my friend's business, but I had nothing to do with the business. Why are they coming after me and not my friend? ANSWER: When you agree to personally guarantee debt, your have personally committed to repay the debt if the business fails to do so. In most cases, the bank is under no obligation to pursue the guarantors in any particular order. The bank can choose to pursue all the guarantors at once, or alternatively, they can pursue the guarantor that they believe has the most assets. If when the loan was granted, the friend who guaranteed the loan had a significant net worth while the business owner had a minimal net worth, you can be sure that the bank will spend their time and money pursuing the more wealthy of the pair. While you may not think it's fair that a bank would sue a person who had no ownership interest in the business, that's the reality of a personal guarantee. This is why agreeing to personally guarantee debt for a friend should never be taken lightly. QUESTION: I personally guaranteed an SBA loan for my ex-spouse. The divorce decree states that my ex-spouse is solely responsible for repaying the debt, but I just got a letter stating that I am liable. What gives? ANSWER: Let me start with my disclaimer: I'm not an attorney, and this is not legal advice. You should see an attorney in your area for all legal matters. Now, with that said, I will tell you what I've seen as far as this situation is concerned. When two people get divorced, it's common to split all the assets and liabilities. It's important to note that the agreement is between the individuals, NOT THE CREDITORS. In other words, unless the banks agrees to release one of the spouses, they will pursue both of you regardless of the agreement between you. Even though it seems unfair, logically it makes perfect sense. The bank, after all, may have required both spouses to guarantee the SBA loan because both spouses were brining attributes to the table. Furthermore, if it were possible for one personal guarantor to indemnify the other, this would be a huge loophole. It would basically mean that if two business partners signed personal guarantees, they could easily get one of them off the hook by establishing an agreement between them stating that one would be handling the loan, and the other was not responsible. So if a divorce agreement won't help with creditors, what good is it? Well, if you are the spouse who was indemnified, and your ex fails to make their loan payments, you'd have recourse against your former spouse. Of course, that won't help you out of the personal guarantee, which is a very tough pill for most former spouses to swallow. Overall, when it comes to personal guarantees of SBA debt, you should always ponder the worst case scenario when signing one. If you aren't prepared to deal with a worst case scenario (they borrower defaults), you should re-evaluate whether signing one is the right way to go. http://www.sba.gov/community/discussion-boards/discuss-popular-topics/loans-grants/sba-offer-compromise-following-divorce#comments Loans & Grants Thu, 02 Aug 2012 20:41:41 +0000 DLA 174951 at http://www.sba.gov/community I need help finding out if I can even qualify for a small business start up loan http://www.sba.gov/community/discussion-boards/i-need-help-finding-out-if-i-can-even-qualify-small-business-start-loan Hi, I'm a single mom and have been a hairstylist for 23 years. I owned my own salon for 14 of them. I sold my share to my partner and moved on for personal reasons at the time. Due to the economy and our small town having an overabundance of salons, I'm barely able to make a living (renting a station at another salon) as the sole provider for myself and daughter... so I want to open a new business and start a new career. I've witnessed a business in another city who is extremely successful and it's something I'm interested in doing since my community currently doesn't have one. Here's my problem. I have zero funding or collateral. I've had to use my retirement money to live and am tapped out now. I had to file bankruptcy a little over 4 years ago when my ex and I were losing our home due to bad loans and him being laid off. My current credit is all on time and I don't have a lot of debt.. my question is do I even have a shot at getting a loan since my credit is not perfect and the business would be a new venture? http://www.sba.gov/community/discussion-boards/i-need-help-finding-out-if-i-can-even-qualify-small-business-start-loan#comments Loans & Grants Wed, 29 Jan 2014 16:03:47 +0000 sydtonluv 791701 at http://www.sba.gov/community What happened to the idea of job creation http://www.sba.gov/community/discussion-boards/what-happened-idea-job-creation I contacted the SBA for grant and loan information to startup an architectural firm. What I found out is that I don't qualify for loans because of my credit score and lack of savings that I've exhausted over the past eight years due to temporary jobs and unemployment. I am a licensed architect with potential work but need assistance getting things going. I apply for jobs nationwide on a daily basis. I am well qualified (probably too qualified). I am a veteran which with $2 will get me a cup of coffee. I am an older applicant that doesn't help either. And I won't be getting my $4500.in unemployment benefits because the Republicans in the House are not likely to pass the EUC. They just keep talking about job creation, but they have nothing to offer. http://www.sba.gov/community/discussion-boards/what-happened-idea-job-creation#comments Loans & Grants Wed, 30 Apr 2014 22:21:53 +0000 tednixon 832451 at http://www.sba.gov/community Obtaining a small business loan with no proof of income http://www.sba.gov/community/discussion-boards/obtaining-small-business-loan-with-no-proof-income <p>Hello. I am considering purchasing a Plato's Closet franchise, which specializes in the resale of apparel to the "tweenties" crowd. The franchise was recently ranked #1 in Forbes magazine's list of "The Best And Worst Franchises In America" and owners of the franchise have a SBA loan default rate of just 2%. The cost of opening a store amounts to about $250,000.</p> <p>Although my application for a franchise license was recently approved, I'm concerned that my lack of a current income may make me unsuitable as candidate for a small business loan.</p> <p>I recently graduated from a Ph.D program and I'm officially unemployed. I have approximately $100,000 in cash in a checking account and a house worth about $700,000. My other non-liquid assets amount to about $50,000. There is no mortgage on the house, but it is co-owned with my father and has a home equity loan of $280,000 associated with it. I also have $56,000 in student loans, a car loan of $27,000, and $1000 in credit card debt. My current total monthly expenditures (which include loan repayments) amount to approximately $4,500. In addition to the assets mentioned above, I have $340,000 in forex trading accounts (similar to stocks), but which have been held under a relative's name. If need be, I can transfer the funds to my name.</p> <p>I apologize for all the details. In sum, I currently have $100,000 in cash and a total net worth of about $486,000. If I transfer the funds in my forex accounts, I will have a net worth of about $826,000.</p> <p>I'm looking to obtain enough financing to cover the entire cost of opening a store (~$250,000). Although I have sufficient assets, my concern is whether my lack of proof of current income will jeopardize my chances of obtaining a loan. What options are currently available for someone in my position?</p> <p>Some additional information:</p> <p>- I have an excellent Equifax FICO credit score of 817.</p> <p>- I will have a solid business plan backed up by the Winmark corporation (the parent company of Plato's Closet). Your help is greatly appreciated.</p> http://www.sba.gov/community/discussion-boards/obtaining-small-business-loan-with-no-proof-income#comments Loans & Grants Wed, 06 Aug 2014 06:05:40 +0000 velesmist 1102441 at http://www.sba.gov/community Keith Gilabert, "Microloans for business Start-ups" http://www.sba.gov/community/discussion-boards/keith-gilabert-microloans-business-start-ups Microloans are a way for an entrepreneur to start a business with no money. These loans are small and the rates are typically between 8-10%. The average small business start-up is about $30,000.00. I often recommend that if you have a specific product, set-up a partnership with another company that is larger and that has need for your product. This is a quick and easy way to establish your product line and investors will be more willing to invest. If you have an established business and need to expand due to demand give the SBA.gov a try. The loans have lower rates. Small Business Administration – SBA’s popular Microloan Program provides short-term loans up to $50,000 to help small businesses startup and expand, although the average microloan is about $13,000. Microloans must be repaid in six years and can be used for: - Working capital or Buying inventory or supplies.  Good luck, Keith Gilabert http://www.sba.gov/community/discussion-boards/keith-gilabert-microloans-business-start-ups#comments Loans & Grants Sat, 09 Aug 2014 17:06:33 +0000 keithgilabert 1103121 at http://www.sba.gov/community Refinance Question http://www.sba.gov/community/discussion-boards/refinance-question Guys currently paying $2300 loan on a building originally was $230,000 an have paid $2300 month since 2007. Trying to re finance it for my inlaw its her business. The current payoff is $165,000 refinance would cut the payment to $1400 for 15 years. Bank says credit issues and cash flow problem. I ran the credit report I didn't see anything on it. She basically lives off her SSI and the business account is used to pay the business bills and she has $45,000-$80,000 profit on the books for the last 3 years. Profits above are with her paying $2300 a month also, and she has never looked at a profit loss statement since owning the business in the 1990's Im working on that with her now she is 68 years old. What other options do we have to refinance are there any other options? http://www.sba.gov/community/discussion-boards/refinance-question#comments Loans & Grants Wed, 23 Jul 2014 01:22:49 +0000 Hot Pockets 1099821 at http://www.sba.gov/community Education Technology for Autism http://www.sba.gov/community/discussion-boards/education-and-technlogy A friend of mine in higher education suggested our company look into grants for the software we develop for those with Autism. Any tips on where to begin that search would be appreciated. http://www.sba.gov/community/discussion-boards/education-and-technlogy#comments Loans & Grants Sat, 02 Aug 2014 04:30:39 +0000 russewell 1101481 at http://www.sba.gov/community At ropes end! Please someone help me figure out how to get financing for my rental business! http://www.sba.gov/community/discussion-boards/discuss-popular-topics/loans-grants/ropes-end-please-someone-help-me-figure-out-how-get-financing-my-rental-business <p>Hi, I'm a 52 year old male who has been in the rental business for some 20 years and has fallen upon hard times of late. Went to the small business development center a while back and they told me my business is not considered a business but a speculative business and no funds could be obtained there for improvements to my business or to help me get my finances in order. I thought ALL businesses are speculative businesses as when people open their doors they're speculating that someone will come in and buy something from them??</p> <p>Anyhow, to get the whole matter on the table, I was renting to what turned out to be mostly illegal Hispanic workers who were working at area poultry plants and in 2006 our park got raided and they can no longer work at the poultry plant and almost the entire rental units that I own became vacant. Through a good bit of borrowing and hard work I have managed to get about 32-36 of the 52 units I own back up and rented to mostly whites and blacks but most of the other units aren't good enough for the whites and blacks and I need money (hopefully some sort of grant) to get more up to date housing for these people. I really don't want to go into how hard it is to get money out of the whites and blacks and how hard it is to get them evicted when they won't pay but will if asked for those details.</p> <p>Anyhow, there are factories in the area and I've found that I can rent 3 BR 2BA homes all day long to people and probably can get a better quality of people but I really need to totally revamp my main park that has 24 trailers as of current and get at least 15 of the homes replaced. I'm hoping to buy these homes from repo centers for $5-7000 each and with moving expenses I expect to have to about $10,000 in each home. I currently am in debt to one bank for $210,000 and barely making those payments and one other bank I owe $120,000 and making those payments on time. I have several tracts of land that these trailers are on but they are all secured. 4 of the tracts are at an Interstate 16 Interchange. I know my land is worth MUCH more than the bank is using for collateral as I have 24 mobile homes, 3 deep wells and 12 septic tanks on one tract at the Interstate that is on 10.9 acres of land surrounded by highways on three sides. They also have another 5.36 acres of land that has frontage on a corner near Interstate 16 that has about 600' of frontage on two state highways, plus they have my house on 21 acres of land with a deep well, 6 mobile homes, and seven septic tanks, and 10.9 acres of land with about 800' of state highway frontage with two ponds, two mobile homes, a deep well, and two septic tanks AND, a small house on one acre with deep well and septic tank AND 4.19 acres of land near the I-16 interchange with 2 mobile homes, a deep well, and 2 septic tanks. I KNOW that all that together is worth MUCH more than what I owe but the bank won't loan me anymore money for renovations.</p> <p>I'm also behind in my tax bills to the tune of $15K with this years tax fast approaching. Where did all the money go you ask? Spent most of the money on labor to help me try to fix up all the rentals we have and for supplies, but apparently my park got a stigma with the Mexican rentals and people just don't want to live where Mexican's have lived. To be honest even though we've redone a whole lot of the floors and windows and doors and painted inside and out, the homes do still need a lot of work. I could probably go on and on about all of this but I need advice on what to do. I've even considered trying to sell the units to the tenants but have not gotten anywhere with that. I can't afford anymore to have anyone to help me and I'm about ready to just let the bank have it all if I can't come up with something. Anybody got any place to contact for help, financial as well as guidance in this matter? you can e-mail me direct at <a href="mailto:metterduder@yahoo.com">metterduder@yahoo.com</a>. Thanks, David </p> <p>---<br /><small><i>This post was edited to remove a commercial link. Read our <a href='http://community2.business.gov/t5/Welcome-to-Your-Community/Community-Best-Practices/m-p/13855' rel='nofollow' target=_blank>discussion policies</a> for more Community best practices.</i></small></p> http://www.sba.gov/community/discussion-boards/discuss-popular-topics/loans-grants/ropes-end-please-someone-help-me-figure-out-how-get-financing-my-rental-business#comments Loans & Grants Mon, 09 Aug 2010 11:41:55 +0000 metterrental 84231 at http://www.sba.gov/community Bad student loan affecting loan qualification http://www.sba.gov/community/discussion-boards/bad-student-loan-affecting-loan-qualification My business partner and I are in the process of purchasing a company in the commercial cleaning idustry. I have good credit and aprox 15% of the purchase price, however I have little experience. My business partner has years in the field and is currently running the business we are trying to acquire The problem we have is that my partner has bad credit, including a student loan that went into default. He is working on paying everything off, but our lender has denied our SBA application based off of the student loan. They said that even if it is paid off he will never qualify. I've spend hours online and have not found any evidence supporting that information. Does anybody have experience in a situation like this? http://www.sba.gov/community/discussion-boards/bad-student-loan-affecting-loan-qualification#comments Loans & Grants Wed, 30 Apr 2014 00:05:01 +0000 RyanL63 832081 at http://www.sba.gov/community Bad Credit, no collateral and unable to get funded by banks http://www.sba.gov/community/discussion-boards/bad-credit-no-collateral-and-unable-get-funded-banks Hey everyone, My name is Dave and i work with a company who specializes in providing businesses with alternate lending options. You should always attempt to get funding from banks or other sources before taking out any loans with alternate lending companies. Banks will always provide the best rates. Sometimes saving up may be your best option as well. http://www.sba.gov/community/discussion-boards/bad-credit-no-collateral-and-unable-get-funded-banks#comments Loans & Grants Wed, 14 May 2014 12:59:46 +0000 dave hunter 842421 at http://www.sba.gov/community Patriot Express Loan http://www.sba.gov/community/discussion-boards/patriot-express-loan Under the Patriot Express Loan, can a qualifying business be an L3C - a low-income limited liability company? Has anyone worked with these newly created business entities and government loans/grants, especially under the Patriot Express Loan Program? Thanks in advance for your comments. http://www.sba.gov/community/discussion-boards/patriot-express-loan#comments Loans & Grants Sun, 01 Sep 2013 00:04:26 +0000 socialenterpriselawyer 752539 at http://www.sba.gov/community Contractors: Need a Contract Bond for a Project? SBA Can Help http://www.sba.gov/community/discussion-boards/contractors-need-contract-bond-project-sba-can-help <p>&nbsp;</p> <div> <font size="2">Contractors: Do you need a surety bond to secure a construction job or a service contract? SBA can help you by providing a surety bond guarantee &ndash; fast.</font></div> <div> In fact, your online application can be reviewed in less than 2 days!</div> <div> &nbsp;</div> <div> This week, SBA is highlighting the basics of&nbsp;<a href="http://www.sba.gov/surety-bonds" title="link to surety bonds landing page"><font color="#0000FF"><u>surety bonding</u></font></a>&nbsp;and how both small contractors and surety providers can benefit from working with our program.</div> <div> &nbsp;</div> <div> Tell us: Are you a contractor looking for projects?&nbsp; What financial barriers do you face in securing contracts?&nbsp;</div> <div> &nbsp;</div> <div> Have your own surety bond questions, comments or insights?&nbsp;</div> <div> &nbsp;</div> <div> Share your own questions, comments and insights by joining our conversation!&nbsp; Comment here, follow our&nbsp;<a href="http://www.twitter.com/sbagov" title="link to sba twitter page"><font color="#0000FF"><u>surety bond tweets</u></font></a>&nbsp;with hashtag #SBAsuretybond, or post on our&nbsp;<a href="http://www.facebook.com/sbagov" title="link to sba Facebook page"><font color="#0000FF"><u>Facebook wall.</u></font></a>You can also check out our blog series, starting&nbsp;<a href="http://www.sba.gov/community/blogs/community-blogs/small-business-cents/sba-surety-bonds-pt-1-what’s-surety-bond-and-wh" title="link to surety bonds blog post"><font color="#0000FF"><u>here</u></font></a>.</div> http://www.sba.gov/community/discussion-boards/contractors-need-contract-bond-project-sba-can-help#comments Loans & Grants Tue, 03 Apr 2012 13:43:25 +0000 kmurray 133201 at http://www.sba.gov/community