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Small business loan

by Yorkmack, Window Shopper

  • Created: June 23, 2010, 12:03 pm
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8 comments

I had a business in AZ that went under because of the current recession. I was forced to declare bankruptcy in  2008, which became final in 2009. I moved to NYC and am trying to start up a small limo service business that requires a loan  for a newer limo-service car, costing in the neighborhood of $25,000. With a trade-in or my current limo, I would need a loan about $20,000 to buy a newer model

What can I do to get such a loan with SBA or, get a guaranty for any other private loan for such a capital investment purchase? (This car would be my main source of income.

 

Tags: Discuss Popular Topics, Loans & Grants
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NicoleD | Former Moderator | 6/23/2010 - 12:03 pm

This thread is now read-only due to continued spam.

ChristineL | Former Moderator | 6/18/2010 - 9:00 am

Hi Yorkmack, There are a variety of loans that you can apply with SBA like the Basic 7(a) Loan Program and the Microloan Program that lends you up to $35,000.You can learn more in the SBA Loan Guide at Business.gov. Here is the SBA Loan Application Checklist that you use to apply for an SBA loan. Here is another resource for obtaining seed and venture capital.

phanio | Contributor | 6/18/2010 - 9:00 am

There may be several options - non-bank options as your bankruptcy took you out of that arena. There are non-bank equipment loan companies that do not underwrite like banks thus they may be more inclided to listen to your story. Many of which do well in helping start ups. As stated, there are micro loan programs - up to $35K for new businesses and $50K for established businesses. There are also peer-to-peer lending sites (where members borrow and lend to each other) that might be able to help you for that small amount (provided your credit score is not all that bad). Lastly look to your friends and family - if they beleive in you - they should be able to help you scrap together those types of funds (this is also a form of bootstrapping).
Professional Web Site: http://www.businessmoneytoday.com/

Yorkmack | Window Shopper | 6/18/2010 - 9:00 am

I had a business in AZ that went under because of the current recession. I was forced to declare bankruptcy in  2008, which became final in 2009. I moved to NYC and am trying to start up a small limo service business that requires a loan  for a newer limo-service car, costing in the neighborhood of $25,000. With a trade-in I would need a loan about $20,000.    

BizResearcher | Window Shopper | 6/18/2010 - 9:00 am

Show Replied Text…
I had a business in AZ that went under because of the current recession. I was forced to declare bankruptcy in  2008, which became final in 2009. I moved to NYC and am trying to start up a small limo service business that requires a loan  for a newer limo-service car, costing in the neighborhood of $25,000. With a trade-in I would need a loan about $20,000.  
What is your question? Do you need suggestions on where to apply for a loan, on loan requirements, or something else?

bizdev | Creator | 6/18/2010 - 9:00 am

Show Replied Text…
Hi Yorkmack, There are a variety of loans that you can apply with SBA like the Basic 7(a) Loan Program and the Microloan Program that lends you up to $35,000.You can learn more in the SBA Loan Guide at Business.gov.Here is the SBA Loan Application Checklist that you use to apply for an SBA loan. Here is another resource for obtaining seed and venture capital.
Unfortunately with a bankruptcy as recently as 2 yrs ago, you will not be able to qualify for an SBC loan. Not even a microloan. The criteria for a micro loan is basically the same as any other SBA loan. Also, venture capital is not available for a small business such as yours. Venture capitalists are all about the million dollar deals with the million dollar payouts. Your best bet is bootstrappping. Also another viable option is available via peer to peer funding. Your funding need is entirely doable. See signature below.
Professional Web Site: http://smallbusinessstartup.biz/blog

mrhelpful | Contributor | 6/18/2010 - 9:00 am

Show Replied Text…
Unfortunately with a bankruptcy as recently as 2 yrs ago, you will not be able to qualify for an SBC loan. Not even a microloan. The criteria for a micro loan is basically the same as any other SBA loan. Also, venture capital is not available for a small business such as yours. Venture capitalists are all about the million dollar deals with the million dollar payouts. Your best bet is bootstrappping. Also another viable option is available via peer to peer funding. Your funding need is entirely doable. See signature below.
What exactly is meant by bootstrapping? does this refer to self-funding by way of leveraging a Mortgage etc?

bizdev | Creator | 6/18/2010 - 9:00 am

Show Replied Text…
What exactly is meant by bootstrapping? does this refer to self-funding by way of leveraging a Mortgage etc?
Bootstrapping here means doing whatever it takes to raise your own funds. That might encompass taking on a second job or accessing home equity or using credit cards or 401k funds. Some of these are not necessarily the best way to go, but for some it may be the only options.
Professional Web Site: http://smallbusinessstartup.biz/blog