Small business loans for expansion
by Michael Murphy, Window Shopper
- Created: February 3, 2014, 2:19 am
I'm looking to secure a small business loan to help expand a small painting company that offers a variety of other skilled services. My plans of trying to get recognized by as many contractors as possible in order to stay busy has started to come together after a relentless campaign. I've currently been picked by a big box store with a promising opportunity of starting multitude crews, and expanding the company with a stable source of income, even in the slow season. Starting off I'm in the position to secure assets to slowly start expanding, but if I can secure a larger truck and trailor or box truck my plans will come together easier and will be able to gross a larger income to fund my business. I'm looking into a SBA 7(a) loan in hopes to secure funds for "machinery/equipment" My line of thought is a work truck would be considered machinery/equipment for business purposes. I'm well invested in the company and the company has grossed more in a few months than I invested in it with a year of planning and purchases. I seem to meet the qualifications, except for the possibility of proper collateral. Even though it says I can't be can't denied a 7(a) for the lack of proper collateral, I feel like this possibility of securing this loan is just right out of my reach without sufficent collateral. Does anyone know of any other avenues I could take, or has anyone secured a 7(a) loan with little collateral, or a similar loan I haven't came across yet in my research?
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