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Small Business Start-Up -- Ask the Expert

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A live Q&A session with small business experts. Submit your question before or during the chat discussion. You cannot submit question after Closing Remarks for the chat. No registration is needed for the web chat.

Expert: Barry McKinley
Small Business Start-Up -- Ask the Expert

Barry McKinley

SCORE Counselor, Orange County Chapter 114

Thursday, April 22, 2010 5:00 PM

Barry McKinley started and bought eight different businesses in three separate industries and sold each to a larger company. As a life-long small business owner, McKinley understands first-hand what it is to be undercapitalized and overworked. His knowledge and perspective in business start-up, sales and marketing give him an excellent understanding of the challenges and rewards of business ownership. McKinley now uses his extensive background in operating small businesses to help others realize their dream of business ownership.

Have you considered starting a business? Not sure about the right strategies to have in place to achieve success? Learn what it takes to start a business, where to go for information and assistance, the business plan and why you need one, funding and the myth of "free money," as well as resources available to help set up your business.

Get answers to your questions about what first steps to take to start your business, and how and when to get your small business idea off the ground by posting your question below.

Note: There is not an audio format for the online chat, and no broadcast capability. SBA moderators retain editorial control over the online discussions and choose the most relevant questions for chat participants and hosts. Chat hosts may decline to answer questions.

Chat Transcript

From : JASON M ELY
Location : charlotte , NC
Question :
I WANT TO START A LAWN AND TREE BUISSIESNS NEED HELP TO GET STARTED HOW DO I GET A GRANT TO START ME UP TO CREAT JOBS FOR PEOPLE TO WOEK FOR ME.AND THE BEST WAY OF DOING SO THANK YOU

 

Reply :
Hey Jason Sorry probably no grant. YOu will either need to get a bank loan and or get friends and family to particpate.
From : Rosita
Location : Gainesville , Florida
Question :
What is the best way to handle personnel of about 10 individuals who work for me for about 6 hours per week on average.

 

Reply :
Have them all sign sub contractor agreements, then monitor there jobs productivity
From : Zonya F.
Location : ,
Question :
What website/s do you recommend to locate geographical research information when completing and/or updating a business plan (ie census, financial demographics etc.)?

 

Reply :
Zonya you may need to do many different searches, under state, region, age group, product, etc. As you start searching yoi will start to see other aveneus to check
From : Darcell Florence
Location : Harvey , La
Question :
Need help with business plan, start up funding

 

Reply :
Many buisness plan software programs available. Funding banks will look at the following 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Linda Raylene Sparks
Location : Talladega , AL
Question :
My goal is to set up a " Fun Zone " business, for people of all ages ( not infants & toddlers ) to go have a little fun and it not break the budget. We all could use an escape every now and then to just get a little crazy an go for a few jumps.

 

Reply :
Sounds great---costs lots of money to start!!!!!
From : Tim Martinez
Location : Bernalillo , NM
Question :
Barry how do I check on the curent competition in the market I would like to get into?

 

Reply :
Best marekting tool in the world----google!!!
From : Effie Dawson
Location : Zephyrhills , Fl
Question :
Would you call me to help me with my Business (813)377-6167

 

Reply :
Sorry -contact the local SCORE Office of SBA Office for help they are the local experts
From : Jessie Sterling
Location : Wichita , Kansas
Question :
Which do you think would be a better location for a starter business? An already established stable area or a newly established and trendier area?

 

Reply :
I would go with the establsihed "Proven" area
From : U.S. Small Business Administration
Location : Washington , D.C.
Question :

 

Reply :
Good afternoon and welcome. Starting a business is very exciting and also very challenging. The better you plan the better the chance of success. After starting, operating, buying and selling 9 different business in three industries I believe I have a good understanding of the challenges that you face. Many people inquire about free money” to my knowledge there isn’t any, and if you find a source let me know I want some! Secondly the chance of qualifying for a government grant is very very small. So your other options for money is friends, family or outside lending institutions. I look forward to answering your questions. I have a lot of questions to answer today and little time to do so, please excuse the typing and misspelled words! Best Regards, Barry
From : Kimberly
Location : Stockton , AL
Question :
What type of financing is available for a veteran, who is a single mom trying to open a Laundromat?

 

Reply :
Hi Kimberly There may be some programs availbel normally you would have to meet the same requiremnts that a banks requires 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : San Findee
Location : Haslett , Michigan
Question :
I want to start an exporting business selling US made products, such as electronics. My initial market would be Iraq, especially the Northern part (the Kurdish region) where I have contacts and family members who are willing to be engaged. I have about 50 thousand US $ in cash. Is this amount enough to consider starting such a company? How much on average will a freight forwarder company charge for getting a 20 ft container to inside Iraq?

 

Reply :
I ahave started business on less money. You just grow slowly. Certainly possilbe ---have no idea what a freight company would charge----contact them, they are glad to give you a quote.
From : fred
Location : orlando , fl
Question :
I am a part owner of a gas station in orlando. currently we are struggling to make ends meet between all the bills we are paying out. is there some sort of grant that i would be eligible for?thanks

 

Reply :
Presently I believe most of those programs have stopped. Have you talked to your bank and or consider borrowing money from freinds and family. The imporatnt thing to do figure out another way to increase revenue.
From : Kristi Chessmore
Location : North Platte , NE
Question :
A friend and I have been presented with the opportunity to purchase a business. It is within our scope of expertise, we both work full time and would do this online and on a weekend or two a month depending on the time of year. It is a proven business and we are wondering what are the first steps we need to take.

 

Reply :
Anayslse the business price against value. there are many site out there that will hep you get the rigth value. be sure the seller agrees no to compete for a period of time.
From : Christopher
Location : Kosciusko , MS
Question :
What type of loans are out there for individuals, that are affected by being behind on child support.

 

Reply :
Most lenders will take that into consideration. This is what the banks loo for 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : U.S. Small Business Administration
Location : Washington , DC
Question :

 

Reply :
The Chat is coming to a close-I certainly apprecicate all of your questions. Business is a great Ride----so enjoy the trip!!! Life's short!! Best Success in the future. Barry Mc Kinley
From : Peter G
Location : Hillsborough , NC
Question :
Thank you, Barry, for taking the time to answer all these questions! What are the keys of a successful business plan when shopping for loans / investors?

 

Reply :
The key -beleivable, and show that you have done your homework, giving lots of thought to your business and that your sales and expense projections are real and sound!!
From : Victor Barros
Location : Kissimmee , FL
Question :
I’m in the process of starting a computer consulting firm. www.constantcoverage.cc. i have a BPlan done and looking for Finance to start. Any suggestion on how i would obtain finance will be appreciated.

 

Reply :
Hi Victor- Thata great --sounds like you are off and running---this is what the lenders will look for 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Randy Kerns
Location : Atlanta , Tx
Question :
Mr McKinley I'm 51 years old and have had 2 surgeries on my back,and I would like to start my own Business so I don't have to depend on SSI.I would like to know if there is any place that can assist my in doing this? I was a mechanic for 5 years and have worked on my personal vehicle since I was 15 years.I'm also a vet.

 

Reply :
Hey Randy- First of all your are lucky you are young with plenty of time. To learn a business that you are interesting in go to work for a company that does that for 6 months before starting your own.
From : jaki senat
Location : Brooklyn , New York
Question :
Hi Barry!!! I am trying to open up a shoe boutique in NYC and I desperately need help. Who should I turn to for Financial Help? And where should I go to start looking at Space in NYC

 

Reply :
Well that is probably the shoe capital of the world- but very expensive to do business. Normally a bank looks for the following 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Jesse Lopez
Location : Duncanville , TX
Question :
When making a Loan request under the SBA through a banking institution do they require a down payment if so does it all have to be cash

 

Reply :
Hey Jesse SBA backed loans will meet the same requirements as normal bank loans which are 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Mary Lines
Location : Madison , AL
Question :
Thank you so much!!! :)

 

Reply :
BEST SUCCESS
From : QUINTON
Location : SEATTLE , washington
Question :
I AM INQUIRING ABOUT STARTING A SMALL ('VERY SMALL CAFE IN THE SEATTLE AREA) I ATTEND TO SERVE BREAKFAST / LUNCH M-F WITH DAILY BREAKFAST SPECIALS, SUCH AS DRIP COFFEE AND PASTRY $2.00 FROM 7-9am. ALL INGREDIENTS WILL BE MADE IN HOUSE, IT WILL BASICALLY BE A TAKE-OUT BUSINESS WITH ABOUT 3 or 4 TABLES INSIDE. I PLAN TO SERVE ABOUT A 3 to 6 BLOCK AREA, WHERE I WOULD DELIVER LUNCH TO CUSTOMERS, WHO ORDER ONLINE. MY SITUATION IS MY CREDIT IS "SHOT" !!!!!! I DON'T OWN A HOME, AND I HAVE ABOUT $ 2800 HUNDRED IN SAVINGS. HOW WOULD I APPLY FOR A SMALL BUSINESS OR MINORITY LOAN ??

 

Reply :
They use the same guidlines that banks require your to meet. You might consider friends and family. follwoing is what banks look for
From : Jessie Sterling
Location : Wichita , Kansas
Question :
I am offering a service based business. When I open should I offer every service I eventually want to have, or start with the basics and slowly add extra services in later?

 

Reply :
Jessie- Don't offer any more then you can handle and do a good job. Customers try you once and if not happy WILL NEVER COME BACK!
From : Jessie Sterling
Location : , Kansas
Question :
I am starting my own business, very unique and would go over well, but only have half of what I need. My brother is throwing in the rest. Would it be best to open now while the market is ‘down’ to get a deal on a place, or should I wait until the market comes back and I have saved the full amount?

 

Reply :
Hi Jessie- You certainly don't want to start a business if you don't have the proper finances. Doesn't matter how cheap someting is if you fail. Only you can answer if you are close or not. Business is returning so ift would be nothing but up!!
From : Jessie
Location : , CA
Question :
I am a piano teacher and would like to teach piano at home for my students. Do I need to request license to teach at home? And how did I start as a small business?

 

Reply :
Hi Jessie- Most Cities in CA require that you have a buisness license. Contact your city, then set-up bank account and start promotiing your buisness. Music departments in schools might be a good start
From : Corina
Location : avondale , Arizona
Question :
How do I find out what types of businesses need a license? And also, I have a name in mind for my business, what do I need to do to use that name; so that no one else can use that name as well?

 

Reply :
Contaact the city in Az you buisness will be located in to fine out the local requirements. You can then go online for the state DBA lisitng to see if your name is available.
From : JAMEL
Location : JACKSONVILLE , NORTH CAROLINA
Question :
HOW DO I GET HELP STARTING A FOOD DELIVERY BUSINESS

 

Reply :
Customers, Delivery Vehicle, and a good story to tell!!!
From : shellaessa simon
Location : lithonia , georgia
Question :
How do I go about getting funding?

 

Reply :
This is what the banks will look for 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Catana Barnes
Location : ,
Question :
Does the SBA provide small business start-up loans?

 

Reply :
SBA uses same guidleines that banks do. Following is a brief outline 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Teresa
Location : Garden Grove , CA
Question :
Hi Mr. McKinley, I started off my business as a hobby and now I am getting a larger amount of clients coming to me at a time. I recently opened an office and after furnishing it, I find myself a bit tight on funds. I usually manage my finance fairly well and feel as though I apply to request for a small loan. I have excellent credit, but I was wondering if I should go through a bank or if I should use a couple of credit cards for inventory purchases?

 

Reply :
Great news- your business is grwoing and your are treating it like a business. Creidt cards can be dangerous. I would go to youu local bank and disucss a loan. The more your buisness grows the more moeny you need!!
From : Lori
Location : Portland , OR
Question :
Should I hire a professional to write my business plan?

 

Reply :
Yoiu certainly can- I have always written them myself. With the internet all the demographic informaiton is available.
From : Ben
Location : ,
Question :
To start an LLC I understand you have to have a registered representative. Does this have to be an attorney?

 

Reply :
You can be the representative
From : Betty
Location : Contoocook , NH
Question :
I am starting a new business. I have registered with the state. Do I need to also register with the Feds?

 

Reply :
Yes if you have employees
From : Willie
Location : Waycross , Georgia
Question :
Hello, I have a love for dogs, pittbulldogs. I would love to start a dog kennel in my neigbhood and tech kids in my neighood how to care the animals. Are there any grants that will help me get started?

 

Reply :
Probably not---grants are very hard to get- banks will lend and this is what they look for 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Susan
Location : Houston , Texas
Question :
Barry, please explain why it is important to have a good business plan? Also, please explain the SBA's SCORE program and how it could help so many of these people with questions on how to get their Small Businesses started? I see you have repeated yourself many times on the credit score and the bank requirements and the FACT their is NO FREE MONEY.

 

Reply :
Think of your business plan as the blueprints for your buisness. If you want ot see what homes look like without business plans go to any 3rd world country. Without a plan means you have no direction whcih may mean failure is around the corner. Paln your work---work your plan. "FREE" is the giveaway ---nothing is free!!
From : Christina
Location : Edwards AFB , CA
Question :
I am wondering if I can open a cupcake business in my home.

 

Reply :
Christina Before you start go to the locla City to find out what there requirements are for manufacturing food prodcuts in home.
From : William Pulte
Location : marcellus , michigan
Question :
Ihave an idea for a new product but I would need a loan or investment. To get started I would need help with designing and production also

 

Reply :
Hey William Thatas exciting---this is what banks look for. 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Mark
Location : ,
Question :
Any grants available to start an organic farm in California?

 

Reply :
Great questions- not sure you will need to contact the State
From : Julia Smith
Location : ,
Question :
How can you determine if a franchise is a good investment? The company says they run demographics for the area and won't sell if they don't think it will be successful... should I trust them? Thanks!

 

Reply :
Hi Julia ALWAYS do your own research --check the history of the franchise, survery other people with the same franchsie in deifferent areas.
From : Debi
Location : Woodbridge , NJ
Question :
Funding?

 

Reply :
This is what banks look for in obtaining funding 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Julia Smith
Location : ,
Question :
How can I get a sample piece (clothing) made without having to order a large amount? I need a single piece to show but can't sew myself. Thanks!

 

Reply :
You will have to be able to convince suplliers that you are a real buisness.. Many times I have bought my samples and then worked a deal for a credit back when I started ordering.
From : Julia Smith
Location : ,
Question :
If I want to trademark a name for several different purposes (a service business name and a product name) do I need to do seperate trademarks? Thanks!

 

Reply :
You would need to trademakr the name---and patnet the product
From : Zonya F.
Location : , PA
Question :
Thank you for your reply to my first question, do you know any particular website/s to find geographical data information?

 

Reply :
I Love Google--type in what you want tand the adventurer starts
From : Chris
Location : Aberdeen , SD
Question :
Where is the best palce place to get start-up funding for a business when the person has bad credit.

 

Reply :
Hey Chris- Credit is this marekt is everytihng----normall this is what a bnak lloks for in considering you for a loan 680-700+ Credit Score. You are putting up 25% or more of the needed start-up capital (not borrowed) You have personal assets (home, cash, IRA, stocks) to cover the balance. You have one to two years experience in operating your own business-profitable! You have at least one year experience in the field you are entering. You have a solid Business Plan. You are willing to provide at least the last two years of your tax returns. You will provide Projected Profit and Loss Statements for the next 2 years You will provide Projected Cash Flow Needs for the next two years. You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Julia Smith
Location : ,
Question :
(Sorry I have a lot of questions about all kinds of different things) If my business had a "childcare" area similar to a gym would special insurance/licenses be needed? The parents would be onsite just not in the same room. Thanks!

 

Reply :
Absolutly any time there is an opportunity for a lawsuit somebody will file it!!!
From : Ben
Location : ,
Question :
I have been working on a business plan for a retail boutique for about a year, and dreaming of it longer. My business plan is mostly complete but I have run into a frustrating problem. I know exactly what products I want to carry however I am having difficulty obtaining trade information from the manufacturers and sales reps who either don't respond at all or don't follow through. I even traveled to a trade show in England to meet with them personally and it turned into a huge waste of time and money (other than the sightseeing). One industry "expert" I met with at the show said I would need to show them pictures of my boutique to demonstrate its the sort of place they'd want to have their products sold in. This seems backwards. Is this how some industries are, do I need an "in" with these people or what?

 

Reply :
You are right Ben---but that is the game and you have to play by their rules. If doing your pricing and projectins ASSUME you will mark up the merchadise 40%.
From : Mary Lines
Location : Madison , AL
Question :
How do I price my photos? I am a beginning photographer. I have recently photographed the American Cancer Society Survivors, yet that was as a volunteer. I have all of the equipment to do portrait photography and wedding photography, but am clueless about where to begin.

 

Reply :
Great business---shop many of your competitors in the area to establish pricing. Try to give your custmoer a little bit more then the other guys.
From : Wayne
Location : Wichita , KS
Question :
Two questions: 1. We feel we have a pretty solid concept but have not really tested the market to see if there would be a demand. What is the best way to determine if there is a market? We have approached people but they either know us and probably slant their answer or they do not know us and feel we are just trying to seel something. Is their an easier way? 2. What would you recommend as far as setting up an agreement with partners?

 

Reply :
Big companies face the smae challenges. Don't ask your friends --as you said they will tell you what your want to hear. Reasearch on the internet. ask the same questoins of potential users to start to see a pattern of answers.
From : Dora Rossi
Location : Brooklyn , New York
Question :
Will there be a record of this chat session on the site anywhere.

 

Reply :
Yes- check with SBA
From : Stacey
Location : Seattle , Washington
Question :
Hi Barry! In a few years, when I have enough saved to buy property for my business, I will need a construction loan to build on it. I'm sure I will need to start paying it off as soon as construction is complete. However, is there a way to transfer that loan to one that I can pay on once my business starts making money? Thanks!

 

Reply :
Hi Stacey Our world is changing so quickly if you are looking for the future wait to see, But good to plan ahead.
From : Janice Murphy
Location : Walnut Creek , CA
Question :
How do you access the market potential of a business you want to start?

 

Reply :
Internet- greatest tool in the world
From : Stacey
Location : Seattle , Washington
Question :
Hi Barry, I have another question for you... I want to have a couple of different businesses on one big piece of land. One is a tree farm, one an event venue, and one a small gift shop. Do I need to have different business names, licenses, etc. for each? Or could they all operate under the same "parent" business? Thanks for your help!

 

Reply :
They can operate under one umbrella name. YOu may want to ge tadvise from both and attorney and accountatn to best protect your investmens
From : LaTechia
Location : Dallas , Tx
Question :
Is there a grant available for assisting teens within a bakery/catering business? I would like to hire them on to teach the trade.

 

Reply :
"Grants" are very hard to obtain. You would probably need to finance this yourself or find money from family and friends
From : mary
Location : onancock , va
Question :
501c jail/family seeking to train inmates to be- come productive

 

Reply :
What is your question?
From : Tom_cat
Location : Glendora , Ca
Question :
Can you start a business if your credit is not good?

 

Reply :
certainly- now if yoiu want a loan following is what the banks will look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Joel Bell
Location : Lubbock , TX
Question :
I was wondering if there were loans for start-up loans for nonprofits like there are for, for-profit business

 

Reply :
This is what the bank looks for in considering a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : michelle
Location : toledo , ohio
Question :
I've been thinking about buying some real estate where I live. The property has 7 rental units that are currently rented out. People keep telling me to get a small business loan to buy it. Is that the way too go?

 

Reply :
No ---"People" don't know what they are alking about----need a real estate loan
From : andre
Location : MT. VERNON , New york
Question :
I would like to start up a cab service and I need some help

 

Reply :
If you need money this is what the banks will look at • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : beth
Location : minneapolis , mn
Question :
what sort of collateral or down payment is required to buy an existing business

 

Reply :
Each deal is different
From : josh monroe
Location : toledo , ohio
Question :
how do you get money to start up a boat detailing company? i have been doing this on the side for many years now and i really would like to make it a real business how should i start?

 

Reply :
this is what a bnak will look for from yo in getting a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Hardip Jadav
Location : Salt lake city , UT
Question :
What is needed to start up Alternative health care center ??

 

Reply :
Sorry your not giving me enougth information! the obivious thinks licensing, building, city approval, aproval by insurance compnaies and or Medicare. The list is two long to cover here.
From : Jon
Location : Kansascity , MO
Question :
I am a stay at home dad. I have been for the past 5 years. I am looking to get back into the work force. I don't want to work for just anybody. I would like to start a business for myself. I am tired of the internet scams. I can not trust anything online. Any suggestions. I have never perused this rout for a start up business before. PLEASE HELP!

 

Reply :
Not knowing anything about your skills, interest, money resources, I would be shooting in the dark!
From : Lovenia
Location : Lafayette , La
Question :
I am interested in getting certified as legal nurse consultant in this area as small business from home, but i would like to send out a business letter to potential clients inquiring if my services is needed in this area--i am not sure how to formulate this letter? Thanks

 

Reply :
Have a professional design your letter to get the maximu attention.
From : Carie Turpen
Location : Bedford , Indiana
Question :
I am very interested in starting my own business and have looked into everything I can think of. I have registered my business with the state and have my tax ID. I have a location picked out and have a copy of my leasing agreement. Now I am needing the funding to open the business. Where do I go and who do I need to speak to, to get this going?

 

Reply :
to be considered for a loan this is what the banks look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : sandra addison
Location : fayetteville , north carolina
Question :
how can i start a small business with little or no money, i have just the basic tools for a lawn care service

 

Reply :
It is very hard to start a buisness on little or no money but certainly not impossible. Try to network with friends and family to build it. Look fro any way to advertise your buisness free-
From : Sabrina
Location : Hulka , MS
Question :
Hello, I am wanting to get into the event planning business. I have work as a wedding consultant at David's Bridal for about four years. I am now a lab technician at a hospital and not really liking it, but I'm not the type to quit a job. I want to change my career and do something I like. Can you give me some advice in how to get into the envent planning business?

 

Reply :
I would strongly suggest you go to work for a Event Planning/Party Planning Company for at least 6 months so yo will have a better idea of the business and how to set-up your company and market it. This is a business that is based alot on contacts.
From : Jason
Location : Palm Springs , CA
Question :
Hello Barry, I have horrible credit and am wanting to start a mobile carwash small business. I am however lucky enough to be enough Native American to have a program through the BIA that will back 90% of a commercial loan. what advice do you have for me. p.s. I also would appreciate any additional business ideas you would have for me that would be successful

 

Reply :
Creidt is very important in getting a loan.Following is what lenders look for. • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : phillip
Location : orlando , fl
Question :
How to get a loan for my company

 

Reply :
Following is what the banks are looking for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : lorraine wagner
Location : st cloud , fl
Question :
looking for low or no interest small start up loan for a lawn maintence business. I understand under the recovery act the government has this. I am having trouble finding the information

 

Reply :
Let me know if you find the no interest loan--sign me up. Most of these programs are for well established buisness that need a little help
From : Irving Horton
Location : Philadelphia , PA
Question :
Where might I find resources to help me set up a business?

 

Reply :
Internet-school-SCORE online
From : Benjamin Thomas
Location : Dallas , Tx
Question :
What are some good business to start up and how can I get free money to support my business?

 

Reply :
There is NO FREE Money. Not knowing you, what you skills are, etc I could not suggest anything for you
From : Vasco
Location : Moultrie , Georgia
Question :
I'm wanting to open a type of nightclub for all ages but I'll have to sell liquor because it will be the main source of income other than a cover charge. 35% of yearly income must come from food but there is no room for a kitchen in the building I want to use which is otherwise an ideal location. This will be my first business and I need all kinds of information and pointers, especially with starting capital, any advice?

 

Reply :
The first thing you will need to talk to your city about the buisness and liquor licenses. Following is what the banks are looking for when giving a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Karen
Location : , North Carolina
Question :
Hi I am a Realtor and a Recruiter, obviously the real estate business is not doing to well and I have been trying to get a recruiting business off the ground but did not realize how much money the resources would cost. Any advice on how to keep going with no money to pay for resources

 

Reply :
Hi Karen- If I could answer "How to keep going with no money to pay for resources" I could certainly solve a lot of the U.S. problems right now. Sorry I can't
From : Albert
Location : Orlando , FL
Question :
I recently completed an MBA last year and I'm looking at starting an accounting/bookkeeping/tax service for small businesses. The startup costs seem to be pretty reasonable ($5,000-$15,000) but I will need financing and have less than perfect credit. But I don't know how much I should apply for and if I can even get approved. I'm also in my due dilligence stage so I don't know if there is even a strong need for the services that I can provide. I'm starting to write the business plan, but I don't know if I should go any further if it's a service with no demand or if I can't secure the funding. Any help or guidance is greatly appreciated. Thank you.

 

Reply :
Following is what the banks are looking ofr in considering a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Leverne Kaariainen
Location : Edmond , Oklahoma
Question :
I have been doing accounting, payroll, and tax preparation for eight years. I have been in the past working for established companies. This year I formed my own company using the same processing centers and banks as Jackson Hewitt and HR Block. It was a test scenario to see how much business I would have. Well, it turns out it was a tremendous success. After speaking to my processing rep. and my bank rep. we decided that I would earn atleast 90K if I opened an office in Edmond/Oklahoma City, OK for the fall loan season and winter/spring 2011 filing season. I have done the leg work like finding a suitable office location, obtaining city/state licensing, obtaining EFIN from the IRS, signing agreement/contract for a processing center and a major lender/refund issuing bank, equipment purchases, advertising purchases, employee training,etc. I have figured an amount that I would need for working capital and all startup/setup costs. The renewal date for the next season will be May 1, 2010 and I would love nothing more than to make my dream a reality and create 15-30 new jobs for the area. I estimate that from the date of funding, I would open for business in 10 days and begin bringing in revenue and establishing a customer base. I am seeking this funding because I hate to see HR Block, Jackson Hewitt, and Liberty Tax,etc. take advantage of hard working Americans when I know I can provide better more personal service for a fraction of the cost. Please email or call if you can help or if you can point me in the direction I need to go to get assistance with funding. Thanks and God Bless. My email is leverne.kaariainen.phd@live.com and my contact numbers are 813-305-9754 Cell and my office at 305-807-7137(hospital office). I will be waiting for you call.

 

Reply :
HI - Following is what lenders are looking for to be considered for a loan; • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Jimmy Zhang
Location : Berkeley , CA
Question :
How can a non-tech background person best lead a team of tech personnels to start a company?

 

Reply :
Learn everything yoiu can about buisness management. Most hospital administrators are not docotrs but they manager many doctors.
From : Quanikker Dennis
Location : Madison , Ga
Question :
Where can i get start up funding, or grants to start a new business

 

Reply :
Following is what the banks look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Jackie Sweet
Location : ,
Question :
My husband and I are both veterans and want to buy land to build a community building and some huts. Raise horses and some other livestock and create a farm where less fortunate children, wounded worriors, disabled children can come ride and see animals and spend a few days in the great outdoors. This area is in rural NC and there is nothing of this type around. Please advise on ways to help us accomplish this mission.

 

Reply :
Great idea---If you need money this is what the banks will look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Loretta Chandler
Location : Jacksonville , Florida
Question :
I am starting an ecommerce business in Florida. I will sell through out the U.S. What licenses do I need?

 

Reply :
Normall a buisness license in the City you are operating and a resell license.
From : Tina
Location : Oroville , Ca.
Question :
Is it at all possible to start up a business without having any personal funds to invest?

 

Reply :
PROBABLY NOT
From : Shawn Shubert
Location : Royston , GA
Question :
how does my credit score affect my ability to obtain assistance through a grant? I have been successfully self employed for 9 years and want to open my services to a broader audience

 

Reply :
Your credit score reflects your abiliity to repay a loan. Following is what a bank will look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : jerry l page
Location : tucson , az
Question :
I am an owner of a commercial truck,built to haul overweight/oversize freight cross country.I would like to know my first step in getting it put back on the road as well as help in buying more equip.to build a company that will employ 50 to 100 poeple or more.i, looking at a grant from gov or private.I have invested over 10,000 in just this one truck have nothing more to give.what should i do?????

 

Reply :
Followiong is what the banks will look for in considering you for a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Perry Hoyett
Location : Montgomery , Alabama
Question :
I needs to speak with a score counselor about a small business loan.

 

Reply :
This is what the bank will look for from you • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Tracy Hartell
Location : Manteno , il
Question :
I want to open my own business but I don't know if I will qualify for a loan and was wondering about a grant to help me?

 

Reply :
This is what banks look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Patty VanGorder
Location : Cortland , New York
Question :
Is there a goverment grant that can help me get started and how do I file for it.

 

Reply :
Dont' know what you mean "get started"
From : Lisa
Location : Sandusky , Ohio
Question :
I have a small childrens resale shop that I opened nine months ago. I would like to move to a bigger and better location. I would like to obtain a loan to pay for 2 years of lease on a new building, some marketing/advertising and more inventory. When and how do I qualify to apply for a loan? Thank You!

 

Reply :
Following is what most banks will look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : tony coria
Location : chicago , IL
Question :
I have an idea about opening a small business, and would like to know about start up grants and loans, how and where to qualify?

 

Reply :
This is what banks will look for from you • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Delores Chavez
Location : Valencia , CA.
Question :
I would like to know what comes first, obtaining a business license and permits or finding a place to do business. I don't need to take out a loan and I plan to rent a kitchen co op for a small catering venture. I just don't know where to start first or even where or how to apply for the licenses and permits that are needed.

 

Reply :
I would check with the city to be sure you can conduct business where you want to and also the health department. Once thye give there oK then get a business license.
From : jon shirer
Location : zanesville , ohio
Question :
hi My partner and I just formed a new llc and we have purchased 24 apartments that r in need of lots of tlc. Would there be any low or no interest loans out there available to us? thank u!

 

Reply :
Todays interest is very low!!! Check with you bank!
From : Daniel Spring
Location : Scotch Plains , NJ
Question :
I have been considering taking a risk and investing my time and energy into a small IT start-up that would provide e-commerce capabilities to small and medium sized businesses. What type of funding, government assistance, or tax incentives are there out there for me? Thank you in advance.

 

Reply :
This is what banks look for in considering you for a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : George rodriguez
Location : , ny
Question :
How to get a goverment grant to start a Business?

 

Reply :
Bank Loan This is what the banks will want • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Kathleen Schlupe
Location : Stow , Ohio
Question :
My husband and I are interested in setting up a pro shop for bowling. We need $30,000 to take over an existing business with an excellent reputation. We have never owned our own business before but think this is a great opportunity for us. My husband, Tom, will learn from an expert on how to drill the bowling balls and we are at a prime location around the existing bowling lanes. The person we are taking this over from has had this business his entire life. Can you please tell us how to get started, tax issues, and where to obtain a loan? Thank you for your time.

 

Reply :
Be sure of the lease- have a accountant look at the deal, following is what banks look at in considering loans • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Amando M Rama Jr
Location : Cleveland , Ohio
Question :
Mr Barry Mckinley My Dad has a small grocery store , he has been running it for over 20 years , within the last 2 years its has not been doing so well because of the recent resession , my sister and i were thinking of taking over the bussiness We were thinking of getting a grant or a loan , Do you know of any web sites that will offer , and do u think should we put it in our names or my dads , thank you for taking the time to answer my question Amando M Rama Jr

 

Reply :
In getting a lona the business will have to be in the person getting the loan, following is what the banks look for in considering loans • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : reta durgan
Location : lake charles , louisiana
Question :
well I have did allthe necessary paper work to get my business started,but I am having a trouble getting finance to get my business I have collertal but everytime I go to apply for a loan they denied me I am a minority is any help to get me start my dream?

 

Reply :
Following is what the banks are looking for or expect• 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Katherine Young
Location : Charlotte , NC
Question :
I wanted to start a popsicle business and I have no idea how to get started. I need money to buy supplies and i would need a freezer truck to transport my product to health food stores

 

Reply :
Go to the City Helath Department and find out what there requirements are.
From : Dennis Dawson
Location : Salt Lake City , Ut
Question :
I am 62 years old, lost my job (after 29years on the same job) at the end of 2008. I also lost my home in short sale after owning it for 15 years and received "$0" for my eaquity due to market conditions. Had to sell due to job loss. Had Surgery while under Cobra insurance in early 2009 and now on Social Security Disability. My credit has been destroyed due to loss of home and inability to pay a few obligations after surgery and becoming disabled. I am limited to home, due to the need for oxygen, but am able to work. Noone has work from home employment and I would like to start my old trade of Silversmithing and making Jewelry as I used to be very successful at it 30 years ago. This is something that I am able to do and could possibly employ a few people later after start-up. I need a loan between 5,000 and 10,000 that I can either get as a grant or at a payment rate within my new business as I get started. PLEASE guide me in a good direction as I cannot make it on Disability alone and am going crazy not being productive. I currently watch my wife work 3 days a week delivering flowers with a bad knee to allow us to barely survive. I need to be successful again and feel like a man..... My Email is utdennyd@msn.com.... Phone number is 801-743-6865

 

Reply :
Sorry for you mis fortnue-as one door closes another will open. You can look for partner to be investors or family and friends. In getting a bank loan they are going to look for the following • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Alissa Isenberg
Location : Crown Point , Indiana
Question :
Not sure what forms need to be filled out to start my business in the state of Indiana

 

Reply :
probably a business license (city) resale license (sales tax) For additional information contact your closest SCORE Office, it is free and they are experts on Indiana
From : Pam Gomez
Location : Gainesville , Georgia
Question :
My husband and I are interested in a small business loan. We do computer graphics, produce signs and vehicle lettering, outsource t-shirt printing and other printing. We own all of our equipment (computers, vinyl cutter, heat transfer machine, desks and so on. We are working every day to promote ourselves however our capital is dwindling. What do you suggest?

 

Reply :
This is what the banks will look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Voncille Watley
Location : Birmingham , Al
Question :
Are any grants available to independent herbalife distributors.

 

Reply :
No---
From : Beverly
Location : Hammonsdville , ohio
Question :
can anyone get a buisness loans and how much? I found a buiseness I would like to buy for

 

Reply :
Anybody can get a loan. following is what the banks look for in considering a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : kosheila
Location : Baltimore , Maryland
Question :
Are there grants or loans to start a day care . How can I apply

 

Reply :
Probably not!!!! this is what the banks look for in considering a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Jacqueline Walker
Location : Dallas , Texas
Question :
Can I get Gov. grant to open a general store that server lunch baskets, drinks. I have a place and location in mind in Corsicana Tx my home town. This has been on my mind a long time I know that it will work. Need help no money.

 

Reply :
There are no grants availbabe for something like this that I am aware of. In getting a loan the banks look for the following • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Guzman Farms Inc.
Location : Porterville , CA
Question :
How do I find a grant for a marketing company on a reputable website. I am afraid to give too much information.

 

Reply :
Grants are probably not available
From : yazmin torres
Location : southbridge , mass
Question :
i would like to open a SB but i have bad credit who do i turn to get inf regarding loans or other ways to start

 

Reply :
following is what banks look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Denny
Location : Bowie , MD
Question :
I am wanting to start my own home inspection business in Maryland. I was a home inspector for several years with my current employer, a residential contractor. As the business grew, so did my work as draftsman and project manager, so we stopped providing home inspections. Due to the time and cost associated with getting licensed, and outfitting with the necessary tools, it is not a business that I can start on the side and build up. The time required to conduct the inspections and complete the reports (4-6 hours) and the short time frame in which they have to be completed (1-3 days) requires a full time approach. I am interested in any loan/grant opportunities that may exist, that would provide the start-up capitol I would need. I have begun formulating a business plan, and by rough estimates I would need approximately $40,000 $50,000 to purchase equipment (including a vehicle), insurance, business forms, create a web presence, join a business network, and become licensed. Any advice or assistance would be greatly appreciated. Thank you, Denny Swaim

 

Reply :
This is what the banks will look fro from you to consider a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Qun
Location : Phoeinx , AZ
Question :
I am planning to start a new business under LLC. I need to know where and how I can get some free money and government loans at a low interest rate and what the requirements are. Thank you.

 

Reply :
let me know if you find out where the FREE money is! This is what banks look for in considering a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Pat Willis
Location : Ashland , Alabama
Question :
My son-in-law wants to start small business in Georgia. This business is to haul sand, gravel, dirt and asphalt and will include clean up and removal of trash, debris and fallen trees. There is no such business in his area. I worked for a month on forms and paperwork only to find the "grant scams" had gotten to him. He needs information and funds for this venture. Advise?

 

Reply :
Grants are not nomally available --you will eed a loan. Following is what banks will expect • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Julie Sandretto
Location : Boise , Idaho
Question :
How do I get loans/grants for starting my indoor childrens playground? We will be indoor play for children to age 10 and also offer childcare and parenting classes. thank you.

 

Reply :
Grants mainly don't exist. To get a loan they will require the following • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Joe
Location : galt , California
Question :
In my small town there is no good restaurant,and I want to start a small bistro or something.I was wondering where to get the financing and loans,I know starting a restaurant is risky but I;m possitive it will work.I already have an outstanding bunch clientele(the whole town basically)waiting to start eating!

 

Reply :
This is what the banks look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : TORY
Location : DENVER , CO
Question :
I SINGLE HANDILY STARTED A BUSINESS NET WORK AROUND COLORADO AND I WAS ROBBED OF ALL MY TOOLS, PRODUCT AND MONEY I NEED A MARI CAL GRANT OR BUSINESS INVESTOR PARTNER . WHAT DO I DO WERE DO I GO WITH BAD CREDIT

 

Reply :
everything regarding loans is based on credit. follwoing is what banks look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Julia Mimis
Location : Merrillville , Indiana
Question :
I want to start a business (a skating rink) or School for newly released ex-affendors those who do not have GED's etc.

 

Reply :
How will you make money?
From : Dee
Location : , Georgia
Question :
What is the next step to take when starting a new business after you have completed your business plan?

 

Reply :
If you will need a loan this is what the banks will look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : George Lora
Location : Bronx , NY
Question :
How to obtain a micro loan

 

Reply :
• 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Eva
Location : Hurley , NM
Question :
Would it be a good idea to start out small by setting up a display of gifts in a local restaurant/Store where I work?

 

Reply :
Great idea
From : Curt Rivard
Location : Biddeford , ME
Question :
Hi Barry, In your opinion what is the most effective advertising for a junk removal business. Please reply to service@disappeardisposal.com Also check out my website. I occationally attend score meeting in Portland, Me. Great lessons and education. Thanks for your west coast opinion Greatly appreciated Curt Rivard

 

Reply :
Sorry don't have time to check out your web site. you certainly want to advertise where potential customers will see or hear.
From : Samantha Penn
Location : Ft Worth , TX
Question :
Are there loan programs for start up businesses? If so where do we apply? vpfamilyllc@live.com Thanks.

 

Reply :
this is normally the requirements for a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Amy
Location : Bartlett , Il
Question :
We want to buy a franchise. They require 30k initial payment and a net worth of 250k. My husband earns 80k/yr, we rent a home in IL but own a lot in MO worth 30k and only 5k in savings, but are in debt 15k. Is this even remotely possible for us? I was thinking of building a house on our lot and relocating, it is cheaper than our current rent. Would this give me a net worth?

 

Reply :
Based on what their requirements are doesn't sound like you meet them---but everything is open for discussion. Contact them and see what they say
From : Cody
Location : Center Point , Louisiana
Question :
Looking for a grant to start a small business in Larto, Louisisana. Want to put a small bar and restaurant like a grill where you can pull up to by boat and dock that floats on water. Nothing big at all.

 

Reply :
Talk with the City for approvals. As soon as you add a bar and resturant you will need a fair amount of equipment. Following is the guidleines that banks look at to consider you for a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Rick Rafael
Location : Los Angeles , CA
Question :
I am searching for a certifed or preferred lender in my area (west los angeles). Does the type of business matter for selecting a bank? Are larger banks (e.g. BofA or Chase) better than smaller ones?

 

Reply :
I have always perferred small banks for my buisness. They are more flexible and you are able to me with the officers.
From : Larry Kossa
Location : Mt. Juliet , Tennessee
Question :
I would like to start a small-medium bowling ally business. What is required of me?

 

Reply :
Money---
From : Dian Collins
Location : Los Angels , CA
Question :
I wanting to start a photograph business. I would need to know how to obtain grant monies, I can use to start.

 

Reply :
Not grant---loan and this is whathte banks look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Jeanine Martinez
Location : Elizabeth , NJ
Question :
I would like to start a daycare business ASAP, but have not clue where to begin.. I am a teacher and love children, so I assume will be able to make to work even though I am not a business person. Is $50,000 enough to start? Please help!!!

 

Reply :
Contact your local SCORE Office for this help
From : geline
Location : corona , ny
Question :
I need capital to purchase a small business that is already established. It is a laundromat. How can I get approved for a loan if my credit is not very good?

 

Reply :
Credit and laon go hand in hand. Try to ge the seller to carrry hte paper. i f not this is what the banks will look for in considering a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Cruz Dordo
Location : Santa clara , ca
Question :
I need to know how to apply for a grant to open a bussiness in (food-bar-b-que place.) I have done the bussiness plan need to know who can help me to get a application for a grant this wil cost $40,000.00 and need to see who can hepl me in this manner. Thank you phone 408-717-2001 let me know if you have any questions.

 

Reply :
Grants are not available for this type of business following is what the banks are looking for in givng loans • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Tenita Pardue
Location : Reno , Nevada
Question :
Hi I am Located in Reno,NV my family has a family based buisness in missouri. through the years my entire family has relocated to Nevada. As of today my mother is left in missouri who is looking to retire. We merchadise in art, I am in the position to think this business will better serve me in missouri even though I have already relocated. My question is in finding a business location with in my hometown in missouri, and a available empolyee how can I go about ensuring the security of my merchandise in missouri without me being there, and keep an accurate accoute of the inventory. thank-you for your time.

 

Reply :
I would STRONGLY recommend that you go to Missouri to establish the business and hire employees. Tought to run a small business form 10 states away
From : Helen Andrews
Location : Pawleys Islands , SC
Question :
What is the best funding for a start up business What is the myth of free money

 

Reply :
You are right it is a myth --- nothing is FREE! The banks will expect the follwing when considering a laon • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Rasheda Nichols
Location : ROCK ISLAND , il
Question :
I just started my own janitorial cleaning company. i am interested in getting a loan and or grant to help assist with equipment and hiring employees. i just recieved a 14 store contract for a well known company and i only have two employees with little to no cash on hand left. i have exhausted most of my funds purchasing such equipment and paying for advertisement. my credit is poor and i'm not sure anyone will approve me. what (if anything) do i need to do

 

Reply :
This is what the banks will require on a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Dorothy Lowry
Location : Braham , MN
Question :
I have recently bought a porcelain doll business. I am disabled with several autoimmune diseases and am looking to work from home. My sister is also looking to work with me. We both have disabilities. Anyway, what I am wondering is I was told that there are grants and low interest loans for start up. I need a shop in my back yard for this. Am looking for the funds..Can you help? Thanks so much, Dottie

 

Reply :
Sounds like a great business-most governemtn programs are fo establsied business and or business people . Foillowing is what the banks look at in considering a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Michael
Location : Lansing , IL
Question :
Is there any grant "free" money available for a start-up business?

 

Reply :
NO-NO
From : Perry McClinton
Location : COLUMBIA , sc
Question :
rASISING FUNS AND GRANTS. WwE NEED MONEY

 

Reply :
This is what the bank will want to consider you for a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : calvin davis
Location : salisbury , md.
Question :
how can i get funding with bad credit? i have a good business venture, and access to equipment all i need is start up capital

 

Reply :
Good Credit is the key to getting loans! Following is what the banks are looking for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Drew
Location : Cedar Rapids , Iowa
Question :
How to start getting a small business loan

 

Reply :
• 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : paul
Location : tampa , fl
Question :
i wrote the white house and the president wrote back telling me that my idea was a good one and i just need the right people behind to start my small business

 

Reply :
That is great--start looking for the right people!
From : gregory brown
Location : fredericksurg , va
Question :
im trying too start delivery service

 

Reply :
Great----what is yoiur question?
From : Kate Johnson
Location : Exeter , NH
Question :
I want to start a business in Life Coaching. I have a coaching certification that is sales based and I provided sales coaching for several years in my last role as a real estate manager. The courses I would like to take to increase my skills and credibility cost about $6,000. Is there a potential for a small business loan? I am in the process of writing a business plan. Thank you, Kate Johnson

 

Reply :
this is what normally any lender will look for in a business loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : yohanna santos
Location : tampa , florida
Question :
i need a loan and don't know where to start? can you help me please.....thank you!

 

Reply :
Bank---this is what they will look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Jennifer
Location : St. Paul , MN
Question :
If a Small Business Loan isn't an option for a person, what would you suggest for getting funding, or ways to build up enough money to be able to start up a small business?

 

Reply :
Family--friends, private investors
From : ELY
Location : Tampa , Florida
Question :
My x boyfriend purchased and paid for a small business that I am running. I have 28 years in the field so it is a successful business. He purchased the child care center for me in 2007 and paid 282,000.00 the school is now worth around 500,000.00. I want to purchase the school from him but only have 9000.00 for a down payment. My credit score (just checked is 673. Can you advise me is with the down payment and Credit Score I currently have, would I be able to get an SBA loan and if so which are the best banks to apply with the best interest rates. Thank you, Ely

 

Reply :
This is what banks will look for in considering yo for a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Phil Reinke
Location : Cooper City , Florida
Question :
I am in the process of developing a hybrid business (website + physical location) and need funding. Can you direct me in the appropriate direction?

 

Reply :
This is what banks will look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : tibarrius willis
Location : adrian , ga
Question :
how do i go about getting a grant to succeed for my buisness.

 

Reply :
Do you mean a loan--if so this is what the banks will look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Andrea Dupree
Location : Charleston , SC
Question :
I have invented and patented (US) a pet product that is unique and not on the market. This product is an accessory item that has a built-in market of approximately 20 million or more potential purchasers. I had a company in California make 2000 of these items and I am looking for a (webbing - textile) company to manufacture the product, hopefully in SC. I am also looking for funding to get this project off of the ground. I would like to create jobs in SC, distribute the product throughout the US in small pet stores and big-box stores. I have sold about 1000 via the internet and collected feedback from users. I have yet to have a customer tell me that they do not love the product...as a matter of fact...they love the product and would not do without it. Can you help me?? Andrea Dupree 843.513.2252 email: info@keepumsafe.com http://www.keepumsafe.com

 

Reply :
Sounds like you are off and running--If you will need a loan to grown and finance your business the banks will look for the following • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Tim
Location : Ecorse , Mi
Question :
Would like to how can I apply for a small business loan under $10,000.? Do I need good credit?

 

Reply :
This is what the SBA or banks look for in considering a loan • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Sheila Smith
Location : North Little Rock , Arkansas
Question :
what grant that I can get that will approve me for a small business loan with a proposal already made

 

Reply :
PROBABLY NONE---- If you want a loan the banks will look for the following • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Jerry Chautin
Location : Atlanta , Georgia
Question :
Hi Barry, Very few banks will finance start-ups without 100 percent real estate collateral, and SBA’s Community Express is limited $25,000 ($50,000 in HUBZones and low income areas). Credit-card financing leads to disaster when used for start-up working capital. Friends and family have their own financial problems. Even entrepreneurs with good credit are out of options if they cannot finance their start-ups from savings. What magic do you see on the west coast that we easterners need to know about? Thanks for volunteering and all that you do for small business. Jerry Chautin Volunteer SCORE business mentor Business Columnist Former entrepreneur http://tenonline.org/sref/jc1bio.html

 

Reply :
Sorry it is the same all over and has been ever since I have been in business!!!
From : Ivan Bernier
Location : Clearwater , FL
Question :
I am a Vet and entrepreneur in Pre-foreclosures and looking to see if I can get some financial assistance so that I can run my business much more efficiently and affectively.Of the NEW $2.5 Million, a small loan of the $25,000 would make a difference in my life and to those more that I can help thru my business.

 

Reply :
Following is what the typical requirements are to be considered • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Lc Golladay Jr
Location : country club hills , ILLinois
Question :
I am disabled, and consider myself to be semi retired. I want to continue working as a photographer as a business, to supplement SS benifits, and build for my children. There is a limit on income while recieving benifits, How to structure business?

 

Reply :
Probably Sole Prop
From : John R.
Location : ,
Question :
Dear Mr. McKinley, I belong to a business with 2 divisions. One (Div A), which by itself would be in the Small Business guidelines of SBA regarding size, and the other (Div B) would not in it's SBA segment. Because they are part of a single company Div A receipts plus Div B receipts do not allow Div A to qualify for Small Business in Size Standards. I understand that if my business sells our Div A Assets to a newly formed Company that would be owned 51% by a woman unrelated to my Company or any of its owners and my company retains 49% ownership, that the new company would be qualified to be Small Business, absent any other factors. If my company loaned the money at current market rates to the 51% owner to buy her 51% (because she couldn't get the money anywhere else) does that disqualify the Small Business qualification? No Officers, Directors or Employees of my company would be involved in the newly formed company. We still own 49% and would possibly give the 51% owner an option to buy our 49% someday down the road, or maybe now. Can you possibly send your answer to me at jredfern@embarqmail.com? Thank you.

 

Reply :
Sorry you got me confused half way through-
From : Dalzell K. Williams, MSW, LCSW
Location : Camden , New Jersey
Question :
Just began April 6, 2010 a private nonprofit social service agency (workshops, trainings, counseling, advocacy); 5 employees-need assistance with how to budget, payroll, taxes, (the entire financial side of business) etc.

 

Reply :
mAKE AN APPOINTMENT WITH YOUR ACCOUNTANT
From : Carrie Crostreet
Location : Indianapolis , Indiana
Question :
Can I get funded to start my business? Are thoses ways only loans? What are my first setps to starting my business? Thank you, Carrie Crostreet

 

Reply :
Loans are tough to get --following is what the bank looks for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Brandon Lee
Location : ,
Question :
I was currently trying to start a clothing line....I had already started on my business plan, and trying my logo registered but still trying to understand the process. I designed some shirts and i went ahead and started spending money on shirts to get some comps to see where i stand with it on a shirt. I wanted to know should I wait until I get everything together first or just go ahead and make an attempt in any direction

 

Reply :
If you need to get a business loan this is what the banks will look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.
From : Judy
Location : White Lake , MI
Question :
I am looking for the "free money" to start a business.Not having alot of luck,Where sould I start?

 

Reply :
Let me know when yo find the free money---I want some too--but it "ain't going to happen" This is what banks will look for • 680-700+ Credit Score. • You are putting up 25% or more of the needed start-up capital (not borrowed) • You have personal assets (home, cash, IRA, stocks) to cover the balance. • You have one to two years experience in operating your own business-profitable! • You have at least one year experience in the field you are entering. • You have a solid Business Plan. • You are willing to provide at least the last two years of your tax returns. • You will provide Projected Profit and Loss Statements for the next 2 years • You will provide Projected Cash Flow Needs for the next two years. • You will show in your projections the monthly pay back payment. Some of these points depending on the business and your personal situation the bank may be willing to work with you. The better your loan package is the more willing the lender may be to negotiate certain requirements. Many times the banks may require additional proof of bank deposits, stocks, etc.