Where can I get funding and will I get approved
by Brianne_mckee, Window Shopper
- Created: March 30, 2012, 8:44 am
- Updated: November 5, 2013, 10:48 am
Hi, Im from Pittsburgh PA and I'm starting up a small towing/roadside assistance/notary/ company. I purchased a truck and materials I would need for advertising such as business cards, magnets, and internet credits for google. I'm now left with 10,000 dollars and I feel that there is no possible way I will be able to run a business and succeed without a business loan. I went to Huntington bank and requested a loan for $50,000 which would be used to rent a building, purchase another truck and to have some overhead. Huntington denied my husband and I saying that we have too much debt to income and that there is one derogatory item on our credit report. I have a copy of our credit report and we both have credit scores between 695-740 depending on the reporting agency. The more I've investigated loans I'm thinking I may be better off to request a loan for 150,000 and just purchase a building as oppose to renting, because it seems that it's easier to get a loan that way. I have some concerns though with SBA, because I can't find ANY loan requirements as far as credit goes. I don't want to spend the next three months developing a business plan and doing the SBA checklist if they wont approve me anyways. I'm looking for any help possible or advice for starting a business and some direction as to what I should do next? As far as my background goes my husband and I have submitted all the required materials to the state and already have our LLC, DOT and all other required documents approved. We both have experience in the automotive industy. He has 9 years experience and I have 4 or 5. Thanks
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