First time loan questions
by thestrikingviking, Window Shopper
- Created: February 27, 2014, 5:25 pm
- Updated: February 27, 2014, 5:48 pm
I'm having a hard time finding information for some of the questions I have. I would really appreciate any advice that you have. Little background on myself. I am interested in opening a small MMA (mixed martial arts) gym. I'm a pro MMA fighter and have been an instructor for 15 years. I have been a manager at two gyms and I've done pretty much everything from training people, signing new students, to running all the day to day events. I also have a business partner with equal experience that I have worked with for over 2 years. I've already worked out all the expenses from the website, equipment, mats, pads, desk, file system and so forth. He and I would be the only owners and operators making cost fairly low. I'm looking at a startup cost without rent being well under $10,000. The most expensive part will be rent which I imagine is true for most small business. Can I use a small business loan to help cover my rent for the first year? Also how long do you have before you have to start paying back the loan? What comes first the small business loan, or the location being rented? It would seem the loan would be first but when I look at the application for a small business loan it wants to know the address of the business. I don't have one yet because I want to make sure I can cover myself for one year before the business is making enough on its own to cover rent plus living. Also when I go to rent a location what will they expect from me? Will it be a easy as renting an apartment or will they require more? And if so what is the more they require? Thank you for any help.
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