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Old 02-06-2016, 06:27 AM
kaleb kaleb is offline
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Join Date: Feb 2016
Location: chennai
Posts: 17
Default Re: My business is good, but where can I get loans?

Quote:
Originally Posted by Weichselbaum View Post
Here are the details.

5 years with my own contracting service, and I have served over 1,000 contracts.

I've been taught all of the in's and out's of money making in my industery by many large commercial service owners in the same industry for the past few years.

I have all of the equipment necessary to serve the community.

I can pick and train workers well.

I can estimate contract costs perfectly.

I know where to advertise and get good calls.

I have a perfect reputation, and I am BBB accredited.

I have bad credit.

I have some paperwork, but not all of it. (I think)

I have a fortified business plan.

I can easily make $1,000 a day.

This kind of business runs primarily on customer referrals which I have very few of. Craigslist provides no customer referrals, and that is the advertising source I have primarily ran my business from until recently. I need to invest a few thousand dollars in ads in prime locations to jump start my income and my customer referrals.

I need to invest a few thousand dollars in 3 of my prime worker's gear. All of the other workers need no investment money. With these 3 prime workers geared up, my operation is capable of $1,000 a day without doing any major expansions yet.

I'm absolutely lost about where to get a $10,000 loan at 20% this year, and a $100,000 loan at a better rate next year because of the rough credit and paperwork. Really if I could get someone to come out to me, I could show them exactly what I'm sitting on, so they could see where this is going to make the money back quickly. I'm not actually sure what I'm dealing with in regards to lenders. I just know how to run production that makes money.

Weichselbaum
Getting a small business loan can be complicated, but don't believe everything you hear about the process. Here are seven small business loan myths you should think twice about:
Myth No. 1: Getting a small business loan is the hardest thing you'll ever have to do.
Myth No. 2: You have to have perfect credit to get a small business loan.
Myth No. 3: The best way to obtain a loan for my business is through a bank.
Myth No. 4: The worst way to obtain a loan for my business is through a bank.
Myth No. 5: The more money you ask for, the less likely you are to be approved for a small business loan.
Myth No. 6: The most important thing you need in order to obtain a small business loan is a good business plan.
Myth No. 7: If I need a loan fast, I can't get one through the Small Business Association (SBA).
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