Making limitless possibilities much more limited.
You were right, Phanio. All the loan attempts by Unsecured Solutions until just recently were denied. However, one bank did mail me a letter asking me to send verification of income and a copy of my driver's license. It should be noted that I further trimmed the startup cost of my cafe to 20,000, and 20-25,000 is what Unsecured put in for in the latest wave of loan apps. This wave seems to have gotten a bite. First Internet Bank of Indiana. I'll be sending my last five check stubs this friday. My W2 isn't an accurate reflection of my income, as the recession had hurt my hours pretty dramatically, but mergers and downsizing, along with a scheduled pay-raise makes my income much more palatable to a lender. Weeks on temp unemployment slaughtered my year to date income, but I hope they can see past that, with a month or so of great checks. I'll keep SUN posted of course. Any bank that actually gives me a loan will be a great resource for this forum. I suspect I'm not too different from many here, after all.
I am a business consultant and have had some experience with clients applying for loans and grants. The big problem is that the banks don't tell you why you were denied, so you never know what the exact reason or reasons are.
A business associate who has 20+ years in the lending industry pointed me to this service that shows you exactly what the lenders and grant office are looking for. Best thing is they don’t charge you an application fee, success fee or origination fee to help you get a loan for up to $50,000 and grants of up to $250,000 – in fact their services are 100% free and it has worked for my folks and could very well work for you: http://small-business-credit.org/special. I have had clients approved in no time after they just followed the suggested requirements. Good luck