Forums: Discussions for entrepreneurs and small business.

ChefTracy,

As you talk with potential lenders, it`s good to remember that they are mostly interested in getting paid back and their perception of the risk associated with that. Credit history (including credit score) is one item that affects their perception of risk. The amount of assets available - is another. So is experience and the plan (perhaps not as much as the credit history -but important).

Lenders need to lend money, but because of the relatively low return - they can`t stand many losses. The better you can do at reducing the perceived risk - the better your chance to get the loan.

Good luck.

Thank you Robert.

I really do plan on reducing the risk.  I want to be successful.

Have you look at being a Certified MBE - programs in your state for Diversity Businesses - I know of serveral large companies that have thier dinners and trade shows cater by minority owned women businesses, also before they have started a resturant they started cattering first to get word around. Thier are incabator programs out there. I come from a state the provides startup loans for minorites and women through Targeted Small Businesses on a micro level. Never give up your Dream. And be the best chef around - if a chef who got prison can do it you, he has a book out on how he got his break in a Top casino in Vegas - Good Luck.

Take a look at these postings on my blog and see if they lead you to any sources you have not previously considered...

Micro-Lending in the USA

More on Minority Loan Programs

SBA Announces New Women`s Business Centers

Good luck!

Thank you Marshall!

I definitely will be looking into these organizations!  I think the entire problem I`m having is my credit.

Thanks for the good luck wishes!

Here are two more recent additions to my blog you might find helpful.  One is on the new SBA loan program targetting veterans entitled Patriot Express Pilot Loan Initiative .

Check out the link to Black Enterprise`s Top Bank List in my posting entitled Access to Capital for African American Businesses. 

Thank you Marshall.  I have been checking this new thing out for the past week!  I spoke with a Veteran Rep, and he said I could get $25k loan with no collateral, it just has to be under 25k.  My only question would be:  Do they still go by your credit scores, like the SBA, to determine eligibility?  The only elig requirements that I have read was about being a vet, serv member etc.

I am sooooooo ready to get started!!

Yesterday`s LA Times article on the Patriot Express program suggests that U.S. Bank may provide loans up to $100 thousand without collateral.  If U.S. Bank is not providing loans in Georgia, perhaps with a bit of detective work you can find another bank with a similar appetite. 

My thoughts on the LA Times article are posted here in More on SBA`s Patriot Express.

Thanks for your call today - I enjoyed chatting with you!