| Nov. 12 2007 at 2:41 AM |
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Rob,
I truly can sympathize with you.
One of the biggest hurdles I had to face as I tried to make my business a reality was how to convince a lending institution that my business would make enough money to repay the requested loan amount. The bottom line is that I found out the hard way that collateral is one of the biggest setbacks most start ups have to face and overcome.
I ended up using www.thesnaploan.com and acquiring and start up loan for $100,000. They had a quick turn around time too.
Perhaps you should give them a shot.
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| Nov. 19 2007 at 7:08 PM |
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robertj wrote:
roblue, The federal government provides grants through their STTR and SBIR programs. However, they are not for the purpose of "starting a business". Most of their start up funds are loans which they support with "guarantees" (like the SBA program). There are micro loan programs which provide small $ amounts to support "lifestyle" entrepreneurs. There are private sources of grant funding - but they usually have a specific "purpose" or goal for their dollars. There are angel groups in the US who collectively have thousands of members (with some duplicates) and we estimate that the community of "private investors" numbers in the tens of thousands. Having an optimum capital strategy is one key to success and developing one begins with "how much capital are you seeking"?
Thank for responding to my post, as you usually do. I have found you feedback and suggestions enlightening, informative, relevant, and practical.
However, as I am sure you would agree, that most lending institution follow a formula that caters to the ideal circumstances that serve to benefit the lending institutions rather than the small business owner or entrepreneuer who may be considered risky investment.
At least, that's what I found in my case. I'm sure that there are many other individuals who may find that they are not ideal candidates for a loan, especially if they are small business owners or individuals trying to start a business.
Anyway, I thought I would inform the thread that I have found some success.
I have been approved for a loan by the online resource recommended by another member of this forum.
At www.thesnaploan.com, I was approved for a start up loan of $100,000. I did not have enough collateral to cover the funds I requested, and my credit score was very low.
I only tried the link out of desperation. I was very pleased with my success and though I would pass on the information. It may be helpful to other small business owners or entrepreneurs who may find themselves in a similar financial situation like I faced.
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| Nov. 19 2007 at 7:17 PM |
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MaryG wrote:
We all know there are around four thousand companies that are trying to scam us, and that for the most part official (ie: not tertiary) research is the way to go. The site listed below was alright. They did what they said they would do, and gave me the tips below on how to pick out a scam. (It seems like common sense, but I was scammed once, so it can't hurt)
http://www.grantability.com :
1. Be wary if someone promises you a grant. No third party is is a position to
promise an individual a grant of a specific amount. Only the government or
foundation who has the money can promise or issue it.
2. Grants are generally given for business start-ups, home purchase, and education.
There are other programs of course, but personal grants and grants for debt
relief are rare enough that I have never heard of one. If a company promises
you a grant to get out of debt or to pay off credit cards, watch out for them. The
best debt option is usually consolidation or refinancing.
3. This one is tricky, but before agreeing to anything, call every number they
have provided you with. If the customer service number is different from the
sales number, and there is another one for refunds, be wary and call to
confirm.
4. How are they asking for payment? Do they accept credit cards, cheques, money
orders? Credit cards are one of the easiest ways to pay, and also the easiest
to trace. If they do not accept them, there may be a negative reason.
5. If a company says they are affiliated with another company, call both and
check the stories out.
Thank you, MaryG.
Your post is quite informative. Any business owner would be at an advantage with this kind of knowledge available for reverence. It can certainly save a business thousands of wasted revenue on scams.
Thanks for your post.
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| Nov. 19 2007 at 7:36 PM |
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Hi all,
I wanted to give everyone who participated in this thread an update on my progress.
I feel like I owe each one of you that much, because of the quality of advice I received from my post.
I did try www.thesnaploan.com and was approved for $100,000. I am now in the process of completing the second phase of my business plan, the implementation portion, now that I have actually acquired the necessary funds.
I thought I would pass on the information, considering the link was provided to me in this forum.
Thanks, Sidney
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| Nov. 19 2008 at 10:30 PM |
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Hello,my name is James,i am a realestate investor who got scamed in this mortgage crisis.I love real estate investments but the banks are not doing 100% financing.My credit score is fare,but my credit cards is maxed out.How can i get back into the game and move forward with the one thing i love REAL ESTATE?How can i go about an get a small loan so i can be able to put the 10% down on each property that i want to buy,or an investor.
James R.
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