Small Business Loans

[eeboater]

Question for you guys. My wife and I have been considering opening a franchise of a "Doggy Day Care" for quite some time now. <br /><br />There is a considerable investment involved with starting one, an amount of money that we wouldn't see for a decade or two.<br /><br />Has anyone ever started a new business off of Small business loans? Can anyone provide some pros/cons to the idea?<br /><br />Also: I will end up coming up with 20% of the final amount needed to be borrowed... Is that unreasonable in your experience?<br /><br />Thanks,<br />Sean

 

[Kenneth Brown]

Re: Small Business Loans

I am sure that you already know but...... Business'es that are owned by "historiclly underutilized classes" (women and minorities) recieve lots of breaks and govt contracts. If it was me I would list it all in the wifes name and leave myself out of it.

 

[Skiuseme]

Re: Small Business Loans

Hey ee we have a ton of doggie day cares on this side of the state they do pretty well charging about 20-25 bucks a day per dog.<br /><br />Sorry about highjacking your thread

 

[demsvmejm]

Re: Small Business Loans

I just tried to get a SBA loan and the bank declined. I had approx 10 cash, and another 10% in asset investment already. All told I had approx 40-50% collateral. "Sorry, you're under-collateralized." And "Your wife doesn't make enough money to support the family." So from my experience, GOOD LUCK. The SBA is supposed to guarantee up to 80%. The bank I approached was supposed to the leading SBA lender in the area, so I figured if it could be done , they could do it. What I got was unless i didn't need the money, I couldn't get financed.

 

[eeboater]

Re: Small Business Loans

Yeah --- that whole "and your wife doesen't make enought to support the family" thing is a kicker.

 

[dolluper]

Re: Small Business Loans

Start off small do dog walking till you make the dough to set up, it'll only cost you leg work

 

[gonfishn]

Re: Small Business Loans

I went through SBA a few months ago and it was quite an adventure..I would start with your bank. They will help you through the steps. <br /><br />Make sure you have a business plan. That would be the first step. To involved to take it any futher here.. Here is my email eeboater gonfishn@horizonview.net. Another place is to start with the internet (SBA loans)..<br /><br />Will be more that happy to help you through the process if you have questions.

 

[eeboater]

Re: Small Business Loans

Awesome gonfishn... I'll log away your email. tx..Sean