Just wondering if we have an business owners on the forum.

Just wondering if we have an business owners on the forum.

I think one of the guys who pops in from time to time has a business making football sims or something.

not sure though.

I think one of the guys who pops in from time to time has a business making football sims or something.

not sure though.

I know. I meant outside of Jim and Arles, the "customers" of the forum.

I think JiMGa owns his own business.

I've started up a few businesses. What info are you looking for?

I don't, but my dad does (and me and my mom work for him).

I do.

I don't, but my dad does (and me and my mom work for him).

as soon as I read this, the lyrics to FoW's "Hackensack" popped into my head. :)

Not my thread, but I have a question that maybe someone here would know. How hard is it to get a Small Business loan, and what percentage of capital are you required to have personally?

I'm in a home-based business. I get 5 cents for every beer I drink. It's pretty profitable.

I'm in a home-based business. I get 5 cents for every beer I drink. It's pretty profitable.

Dude, you need to get to Michigan. I have this mail truck...

Galaxy: {raises hand} Guilty.

HomerJ: no idea, sorry I can't be more helpful on that question.

Not my thread, but I have a question that maybe someone here would know. How hard is it to get a Small Business loan, and what percentage of capital are you required to have personally?

If you're talking about an SBA loan, its pretty simple. In most cases all you need is 25% of the total value of the loan as collateral...cash, property, other assets, etc. The other 75% will be guaranteed by the government, so the bank making the loan has very little risk on its hands.

EDIT: What state are you actually located in? While many banks are SBA lenders, its best to go to a preferred lender. That status allows them to process loans much quicker would probably be easier to get the loan from.

(P.S. I've been a college graduate for like 4 months, and at my job for almost 3. It's weird to actually know what I'm talking about. :))

If you're talking about an SBA loan, its pretty simple. In most cases all you need is 25% of the total value of the loan as collateral...cash, property, other assets, etc. The other 75% will be guaranteed by the government, so the bank making the loan has very little risk on its hands.

EDIT: What state are you actually located in? While many banks are SBA lenders, its best to go to a preferred lender. That status allows them to process loans much quicker would probably be easier to get the loan from.

(P.S. I've been a college graduate for like 4 months, and at my job for almost 3. It's weird to actually know what I'm talking about. :))


It's for a friend. He lives in Florida. So, 25% collateral on the loan. That makes sense.

Just wondering if we have an business owners on the forum..

Guilty as charged.http://dynamic.gamespy.com/%7Efof/forums/images/smilies/smile.gif

It's for a friend. He lives in Florida. So, 25% collateral on the loan. That makes sense.

Refer him to this site. It has a ton of info as far as what paperwork he needs to provide.

http://www.sba.gov/starting_business/index.html

Refer him to this site. It has a ton of info as far as what paperwork he needs to provide.

http://www.sba.gov/starting_business/index.html


Here's another question...would you recommend hiring someone to do the business plan? How much would that cost?

Here's another question...would you recommend hiring someone to do the business plan? How much would that cost?

Depends a lot on the complexity of your proposed business really and your personal strengths weaknesses (ie. if you hate writing then it might be a good idea to get assistance with it) - incidentally there are some pretty decent books around to help you if you decide to write your own.

Here's another question...would you recommend hiring someone to do the business plan? How much would that cost?

Sorry, can't help you too much with the specifics. I don't actually work at a bank...I work for the federal agency that regulates the national banks, so I just started learning about this program because of the bank I'm doing work at right now.

But from what I heard, it is very simple to get a loan, provided you show a basic capacity to earn and provide the right paperwork. Mostly past tax returns, personal information...that kinda stuff so they can do a background check.

Sorry I can't help you more, but a better next step for him would be to look at the banks in his area (not necessary to use a bank where he has already conducted his business) and find out who participates in the program, and who is a preferred lender. They should be able to help him more.

Sorry, can't help you too much with the specifics. I don't actually work at a bank...I work for the federal agency that regulates the national banks, so I just started learning about this program because of the bank I'm doing work at right now.

But from what I heard, it is very simple to get a loan, provided you show a basic capacity to earn and provide the right paperwork. Mostly past tax returns, personal information...that kinda stuff so they can do a background check.

Sorry I can't help you more, but a better next step for him would be to look at the banks in his area (not necessary to use a bank where he has already conducted his business) and find out who participates in the program, and who is a preferred lender. They should be able to help him more.


Thanks. He has a friend down there in banking, and I told him that he was the one he needed to talk to. I think he has since I last discussed it wth, but I haven't heard more yet.

If he has not really thought through the concepts and where the money is going to come from, meeting with a lender should get him all straightened out. My understanding is that they will quickly try to sort out the contender from the pretender. They will also try to offer as much guidance and advice as they can to the pretender, so that next time they come in they will be ready to rock.