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Blue
9/22/2006, 08:39 PM
If I want to relocate to another state and start a business, should I apply for one in that state.

What is the criteria for obtaining a loan in the $15,000-$30,000 range?
BeetDigger
9/22/2006, 08:44 PM
If I want to relocate to another state and start a business, should I apply for one in that state.

What is the criteria for obtaining a loan in the $15,000-$30,000 range?


Yes and about $50,000 worth of collateral.
mrowl
9/22/2006, 08:55 PM
SBA loans are the SUCC.

unless...

you are a woman
you are a minority
and don't make any money currently.
olevetonahill
9/22/2006, 08:58 PM
be prepared to wait 6 mnths to a yr to ever hear anything :eek:
Blue
9/22/2006, 08:59 PM
How would I go about getting a loan, w/out any capital?
olevetonahill
9/22/2006, 09:03 PM
How would I go about getting a loan, w/out any capital?
Thats why you NEED a loan ! cause you have no capital :eek:
Blue
9/22/2006, 09:04 PM
Oops, I meant collateral.
mrowl
9/22/2006, 09:05 PM
How would I go about getting a loan, w/out any capital?

no way.

Every SBA loan we looked at required you have 33% of the amount your requesting in cash.
Blue
9/22/2006, 09:06 PM
Maybe I should call this guy...

http://www.kdandcgifts.com/uploads/mvleskevery-6_f.jpg
Blue
9/22/2006, 09:07 PM
no way.

Every SBA loan we looked at required you have 33% of the amount your requesting in cash.

So I could have 7,000 bucks and get a loan for 20,000?
Mongo
9/22/2006, 09:09 PM
Prostitute yourself to big gals. 150 fat chicks for $100, or 15 really fat chicks for $1000. Giggity giggity!!

I have been looking to start my own business too. Depends on what your doing. Some banks will only offer 60-80% of what you want. They expect you to have the rest. But collateral is the key, most wont talk unless you have a home loan or other assets.

Have you already formed your company and recieved a tax ID #? They will want to see your company's "manifesto" to see what kind of ventures you are wanting to get involved in.
mrowl
9/22/2006, 09:11 PM
So I could have 7,000 bucks and get a loan for 20,000?

yes, but the bank must first like your business plan, and you need to have all of your federal tax stuff setup first.

Only go to a small bank with a board that can lookover your plan.

If you go to a large bank, it will take months.
Blue
9/22/2006, 09:12 PM
I've formed an S-corp, but that's for tax purposes.

I figured they'd want to see a business plan. I don't want alot of money, just about 15-20 thousand.
Blue
9/22/2006, 09:14 PM
yes, but the bank must first like your business plan, and you need to have all of your federal tax stuff setup first.

Only go to a small bank with a board that can lookover your plan.

If you go to a large bank, it will take months.

So, if I've already incorporated myself as an S-corp, should I just use that and change the name and location of my business?
olevetonahill
9/22/2006, 09:34 PM
Prostitute yourself to big gals. 150 fat chicks for $100, or 15 really fat chicks for $1000. Giggity giggity!!
.
That is My buisness , Yall cant be cuttin in !:pop:
olevetonahill
9/22/2006, 09:37 PM
So, if I've already incorporated myself as an S-corp, should I just use that and change the name and location of my business?
No dont change the name .
you can move anywhere you want . an S corp is still tied to you .
show some kinda assets and your there :D
Blue
9/22/2006, 09:41 PM
No dont change the name .
you can move anywhere you want . an S corp is still tied to you .
show some kinda assets and your there :D

If I moved with 10k, could I go directly to a bank with a business plan and ask for 30,000? Would that work?
olevetonahill
9/22/2006, 09:45 PM
Thats up to the bank you go to
tbl
9/22/2006, 10:08 PM
I thought you loved Georgia???? ;)
Blue
9/22/2006, 10:22 PM
I thought you loved Georgia???? ;)

I wouldn't say love. I love the south.

This is about making more money, though. :D
handcrafted
9/22/2006, 10:36 PM
I tried that once. The bank wanted body parts as collateral. I had to already have made a fortune in order to borrow any. The whole thing is a government ripoff. Run far away.