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  1. #1

    Waah Mobile collateral assets for business plan

    Can I account for the funds from the sale of my mobile van as part of the funds I am putting towards the transition from mobile to shop? Do I note that in the plan? I am going to miss her!

  2. #2
    Join Date
    Feb 2007
    Location
    Washington state
    Posts
    1,267

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    Perfect timing, we are monitoring the forum most of our daytime.

    Yes you can and should do that. If you are getting SBA backing for a bank loan related to the shop, there will be additional paperwork from the bank. They often weigh the goal you want to borrow, and total needed funds according to the plan, weighing just how much you are putting up. This is separate of collateral. For example in plain terms. If you are putting up $1 in cash for every $2 you want to borrow, that appeals, they look at these ratios.

    Do you have to put this in your plan. No, not really as such but show in the plan you are putting up say $10,000 (from the proceeds of the sale of the van, but you don't have to explain that in the plan). Do that in working with the bank if you haven't already sold it at the time you apply. They will understand.

  3. #3

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    I am putting up about $4000 in equipment (used value) so that counts too right?

  4. #4
    Join Date
    Feb 2007
    Location
    Washington state
    Posts
    1,267

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    Quote Originally Posted by Anything But Dull View Post
    I am putting up about $4000 in equipment (used value) so that counts too right?
    You should state that on the spreadsheet, yes. Most often that will count as your putting funds for the total amount needed specified for the plan.

  5. #5

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    Does resale inventory count too?

  6. #6
    Join Date
    Apr 2012
    Location
    Kansas
    Posts
    365

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    Down payments on vans?

  7. #7
    Join Date
    Feb 2010
    Location
    Western Washington
    Posts
    1,383

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    I believe so I asked that question before some time ago, down payments for the business almost always and inventory but don't overvalue it they might ask for a breakdown and condition of it.

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