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  • Business loans?

    Please can someone tell me the name of the company that gives small business loans to persons with not so great credit. Or if you know anything about opening a grooming business, please give me some insight. Thanks!! Your wisdom is truly appreciated.

  • #2
    When I bought my business I went to my small town bank and ended up getting a small business loan through them that they set up through the state. I don't know if your state offers a small buisness loan program but they offer low interest rates. I didn't have much credit to my name at the time, so my dad cosigned for me.
    Also a key piece of advice, I had to take my loan out for more then the purchase price. So I would have money to live off of till I got into the swing of grooming. So if this is going to be your main income, get a line of credit on that business loan so if you have to borrow some to pay the home bills you won't end up lossing it all. I hope this helps a little.

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    • #3
      SBA

      Look up the branches of the Small Business Administration in your area.

      You can google it on the internet. It is the government agency that helps small business obtain otherwise unobtainable loans by offering the banks a guarantee that a big percentage of it will be paid back should you not be able to pay it back.

      Keep in mind though should you default then the SBA comes after you for the money.

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      • #4
        90% of SBA loans are bank loans backed by the SBA. So you have to qualify with the bank.

        About 80% of the business plans I wrote and helped fund (before we did Pet Grooming Business Plan Helper & Sampler) were SBA backed loans, and the persons rarely had to even go to the SBA, the SBA sent them to a bank they worked with. But there's more.

        The SBA may have special programs you qualify for and those change regularly. These sometimes work for groomers that cannot qualify with banks.
        Most questions regarding GroomerTALK are answered in the Board Help Talk Forum. Thanks for coming to our community a part of PetGroomer.com https://www.petgroomer.com.

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        • #5
          I have an sba backed loan and it all started with small business development center, which I found at sba.gov. the center helped me though everything (business plan, chosing the right loan).

          In the mean time I would work on fixing your credit, b/c it will give you more options.

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          • #6
            Wow!!! This is some really good information. I could use this. But do i write the plan out myself or get someone else to do it? Or how do i even start to write a plan? Are there any samples that i can google and check it out?

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            • #7
              Business Plan

              Originally posted by bookie0116 View Post
              Wow!!! This is some really good information. I could use this. But do i write the plan out myself or get someone else to do it? Or how do i even start to write a plan? Are there any samples that i can google and check it out?
              5 words, 5 absolutely invaluable words .... "GROOMING BUSINESS IN A BOX"

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