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SBA - Anyone?

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  • SBA - Anyone?

    I was wondering if anyone here has had the experience of applying through the SBA for a loan to finance your shop or mobile? I have all the forms from them and am beginning to write a business plan to submit so I can go mobile. Your experience and/or suggestions would be helpful. Thanks.
    Last edited by afghangypsy; 01-15-07, 09:07 PM.

  • #2
    SBA loan

    Yes, I was able to secure an SBA loan from my bank. I took a few classes with the Small Business office before so I knew what they were looking for. Also I had a SBA counselor review my business plan before I presented it to the bank and make suggestions.
    It was not as painful as I thought and I was approved. My only regret is the interest rates are variable and are high. I am now looking at refinancing so I can get out from under it.


    • #3
      I employed the professional services of Wow what a time saver. I worked with Stephen to write a professional business plan, went to the bank, submitted application for my SBA funding with my banking representative and it was a done deal. Great rate, great terms, great service, and I didn't think I could do it. I can't recommend enough to get some professional help in writing your business plan. It is the most important part of what you will do. If you don't have a business track record what else do you have to "hang your hat on". For me unfortunately it wasn't my good looks so I thought what cash I had to work with would be best invested in coming across to the bankers as professional and with it as I could. There are elements to this that I would have never thought of that Stephen helped with. Don't make the mistake of spinning your wheels. I set a deadline for my opening date and made it with no hitches/strings attached thanks to the expert advise from Good Luck! You CAN do this and there is money out there to be had.


      • #4
        I was told that the sba would not finance you if you can get a loan on your own from a bank. We have a SBA office close and I went and visited them when I was looking into buying a second location.


        • #5
          So which is it...can you or can't you? Is credit an issue? What about debt ratios and all that? I would think the SBA should be better to deal with than a bank for people who may have those issues...but if you can't get an SBA loan if a bank won't give you one either, then Im confused. Guess it's a good thing I don't need a loan.
          Making Central Florida Pawsitively Purrfect since 2005.


          • #6
            Check with your local colleges. Especially the community colleges. They may have a Small Business Development Center (associated with the SBA). They offer free or low cost(classes) help with getting all your stuff together. Try the Grooming in a Box. I've not gotten it yet, but others have said it's helped with writing the business plan. Check with your local SCORE group too. They're retired corporate people who volunteer to help people start a business.


            • #7
              I appreciate everyone's willingness to share their experience with this process. I've been to SCORE and they have been really helpful - they also offer seminars. I think I may get the Grooming Business in a Box. Also, I have a friend who is a lawyer and retired businessman who's brain I might have to pick. Right now, I'm doing a lot of research and phone calls to pull it all together.


              • #8
                Low interest - Government guaranteed loans

                I am taking a small business class starting in March and have been told by one of the counselors of my intiital course I took, that those that pass this course are eligible or a low interest loan that is guaranteed by the government that they will re-pay 85% of the loan should your business fail. He said because I live in an apartment and don't own a house that it actually works in my favor for securing such a loan. How sweet is that?


                • #9
                  I called my local city college and had my meeting with a consultant from the SBA. I didn't need any money (which was the first question he asked me) I just needed direction as to how to start a mobile grooming business. He was very helpful. Gave me some ideas for advertising, explained taxes and banking accounts to me, helped me figure what I need to make each month/week/day to cover my costs and make what I really want to be making. Then he sent me an email with some more info and told me to let him know how things are going once I start. I'm very glad I did it because I had no idea what else I needed to do, turns out I was on the right track though and doing the right things. Still confused about the tax things, but that something I need to discuss with an step is to find one. I had nobody to help me start my business or give me guidence, so I strongly recommend anyone who needs advice to call them. That's the easy part, now it's time to get out there and do it!


                  • #10
                    SBA Anyone

                    I know this is probulbly alot to ask but Im trying to writing a FanFic for Versus XIII and I need someone to describe in really good detail of the Versus guys clothing. can anyone help please?


                    • #11
                      SBA loans? What a joke!

                      If you don't have a 750+ credit score, substantial funds in the bank already saved up, and a proven track record, forget about it.

                      My bank, who prides itself on being a "premier SBA lender" has made THREE SBA loans in the Florida/Alabama region they serve this year. THREE. This bank has hundreds of branches between Birmingham and the Florida coast.

                      I don't qualify because I don't have a lot of liquid assets, my credit rating isn't good enough (750 plus is the MINIMUM) and I don't have a proven track record, even after being in business nearly two years. At least that's the story they gave me.

                      I do recommend the Small Business Development Center at your local college for help in writing a business plan and for their evaluation as to how you can make your business more acceptable to a lender. But even the SBDC here says don't waste your time on an SBA loan or an SBA ARC loan. The SBA gave the initial approval process to the banks, and the banks would rather sell you their own commercial credit lines at higher interest.

                      In my area, the banks would rather make a loan for a few million than to finance a grooming operation for a hundred thousand. They never met a land developer they didn't like, and the empty streets of all of the failed housing developments here are a testament as to how well they can gauge a good risk.

                      There's just as much paperwork for each loan and the banks don't want to be bothered with small fry like us.

                      As for the SBA offering help to small business, the administration just cut their funding. Do you get the picture that if you want help, the SBA is NOT the cavalry and is more of a waste of your time? Even my congressman thinks so.

                      I financed my startup business without them. I sacrificed a lot. To me the SBA is as useless as the breasts on my husband's chest. I would love for them to prove me wrong. But I'm not holding my breath.

                      Last edited by kats_melody; 01-24-10, 11:15 PM.
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