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Starting to lose faith...(long)

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  • Starting to lose faith...(long)

    So I started working with a branch of the SBA at my local college late November to see if I'd be able to get a loan for a mobile business. I told them walking into this mess that I wanted the money by the end of Jan so I could have the vehicle built and ready to roll by middle/end of March to catch the up-swing to the peak grooming season. It's the beginning of March and my business plan OUTLINE that they have been having me write still isn't done and I'm no closer to finding out if my dream is even possible. I decided that downsizing to a van was much more practical, and I'm looking at getting a used one, cheaper still. I though that that might speed things up a bit. Still not. Getting answers from the people I'm working with is like pulling teeth that have been superglued to the gums. The only thing I have changed is the amount of the loan I want. You'd think that would simplify things. Well I've been given other options to add to this mess. The original was to get the loan for veh. plus working capital for a few months from a bank lender. I'm also looking to see if financing is possible for me through WnT for a new one. Because I'm a female, no colleteral but with good credit, I've now got an option of using a Community Express Loan for less than the amount than I need, but would cover the used veh. and a month or so of expenses....I'm not getting straight, usable answers from anyone and I'm really worried that I won't be able to go mobile this year. I really didn't want to start much past summer because I've read about too many groomers having difficulty building clientele in the fall. I REALLY REALLY don't want to wait another year fo this to happen.
    HELP!!!

  • #2
    This is what I did

    I was going to buy used but wgnt had 1% financing on 2006 models so it was cheaper for me to buy a new one then a used one at 7.5%.I did take out a small home equity loan to get me by for a few months and to buy extras I wanted.Good luck with your loan

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    • #3
      I did not work with the SBA, but I heard that one of the friendliest banks for small business loans is bank of America. I may be wrong, but that is what I heard. What about buying a used mobile for very cheap, getting a cliental and then getting a loan for what you want?

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      • #4
        why don't you just go with gryphon trailers? they do financing and they are a wonderful company! doug I believe is workn with them now on installing inverters..try that route it will at least get you on the road and forget the run around? or go to the bank and appy for a personal loan for the van and use the van as collateral? and a brand new trailer would cost you the amount of a used van and you dont know what headaches you're buying from someone else..(that is if you have a truck to pull it with, but you won't need a large truck for gryphon..Lisa pulls with a Jeep) check 'em out, and dont give up! where there is a will there is a way, one way or the other! keep fightn!

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        • #5
          There was a sticky on this board a while back about a company that actually leases the vehicles. If you can get Stephen's attention he may be able to dig that up. It sounded like a great way for someone with no downpayment to start out.....basically no money down as I recall.

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          • #6
            Originally posted by hairdevil View Post
            why don't you just go with gryphon trailers? they do financing and they are a wonderful company! doug I believe is workn with them now on installing inverters..try that route it will at least get you on the road and forget the run around? or go to the bank and appy for a personal loan for the van and use the van as collateral? and a brand new trailer would cost you the amount of a used van and you dont know what headaches you're buying from someone else..(that is if you have a truck to pull it with, but you won't need a large truck for gryphon..Lisa pulls with a Jeep) check 'em out, and dont give up! where there is a will there is a way, one way or the other! keep fightn!
            She already knows all that lol. She drove up and took a look at my trailer and went for a ride with me. She does not have a vehicle that will pull a trailer.
            If your dog is fat, you are not getting enough exercise!

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            • #7
              Don't give up!! I had some big hurdles but I just kept believing it would happen and kept praying! Eventually I got my van, am getting busier everyday and enjoying my new business. If this is really what you want, keep going for it.

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              • #8
                I am currently trying to buy a used WnT van. I don't have collateral (I still live with my folks) so I can't just up and get a loan. Vehicle loans are only given at 80% of the cost of the vehicle, I don't have cash to supply the rest. I don't have a vehicle that would pull a trailer (2WD Toyota Matrix). I won't deal with asking my parents to cosign because that would tie up their credit for 5+ years and I know the house needs constant repairs (we have a huge hole in the kitchen ceiling this week from water damage due to the bathtub above it). I am going to work with WnT on what I could get as financing from them as an added possibility to the SBA junk. Even if I do get better financing going new with Wnt, I still need a SBA backed loan to cover start up and working capital to get me going the first few months. I really doubt their 45 day grace period will be enough for me to catch up on payments. Then there's the 6 week wait for it to be built. I've been strung along by a fraying thread for the last 4 months and unless I get some progress SOMEWHERE, I'm afraid that frayed thread is going to break.
                Murphy's Law, alive and thriving in our house(probably born into my family).

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                • #9
                  I went through Wells Fargo SBA to get my loan. I used them because my house was financed with them and we had our personal accounts with them so they had a good look at my credit history. I financed the van through Wgnt, who uses Ford Motor credit.

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