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27 Replies Last post: Jun 15, 2008 11:54 AM by dpaull95

50 year + Business in Need of $175,000.0 BUSINESS loan

Feb 13, 2008 7:20 PM

Click to view Gotcha's profile Professional Gotcha 1 posts since
Feb 13, 2008
Hi -

We are a business that has been running without too many hiccups for over 50 years. We are now at a point of needed expansion, new equipement, etc. However, these banks and other places all claim to have BUSINESS loans and yet, low and behld they ask nothing of the business side and only want personal financial information! Is there anyone out there who knows where I can get a loan quickly based 75% or more on the MERITS of the BUSINESS ONLY?????
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,912 posts since
Aug 6, 2007
1. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Feb 13, 2008 9:26 PM
Hi, Tell us more. Do you have a Business and Marketing Plan??
LUCKIEST
Click to view heavenly91321's profile Mogul heavenly91321 25 posts since
Feb 6, 2008
2. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Feb 13, 2008 9:59 PM
Are you incorporated?? This might be the first step....then you will receive an EIN based on that corporation and then when applying for Corporate credit, it only asks for the EIN and NOT your info....Staples, Dell, Home Depot, Office Depot, Shell, Conoco Phillips, etc....good luck and way to go with the 50+YEARS!!!!!!!!!!!
Click to view mcselmer's profile Professional mcselmer 2 posts since
Feb 13, 2008
3. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Feb 14, 2008 3:47 AM
am mcselmer a registered loan lender
i give out loan to legitamate borrowers who are interested in getting financial help
at a low interest rate with affordable terms.send me email via mcselmerloan@gmail.com
asap to get an approval today.
Click to view MyCapital.com's profile Mogul MyCapital.com 14 posts since
Feb 9, 2008
4. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Feb 14, 2008 3:48 AM
If you have been in business for 50+ years, you should be able to provide financial statements to the bank and to try to get a business loan. If you have some assests (land, restaurant) whether under company name or personal name, it would be easier for you to get an asset-based financing. Else you can show the revenues in the past several years to the bankers. If you don't have asset or revenu, then business loan will not be easy for you to find. Try relatives or private angel investors will be the last resort. If you want to find money from angel investors or venture capital firms, try this website www.mycapital.com and see if its Capital Express online services can help. Good luck!
Click to view kenbac's profile Authority kenbac 14 posts since
Feb 11, 2008
5. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Feb 14, 2008 7:22 AM
50 years doing business should sure provive you with a good grounds in sourcing for loans with a bank,should give you trouble doing that .Good luck
Click to view LUCKIEST's profile SCORE LUCKIEST 7,912 posts since
Aug 6, 2007
6. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Feb 28, 2008 7:48 AM
Do you have a Business Plan?? A Bus Plan is one of
the first things a lender or investor will want to see.
Do you know about SCORE?? SCORE is FREE.
LUCKIEST
Click to view MDIPRETE's profile Mogul MDIPRETE 6 posts since
Feb 7, 2008
7. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Feb 28, 2008 1:40 PM

Please call me regarding your project. I believe I have an investor that will be interested.


Sincerely,


Mark A. DiPrete

President

Mortgage Management Solutions LLC

401-942-3607

mdiprete@mortgagems.net

Click to view roscocpa's profile Professional roscocpa 7 posts since
Jan 9, 2008
8. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Feb 29, 2008 12:00 AM
Check out this website www.nadco.org/nadco/welcome.html for certified development companies (CDC's) in your state that specialize in SBA lending. Bank of America and Wells Fargo, and all other lending institutions use only CDC's whenever you go to them for an SBA loan, because only CDC's are allowed to do SBA loans. B of A and Wells Fargo and the rest are NOT CDC's. So skip the middle man and the red tape and go straight to the CDC in your area that specializes in SBA loans. There are MANY types of SBA loans, but one of the more popular is the 504 loan, which will allow you a loan to value ratio of up to 90% with a 20 year amortization period and a fixed rate of just over 6% right now. I am speaking from direct experience as my client just closed such a loan on 12/31/07, with 90% financing, at 6.5% (rates have come down slightly since then).

Good luck!
Click to view ELITEBF2008's profile Professional ELITEBF2008 4 posts since
Mar 1, 2008
9. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Mar 1, 2008 11:45 AM
Hi, what type of business is it? We can help u!!!!
Click to view ELITEBF2008's profile Professional ELITEBF2008 4 posts since
Mar 1, 2008
10. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Mar 1, 2008 11:50 AM

Pls go to our website www.elitebusinessfinancial.com we can help you!!!!!!!!!!!!!!!!!!!!!!!!!!! You won't have to hassle w/ any banks!!!!
Click to view 1stMerchant's profile Start-up 1stMerchant 2 posts since
Mar 5, 2008
11. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Mar 5, 2008 4:12 PM
If you accept credit cards, we can give you a business cash advance based strictly off your future credit card receivables. We have done advances over $175,000 and this may be a perfect solution for you since it takes less than 5-7 to receive the funds. You can visit www.1stmerchantfunding.com for more information.
Click to view drfriesz's profile Start-up drfriesz 1 posts since
Mar 5, 2008
12. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Mar 5, 2008 6:09 PM
Good Evening,

My name is Mike Friesz, Business Specialist with Bank of America. I would be happy to help you with this loan need. We will be able to help take care of what you need.

Please respond to my email address with your contact information and I'll contact you tomorrow.

Mike
Click to view FinanceHelp4U's profile Mogul FinanceHelp4U 36 posts since
Mar 5, 2008
13. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Mar 6, 2008 1:44 AM
*+Hi! I am Carol - a Financial Consultant. From what your information reads - you should not have a problem with the business standing on it's "own two feet". This would keep you from having to pledge your personal assets and worry about something disastrous happening down the road and losing everything you have worked so ha
This is my specialty - helping people which businesses such as yourself separating their personal debt from their business debt. We can help you and I would be happy to...just contact me - my e-mail address is hardwork70@newwavecomm.net.

I look forward to hearing from you and assisting you in anyway I can....I'm here for people such as yourself,

*Carol *
Click to view AppleGraphics's profile Mogul AppleGraphics 66 posts since
Mar 1, 2008
14. Re: 50 year + Business in Need of $175,000.0 BUSINESS loan Mar 6, 2008 11:57 AM
Gotcha, I am not a lender but I am curious to know which avenue you chose and how it turned out please reply on this forum. It would be greatly appreciated.
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