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14 Replies Last post: Apr 20, 2009 1:21 AM by vistasad

Seeking advice on best approach to get financing

Mar 16, 2008 2:09 PM

Click to view abbadox's profile Professional abbadox 3 posts since
Mar 16, 2008
Hello everyone,

I just found this forum and hope I can get some help, I am an Army Veteran and have been looking into buying a franchise (carpet cleaning). I worked in the field for a few years before joining the Army and have decided on one franchise that seems to fit me very well. The total start up costs are around $75,000 which includes the franchise fee, equipment, 6 months of advertising/marketing expenses, vehicle, misc expenses, and about 4 months of living expenses. My credit score is 720-730 and I have zero debt, I rent an apartment so have no home equity to draw from but I do have about $32,000 in the bank. I would like to know if it is possible for me to quallify for a SBA microloan or patriot express type of loan?. Any suggestions on what would be the best chances for me to actually get approved.

Thanks in advance for any help.

Abbadox
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
1. Re: Seeking advice on best approach to get financing Mar 16, 2008 7:55 PM
in response to: abbadox
Welcome to this web site. Seeking advice on best approach to get financing.
Do you know about SCORE. SCORE is FREE, however they do NOT have funds.
They can give you GREAT advice on the best approach to get financing.
You can contact SCORE on line.
Good luck, LUCKIEST
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Click to view TJMorehead's profile Mogul TJMorehead 98 posts since
Mar 16, 2008
2. Re: Seeking advice on best approach to get financing Mar 16, 2008 8:57 PM
in response to: abbadox
Hello,

I am a Technical Assistance Provider authorized by the government to offer a program called the CommunityExpress Loan or SOHO (Small Office/Home Office) Loan, if you will. This program is simple and available for emerging and existing business owners to apply for up to $50,000. I can assist you with a strategy to secure the financing and business development services needed for the franchise. Of course I'll need to speak with you more about this opportunity. In the interim, visit my blog page to learn more about the program www.moreheadsconnections.blogspot.com.

Email me at moreheadsconnections@gmail.com and we can exchange contact information.

Warm regards,
TJ Morehead
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Click to view abbadox's profile Professional abbadox 3 posts since
Mar 16, 2008
3. Re: Seeking advice on best approach to get financing Mar 16, 2008 9:57 PM
in response to: LUCKIEST
Yes I have spoken with a SCORE Counselor and also attended a financing seminar thru them.

I have also been developing a business plan and intend to submit my proposal in the next couple of months. I am mostly looking for advice from people on here that either approve loans or have had a loan approved and would like to know if it looks possible for me to get approved or not?.

I would also like to know if anyone can suggest a which bank(s) I should approach in the Seattle Metro area.
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Click to view TJMorehead's profile Mogul TJMorehead 98 posts since
Mar 16, 2008
4. Re: Seeking advice on best approach to get financing Mar 16, 2008 10:44 PM
in response to: abbadox
Hello Abbadox,

I am a technical assistance through Innovative Bank. Our CommunityExpress Loan Program doesn't require a business plan, no financial statements, tax returns to apply. As long as there are no tax liens, child support arrears, active bankruptcy, student loan defaults or felonies, you are eligible to apply. Your credit is subject for review for at least 90 days current revolving credit. If there are credit challenges let me know what they are.

To submit a funding request is very simple. Go to my blogpage www.moreheadsconnections.blogspot.com and complete the prequalification process. I'll send you the pre-application to complete via email and we'll go from there.

TJ Morehead
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Click to view abbadox's profile Professional abbadox 3 posts since
Mar 16, 2008
5. Re: Seeking advice on best approach to get financing Mar 17, 2008 5:09 PM
in response to: TJMorehead
Thanks TJMorehead, I will check out your blog.
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Click to view mlebovits's profile Mogul mlebovits 42 posts since
Oct 10, 2007
6. Re: Seeking advice on best approach to get financing Mar 17, 2008 9:16 PM
in response to: abbadox
You can find a list of SBA Patriot Express lenders at http://www.sba.gov/patriotexpress/sba_pat
riotexp_lenderlist.html .

You can find out if the franchise you are seeking to buy has already been approved by the SBA by checking out The Franchise Registry at http://www.franchiseregistry.com/registry
/default.asp .

I've written a couple of blog postings on the Patriot Express program and other SBA topics. Feel free to drop by for a visit at www.Funding911.com .

Regards.

Marshall Lebovits
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Click to view Adducent's profile Mogul Adducent 338 posts since
May 22, 2008
7. Re: Seeking advice on best approach to get financing May 25, 2008 8:10 AM
in response to: abbadox
Hi and happy Memorial Day weekend,

I'm a veteran as well and know that the U.S. Small Business Administration (SBA), working with the Department of Defense provides a full range of small business ownership counseling, training, financing and procurement programs to veterans.

Check out the SBA site at: http://www.sba.gov/vrassistance/index.htm
l

Befor you go to them for discussion about what you want to do (and definitely before you go meet with any funding sources they direct you to) you should be prepared. If you haven't done it yet, you should put together your business plan. If you want to see an outline/overview of one visit http://www.adducentinc.com/services/Busin
ess_Plan_Proposal_Overview.htm to get an idea of what a business plan should consist of and the uses for it.

The SBA has a lot of information and resources readily available for U.S. service members wanting to start or grow small businesses after leaving active duty. And provides a range of business financing options, including the direct Military Reservist Economic Injury Disaster Loan program (MREIDL) available to activated self-employed Reservists or employers of Guard and Reservists, the Patriot Express Pilot Loan Initiative available to veterans, reservists, discharging service members, spouses and widows, and other loan programs from Micro Loans to Venture Capital investments.

Dennis Lowery,
Adducent, Inc.
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