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4 Replies Last post: May 25, 2008 9:26 AM by kirkley

need advice

May 24, 2008 11:43 PM

kirkley 23 posts since
May 24, 2008

i am going to get a loan of 100 000. i have business plans. shoul i consolidate the debts of the current business and take the balance of the money to invest in stock. Or should i use the money to start the new business. Due to a fire 2 years ago the current business is in debt. The new business is in manufacturing , assenbling and service.It have the potential of generating income of 3000 to 200 000 per month and progressing at a 25% growth per month with the $100 000 loan. This loan will not be enought to order a full container of the parts i need. a minimum of 200 000 is needed.The maximum the funding agency lends is $100 000.

Should i get the loan the current business that is in debt or the new one i am about to start.
thanks in advance for your advice on this matter.
kirkley Grab-it Barbados

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LUCKIEST 7,935 posts since
Aug 6, 2007

1. Re: need advice May 25, 2008 6:58 AM

need advice, Great that you have a Business Plan.

Some of the main reasons to writing a Bus Plan is that the plan itself serves as an
assessment tool to you. The Bus Plan will help keep you on track.

Do you have an Accountant??
Do you know about SCORE?? SCORE is FREE

LUCKIEST

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kirkley 23 posts since
May 24, 2008

2. Re: need advice May 25, 2008 7:54 AM

in response to: LUCKIEST

i am an accountant but i will link with you in the near future.

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kirkley 23 posts since
May 24, 2008

3. Re: need advice May 25, 2008 9:25 AM

in response to: kirkley

i studied accounts an worked with quick books which i think is one of the best small business accounting packages. I do not have a degree in accounting but i do all my accounting work for the past 15 years.

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kirkley 23 posts since
May 24, 2008

4. Re: need advice May 25, 2008 9:26 AM

in response to: LUCKIEST

how did you get into your type of business?

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ForumsFinancing Tips

This Question is Not Answered

need advice

May 24, 2008 11:43 PM

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