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Dear dtominus,

I noticed your user profile has no information in it. If your services and products are as good as you claim, I would like to suggest that you complete your profile including you full name, company name, web address, and phone number. That way people would be able to know you are legitimate and also view your website for further detail about your company.

Hello just a little hint if you go to the bank and apply for a small business loan and are turned down because you have not been in business for more than a year or two don't get discouraged. After being turned down your are eligible for an SBA loan. Which has many small business loans to help with things. Make sure that your personal banker is aware of this.

Hi Gail,

Please contact me. 781-341-0700. I can definitely help you get the capital you need!

Best,
Tiffany

Hi Everyone,

I want to apologize to bridge for not calling you back on Friday - late morning I started feeling ill - It's been windy here the last several days and the dust caused a very bad sinus infection - I am feeling better today so I wanted to take this time and THANK EVERYONE THUS FAR that includes you Luckiest, who gave their time to try to assist and direct me.

This is the status thus far... I went to the bank on Thursday and applied for an SBA loan (Chase has a relationship with SBA for this purpose) I have not heard back yet. I spoke with the bank representative today and he said it was still in underwriting and that they have not asked for anymore documentation (I gave them 2 years tax returns and 2 yrs balance statements on the business and 1 year personal tax return - its all they've asked for... so far) The bank rep said that the SBA has only been approving about 10% out of 100% of applications submitted, that was not encouraging even though I feel that this purchase has low risk attached to its continued viability even without me growing the business.

I was surprised that the underwriter hasn't asked for the inventory list, my background & experience to run the business or what my plans are to grow the business.

The broker had a meeting with the landlord this morning - he will only go down 1.00 a square foot which would only reduce the rent $118.90 a month, he said he would wave the transfer fee of $1500.00 - my question is...if he won't give me a new lease (current seller will be responsable for the original lease until 2014) then what is the transfer fee for? He will not give me any months free - he was standing his ground or the broker didn't know how to deal with him thereby being ineffective at the meeting.

Does anyone have experience or had experience with the SBA loan process recently (within the last 6 months to a year) I would love to hear from you I need some insight into the SBA in the present.

Tiffany, I never called you - it must have been another member.

Thank You guys

Gail

Thanks Greg, I will call you tomorrow for that information - the bank Rep said it has only been 2 days - I told him that I was told initially that it would only take two days!

Gail

Be careful - what sounds too good maybe. Be sure there isn't a new big-box or some other reason they were failing - or one coming that caused to give up. The story you get is not always/usually the whole story even if true. Be sure leases are available - no impending street construction or traffic diversions, etc.

Also, take some of the risk out - ask the owner and maybe even the broker (less likely) to leave some skin in the game - more assurance they will help you out. Get him to finance at least 1/2 or hold out for baloon note.

Then get someone who knows to go through the financials and see where you can optimize the business - chances are there are lots of room for improvements. Get a marketing person to give you ideas. Run some "grand re-opening" specials to move inventory and generate cash! Work out longer terms for new inventory purchases.

If you are only making 1% profit, it takes $100 in sales to put $1 back on the profit line - so you want to ensure every dime you spent is bringing you a return.

1st lesson - there are a million ways to solve problems in business! You'll find your opportunity in finding them.

Good luck with your venture!