ForumsStarting a Business

Hi Tammy,

Before you apply you will need to be sure that you have your business plan in good shape and presentation ready. This should include 3 years of financial projections for the business. In your plan you need to stress the amount of experience that you and your husband have. The lender is going to need your credit info and history and questions about if you own your home, how much equity in the home and what your personal net worth is. They will also get into the source of any funds that you have to put into the business. Approval for the loan, the amount they can provide and interest rates are or going to be based on your personal credit and the security (collateral) for the loan. I've worked with clients for their SBA loans and it varies but the loan can close in 60 to 90 days if things go smoothly.

You said that you visited the SBA web site but have you spoken with anyone with SBA in Arizona? Here is their info.

Arizona SBA Office

2828 North Central Ave,
Suite 800
Phoenix, Arizona 85004-1093
Telephone: 602.745.7200
Facsimile: 602.745.7210
Hours of Operation:
8:00 a.m. to 4:30 p.m. (Mon - Fri)

What you might do is call them and ask for a list of their SBA approved lenders in your area. Then contact the lender and request more information or help with specific questions you may have about their application process.

Also, regarding using your 401K as a source of funding; here are a couple of resources you might check out so you can determine the best way to do that:

http://www.guidantfinancial.com/products/
small-business-financing/default.aspx

http://www.benetrends.com/services/busine
ss-financing/index.php

I hope the above helps you. Good luck with your start-up business.

Dennis Lowery
Adducent, Inc.

You might consider buying an existing business instead. They are easier to finance becasue you can show a financial history.

C-stores are for sale all the time. Try a majpr business listing services such as:

www.bizbuysell.com or

www.bizquest.com

I would also recommend getting a good business broker to guide you through the process.

Best of luck!

Greg

she1072002,

Hope all is well. Lenders consider you a startup business whether your buying an established business or starting one from scratch. We consider it a startup for the first 2 yrs. Even if the business has a good track record doesnt mean that new ownership will keep that alive. In fact I have seen many people take good businesses and drag them down. Lenders will want to see your business plan and how you are going to improve on the businss.

SBA is always a great route with 30 yrs in biz or startup. How much does your business need to buy this lounge?