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4 Replies Last post: Jul 29, 2008 9:39 PM by Cubie7

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Are there business loans for minorities and what's the diffe

May 10, 2008 11:57 PM

Start-up

pungo1212 2 posts since
May 10, 2008

Hi, I always here about all this oportunities for minorities starting up their businesses, but I can't find anything that is real. All those online searches take you to people that promises a lot on the title and do nothing.
The business I am going to start is very profitable (a mechanic shop). The difference is with my money I have a cheaper option where location is not as good. If I get about 25000 dollars I can secure a location that is perfect, where cars are much better, and have advertising, although I already have a lot of customers.
I want to start alone, but if it goes as expected have three people on the payroll very soon.

The business will start in June 15th, 2008 and it will be an automotive repair shop with four bays, an office with four individual rooms, front desk, and customer's restroom for waiting customers. I will do all kind of repairs, specializing in european and japanese brands, which I have been working on for more than twenty years. I had my own shop before, but in the last few years I worked for dealerships and private shops, but I have too many customers of my own and I want to start my own business again. I have the location and most tools I need, but I would need about 25,000 dollars for advertising and shop equipment.
My personal FICO is 739 and my wife's is even higher.
Thanks for the help

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LUCKIEST 7,935 posts since
Aug 6, 2007

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1. Re: Are there business loans for minorities and what's the diffe May 11, 2008 7:37 AM

Are there business loans for minorities. YES

*June 15, is right around the corner and Virginia Beach,
Virginia is a great area*
for an auto repair shop specializing in foreign brand cars. (I drive Saabs).
Do you have a Business and Marketing Plan I can see??
How long do you need the funds?? and How will you pay me back??

LUCKIEST

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Start-up

pungo1212 2 posts since
May 10, 2008

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2. Re: Are there business loans for minorities and what's the diffe May 11, 2008 7:39 PM

in response to: LUCKIEST

Hello and thank you for answering. I am putting my plan together with the help of some research done in some web pages like the Small Business Administration. I should be done in the day or so, since I am just polishing it.
As for how long I need the loan I think it depends mostly on how much the payments will differ, thinking of the fact that I don't want to be to tight on money in the beginning of my business, so I would prefer not to have a big monthly payment, since I would like to start paying from the start, but I would like to use the shortest term I could.
If you don't mind I would like to email me your plan or get in touch with you on anyway you prefer.
I have done this business before and my intention is eventually have a used car dealer license and become a small used car dealership and repair place since that is the best part of the business.
For marketing I am thinking coupons and specials, through a coupon carrier, and advertising locally. I specialize in BMW and asian, and as I worked for BMW dealerships I can say there is a big need for independent shops that people can afford. In this area is one of the best selling/leasing brands.

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victoria 14 posts since
May 1, 2008

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3. Re: Are there business loans for minorities and what's the diffe May 12, 2008 4:27 PM

If you are a minoritie like I am , you could look for a loan called Comunity loan express very few banks give them but there are some ! the paper work is minimum and with your credit score I think it could work

Banks like Borrego springs and Innovative bank !! look in to it !!
Good Luck !

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Cubie7 5 posts since
Jul 27, 2008

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4. Re: Are there business loans for minorities and what's the d Jul 29, 2008 9:39 PM

Hello Pungo,

You should look into the Small Business Administration (SBA), they have programs which help minorities, veterans and such. In the private sector you could look into Capital Venture "Angels" there are a few which are specifically geared to the Hispanic and other minoritiesook them up in the Internet under Venture Capital.

Good luck,

Dan

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