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3 Replies Last post: Dec 19, 2008 3:56 PM by NoBullFunding

STARTUP LOAN FOR AN ICE CREAM STORE

Dec 18, 2008 12:48 AM

Er_Romanaccio 3 posts since
Sep 11, 2008

I was recenlty turned down for a SBA loan to start my business. I have a strong business plan and all paperwork required. However my FICO socre is only 650 and I do not have nay collateral to offer other than the assets I am purchasing.

Can anyone help with any advice?

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LUCKIEST 7,926 posts since
Aug 6, 2007

1. Re: STARTUP LOAN FOR AN ICE CREAM STORE Dec 18, 2008 8:06 AM

ICE CREAM STORE, Welcome Giorgio

Do you have a location?? How much of a loan do you need??

Can I read your business plan?? email it to pdeig@juno.com

Thanks, LUCKIEST

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Bridge 364 posts since
Jun 3, 2008

2. Re: STARTUP LOAN FOR AN ICE CREAM STORE Dec 18, 2008 9:28 AM

You should look to buy an established business instead.

You will have better luck gettng a loan with an established business with a history of profits. SBA guarnteed loans generally require 20% down - perhaps more with your credit score.

You might also try seller fianncing when buying an established business - avioding banks altogether.

Best of luck,
Greg Dupuis
Founder, Bridge Ventures, LLC
www.bridgeventuresllc.com

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NoBullFunding 278 posts since
Oct 6, 2008

3. Re: STARTUP LOAN FOR AN ICE CREAM STORE Dec 19, 2008 3:57 PM

The ice cream industry is prohibted among many lenders due to their seasonality. I tell you from experience (a failed experience) that its a hard business. You have to sell A LOT of product in a short amount of time. Without a premium location, it's an uphill battle.

Why did you pick this particular type of business?

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ForumsStarting a Business

This Question is Possibly Answered

STARTUP LOAN FOR AN ICE CREAM STORE

Dec 18, 2008 12:48 AM

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