Please sign in to post in this forum.

ForumsBusiness Classifieds

Up to All Forums

This Question is Possibly Answered

1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)
Post a new topic
1 Replies Last post: Apr 9, 2008 8:02 AM by LUCKIEST

STARTUP LOAN FOR AN ICE CREAM STORE

Dec 18, 2008 12:48 AM

Click to view Er_Romanaccio's profile Professional 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?
Tags: web_design, web-design, video, renderings, flash, marketing, production, real_estate, new_business Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,926 posts since
Aug 6, 2007
1. Re: STARTUP LOAN FOR AN ICE CREAM STORE Dec 18, 2008 8:06 AM
in response to: Er_Romanaccio
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
Report as inappropriate
Click to view Bridge's profile Mogul Bridge 364 posts since
Jun 3, 2008
2. Re: STARTUP LOAN FOR AN ICE CREAM STORE Dec 18, 2008 9:28 AM
in response to: Er_Romanaccio
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
Report as inappropriate
Click to view NoBullFunding's profile Mogul NoBullFunding 278 posts since
Oct 6, 2008
3. Re: STARTUP LOAN FOR AN ICE CREAM STORE Dec 19, 2008 3:57 PM
in response to: Er_Romanaccio
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?
Report as inappropriate

More Like This

Legend

  • Open Question
  • Answered Question
  • New content since your last visit
  • Updated content since your last visit
  • Content you have read