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11 Replies Last post: Mar 18, 2009 10:05 AM by funds2924

Small Business; Good Income; need more credit

Mar 3, 2009 7:24 PM

manucci2 1 posts since
Mar 3, 2009

Hello:
I have a small insurance agency; Im opened it 3 years ago. I used my personal and business credit cards/lines of credit to finnce the expenses; now the business is profitable and getting better every month.

The problem is that my creditors reducing my credit limit and therefore, my balance remains over 90% of my available credit; I have been been paying the creditos online, every time for the past 30 years; never never any late payment, never any negative item in my credit.

I need to get financing that can put all of my credit cards balances into it, so I can concentrate on improving my business rather than spend my time worrying about financing.

SBA is too much of hassle; I do not have areal estate.

Michael

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vlakh01 12 posts since
Feb 26, 2009

1. Re: Small Business; Good Income; need more credit Mar 3, 2009 9:01 PM

Hi there,

Start with a well thought out Business Plan and approach small local and regional lenders – these folks are still lending while the big banks are licking their wounds. The new TALF program recently announced is about to go into effect on the 28th of this month and it should fire up SBA lending once again at banks and non-bank lenders now that they will be able to securitize these loans and sell them to the government.

If you have good cash flow you should be able to get the loan subject to paying off the credit cards at the loan closing. M&T, TD Bank North and US Bank Corp are names that come to mind.

For a more detailed discussion about how to get ready for a loan application, bank lists and much more I am going to recommend that you visit our site and also check out some of the other postings on this excellent site.

Good luck.

Vivek L | http://www.smallbusinessplanresources.com

En Espanol | http://www.smallbusinessplanresources.com/spanish

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bmt2008 305 posts since
Jul 30, 2008

2. Re: Small Business; Good Income; need more credit Mar 5, 2009 8:22 AM

Don't feel that your creditors are picking on you. They are doing this to all of us. Debt consolidation loans are hard to get. Lenders are fearful of high debt-to-income levels which are typically found with these types of loans. Further, they think that the borrower will just go out and run up even more debt making it less likely they will get repaid.

Some suggestions:

You say you do not have real estate - is that no business real estate or no personal real estate. If you have a home with some equity, this may be your quickest and cheapest way.

How much are you looking for? Under $25K - think about micro-credit or peer-to-peer lending. More than $25K - there are a few companies (non-bank companies) that provide unsecured business and personal loans for borrowers with strong credit and good repayment abilities.

Lastly, there are debt consolidation companies out there - we work with a few - that can help depending on the amount, your credit, and your income. These are usually not cheap options but can help free up your cash flow.

Just some thoughts

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ezloan4unow 4 posts since
Mar 6, 2009

3. Re: Small Business; Good Income; need more credit Mar 7, 2009 6:04 AM

Hi Michael, I know a company could make a loan very easy for you.
e-amailme at jisodi@gmail.com

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NoBullFunding 278 posts since
Oct 6, 2008

4. Re: Small Business; Good Income; need more credit Mar 7, 2009 9:11 AM

in response to: ezloan4unow

Generally speaking, "easy credit" = EXPENSIVE credit. You can't get something for nothing.

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Broc51 5 posts since
Mar 6, 2009

5. Re: Small Business; Good Income; need more credit Mar 7, 2009 4:13 PM

Michael
A great company to start with is CaesarInc3 ( www.caesarinc3.com) They find lenders quick. All you need is an executive summary to begin and CI3's service is free. Simple forms online to fill out or submit a business summary.

Good Luck

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token88 38 posts since
Oct 13, 2008

6. Re: Small Business; Good Income; need more credit Mar 10, 2009 11:48 PM

I can help, send me an email with your contact information.

alexmartinez.1@hotmail.com

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chapeastwood 13 posts since
Mar 15, 2009

7. Re: Small Business; Good Income; need more credit Mar 16, 2009 6:49 PM

I would love to assist, email me achapmanjr@gmail.com or visit my site AChapman Funding Group (www.achapmanfundinggrp.com)

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chapeastwood 13 posts since
Mar 15, 2009

8. Re: Small Business; Good Income; need more credit Mar 16, 2009 6:44 PM

I would love to assist, email me achapmanjr@gmail.com

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wilfin 106 posts since
Feb 22, 2009

9. Re: Small Business; Good Income; need more credit Mar 18, 2009 8:12 AM

in response to: vlakh01

Excellent post vlakh01

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wilfin 106 posts since
Feb 22, 2009

10. Re: Small Business; Good Income; need more credit Mar 18, 2009 8:14 AM

in response to: NoBullFunding

Agreed....that's why they call it "hard" money.....the easiest kind is the hardest lol

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funds2924 36 posts since
Jan 14, 2009

11. Re: Small Business; Good Income; need more credit Mar 18, 2009 10:05 AM

Hello

Many our clients has been experienced a credit crunch before they found out about us. Please check us out www.innovativereturns.com

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Small Business; Good Income; need more credit

Mar 3, 2009 7:24 PM

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