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4 Replies Last post: May 20, 2009 12:53 PM by ggoodard

In search of a loan for starting my laundry business-HELP

May 13, 2009 9:15 AM

Click to view shaelkhan's profile Professional shaelkhan 2 posts since
May 13, 2009
I am in the process of starting a laundry business and to develop my company further i need huge loan-FAST! Is it possible to acquire a quick accessible loan and be able to build my credit at the same time? My business requires a large sum of money, do you think i'll be able to get this amount in a reasonable amount of time? please respond.................................
Tags: laundry, business, consulting, funding, loan, investors, small, local, new, business Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
1. Re: In search of a loan for starting my laundry business-HELP May 13, 2009 12:45 PM
In search of a loan, Welcome

who are you?? Go to Members page and share some info

Are you starting a laundry business or a real estate business??

Talk to me, LUCKIEST
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Click to view axiomdp's profile Start-up axiomdp 2 posts since
May 13, 2009
2. Re: In search of a loan for starting my laundry business-HELP May 13, 2009 6:56 PM
You might want to consider an angel investor, since you are a startup it will be tough to convince a traditional lender to take the risk, especially in this economic recession. It would be wise to build "strong business credit" to offset some of your expenses while you are in a start up phase.
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Click to view phanio's profile Mogul phanio 483 posts since
Apr 7, 2009
3. Re: In search of a loan for starting my laundry business-HELP May 14, 2009 6:55 PM
Couple of things. Huge loans are hard to get unless you have great credit, lots of collateral, and significant income. SBA loans could help you but they take time and still require great credit, collateral and down payment of at least 10%.

As stated, you could find an investor. Get out into your community and talk to everyone. Attend networking events and just talk to everyone. If the people you talk to don't invest - they may know of other who will.

Business Money Today
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Click to view ggoodard's profile Mogul ggoodard 79 posts since
Nov 29, 2008
4. Re: In search of a loan for starting my laundry business-HELP May 20, 2009 12:55 PM
What is a huge loan?
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