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Do you have a complete set of financials including cash flow projections?
Do you have a detailed sales and marketing plan?
How long will your current cash reserves last?
Are you drawing an income from the business?
Yes, I have a detailed sales and marketing plan. I'm out of cash reserveres. And the business is just now starting to draw a small amount of income.
Well the SBA can do startups but the lending source you went through could not. We do them frequently. The real question is will your credit be enough for the SBA. Email me where you think your credit is at. Also would you have a cash injection and/or collateral such as equity to make the loan less risky?
No, my credit would not be good enough for SBA. And the only real collateral I have is a car. I don't own property.
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I'm a small business owner in need of loan advice. My business is currently expanding exponentially. I am in need of working capital to keep up with its growth. However, my business is still considered a start-up as it is under 1 year old. My personal credit is not in good shape either. We have been using our personal savings and income to support this business. I am now at a point that I can no longer do so with just my income. I have not been able to find a loan, and a SBA Loan wants 2 years of history, which I don't have. I do have a business plan. My company is insured, incorporated and fully licensed in the state of Virginia. With the current state of the economy and my personal not so good credit, how can I find a loan?