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    4 Replies Latest reply on Jan 9, 2009 10:08 PM by tomgaz

    Help with Acquiring a Loan for Small Business

    GrnMachine08 Newbie
      I am looking for help in acquiring a loan for my business. I own a landscape company and would like to purchase a new commercial mower and possibly a trailer. We started the business in 2007 and as of the end of 2008 I have personally invested approx. $10,800.00 into the company. This is combined with the profits from last year being invested back into the company for equipment and supplies. We also purchased a new truck in April of 2008. Sales and services for 2008 were approx. +684% over 2007. While I am not expecting this type of increase (as nice as it would be) for 2009, I have already acquired new maintenance contracts and am looking forward to more as the season nears.
      By reading some of the other posts I am in the same boat as far as credit history goes. I have managed to raise my personal score over the past four years into the mid 600's from the low 500's. The company itself has no credit history but we do have a DUNS number, are in the Central Contractors Registry, and are licensed for new residential and existing commercial construction (we also do decks, sheds, patios, and retaining walls). Any help and ideas that anyone may have would be greatly appreciated.
        • Re: Help with Acquiring a Loan for Small Business
          LUCKIEST Guide
          Help for Small Business

          Robert, You are looking for help or ideas.

          Two suggestions. One, Contact SCORE. SCORE is FREE

          The other Develop both a Business and Marketing Plan.

          Then talk to me, LUCKIEST
            • Re: Help with Acquiring a Loan for Small Business
              GrnMachine08 Newbie
              I guess you could say that I'm looking for both. I did receive an email from a company that loans money based on credit card sales. While I do accept credit cards I have yet to have a customer pay for services rendered in that form. Has always been by cash or check (blessing in disguise I guess but I do still pay the monthly fee in order to accept plastic). Was basically lookng for other options to borrowing the needed money other than banks. With the credit crunch on right now, and the fact that the only dredit history that they would have to go on is my personal history, banks are pretty much out or the question. I did have one individual approach me with the idea of his investing into the company, but after a few talks he was more interested in the profits going into his pocket.
                • Re: Help with Acquiring a Loan for Small Business
                  tomgaz Wayfarer
                  High Green Machine,

                  We have a system that allows new businesses (less than 2 years old) to raise low-cost capital. I would want to talk to you further to determine if one of our systems is a good fit for you or not. Even if you could have raised some capital through your credit card transactions those solutions are all very high-cost solutions...and it obviously wouldn't work for you because the credit card volume isn't there yet for you.

                  Feel free to drop me an email or call the office anytime.


                  Tom Gazaway
                  Hawkeye Management
                  1873 Rt. 70 East
                  Ste. 207
                  Cherry Hill, NJ 08003
                  856-433-8134 office
                  856-581-7979 fax
              • Re: Help with Acquiring a Loan for Small Business
                Bridge Navigator
                Rather than buy, considering leasing the equipment. Not only will you have a smaller capital outlay, you will be able to claim the lease payments as an expense to offset income for taxes rather than having to capitalize the equipment and depreciate it over its useful life.

                You may also want to consider buying used equipment - perhaps from a competitor going out of business or another start-up that did not ave as much success as you. You may also be able to pick up some additional contracts in the process...

                Best of luck,