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    7 Replies Latest reply on Jun 24, 2013 8:30 PM by jostry

    I need to get a loan to expand my business...help please!

    saltwater Newbie

      My business has only been operating since the beginning of the year. Since then with no capital or financial backing I have done over $200,000.00 in business with only one other person working with me. I need to secure financing so I can expand my business but my problem is I have a 0 credit score at all 3 personal credit bureaus and can't back it with my personal credit. I've got three months of bank statements to verify as well. Where can I go to get funding?
        • Re: I need to get a loan to expand my business...help please!
          bizcreditfan Wayfarer
          This is a pretty tall order unfortunately. You need to immediately start building strong business credit. This is going to be the first step in securing financing strictly under your business.
          • Re: I need to get a loan to expand my business...help please!
            LUCKIEST Guide
            a loan to expand my business, Welcome Jerry

            Have you developed a business and marketing plan that I can read??
            1 of 1 people found this helpful
              • Re: I need to get a loan to expand my business...help please!
                saltwater Newbie

                Luckiest,
                I do have a business plan but do not have a marketing plan. In my industry, you don't really need a marketing plan. Virtually nobody advertises. If you have not read my bio, the industry I am in is insurance restoration; better known to the average person as "storm chasing." Hurricanes and hailstorms are my bread and butter. My company specializes in identifying storm related damage that is covered by homeowners insurance policies, advocating & negotiating on my clients behalf to ensure all storm related damage is notated and properly paid for by the clients insurance company. Then, we put the job into production and restore the clients home to pre-storm condition. My company currently handles the following trades: roofing, siding, gutters, and fencing on the exterior and drywall, texture, paint, carpentry (rough & finish), and flooring on the interior. My target group of consumers are very easily identified needless to say. Before opening my own company, I personally helped several companies get up and running. One company in particular has only been in business 2 1/2 years and they did $54 million in business last year. That is how quickly you can expand in this industry. That company did have financing to get to that point and I know with the right financing I could easily accomplish the same feat. If you or anyone you know can help it would be greatly appreciated. If you are interested in more detail please feel free to call me at: 240-520-4675 to discuss further. Thank you for your time and consideration.

                Sincerely,

                 

                Jerry McElroy
                President
                Saltwater Enterprises Company
              • Re: I need to get a loan to expand my business...help please!
                phanio Pioneer
                Fear not - there are seveal options for you. There are some unsceured lenders - that will lend up to $50K to people who have not yet established a credit history - may require a co-signer.

                You can also quickly build up your personal credit history. It usually requires three trade lines. You will want two revolving lines and one term line.

                Business Money Today
                1 of 1 people found this helpful
                • Re: I need to get a loan to expand my business...help please!
                  rencmbs.vate1 Wayfarer
                  to get a bbusiness loan you will need a plan with " income projections " in order to show how wil pay the loan back
                  • Re: I need to get a loan to expand my business...help please!
                    ontiversmo Wayfarer
                    Hi Saltwater,

                    I personally come from the insurance restoration business (in California), so I the risks and rewards associated with your line of work. It sounds like you're lined up as a sub contractor for other general contractors who sign the deals with the home owners, is that correct?

                    If so, and considering your poor credit history, you should seriously consider factoring your invoices. Factoring is the sale of your invoices (early) at a discount. So, for example, if you have an invoice for $10K outstanding to your general contractor, and you're made to wait the typical 30-60 days to get paid, you can instead get paid today for that invoice. The factoring company who pays you (up front) for that invoice will then do the waiting for you to get paid. Working with the right factoring company will also afford you the time to build up your business credit. Once you are bankable, your factoring company should walk you down to their favorite bank - to give you a great referral.

                    Feel free to contact me for further details (especially since I also hail from the same industry).

                    Regards,
                    Steve Ontiveros
                    Resource Business Partners, Inc.
                    wefactor.com
                    • Re: I need to get a loan to expand my business...help please!
                      lisa13us Adventurer

                      To get a business loan or SBA loan, SBA loans makes for Small business loan, or commercial loans. To know market plan, see what customer needs and market demand.