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    3 Replies Latest reply on Feb 9, 2013 1:09 AM by Brian Mitchell

    Business Loan Question

    Todd Schultz Newbie

      I currently own a personal training business that I operate from home and train my clients in the basement. The basement is unfinished which makes it cold during the winter months and hot during the summer. I haven't received any complaints from my clients, however, I feel I would have a higher retention rate and therefore more income if the basement were finished and looked more professional.

       

      My question is, could I qualify for a business loan for the purpose of renovating/finished the basement if 100% of the area will be used for the personal training business? It's about a 1,000 sqft area that I estimate will cost between $25,000 to $30,000.

       

      I appreciate any advise.

        • Re: Business Loan Question
          Guide

          Hi Todd,

           

          Inquire with your accountant (assuming you have one that does more than your taxes). They should be able to steer you in the right direction. A bank can also give you the different options for getting a loan depending on the type. You might be able to get a home renovation loan (which would probably have less interest on it) and tax deduct it off of your business taxes (which is exactly what we did several years ago). Because you are running your business out of your home, you have more than one way to skin a cat. Good luck!

           

          Melinda

          • Re: Business Loan Question
            automatedlife Adventurer

            Todd, some loans will depend more on your annual revenue than anything else. My advice would be to look for a private lender where the qualifications aren't so strict. Try to google something like "business loan for construction" to see what you come up with.


            Hope that helps.