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    1 Reply Latest reply on Apr 18, 2013 7:06 PM by aaronl

    Business Loan

    trailous Wayfarer

      Hi,

       

      I have a small inflatable party rental business that I started 10 years ago. Since start up each year has always been better than the previous. So much so, that in 2010 I quit my full time job to focus solely on the business.  When quitting my job I didn’t factor in the additional investments that I have made the last few years. So now, I have about $60k worth of business debt and would like to invest another $25-$30k in the next year or so. Also, all of this debt is now on my personal credit cards. Looking for the right loan options to consolidate the current debt from my personal finances, as well as, the additional funding of $25-$30K for future investments.  If someone could please direct me in the right direction I would greatly appreciate it.


      Thanks

        • Re: Business Loan
          aaronl Adventurer

          Trailous,

          There are many items of information that you did not tell me about your situation. Normally, I would spend an hour or more delving into your business and personal situation looking at your legal structure, past business success, financials, credit report, credit score, assets, active customer list and many other areas of importance before making a reccommendation on what type of lender or funding to refer you to. Do you have a business plan, operating or partnership agreement?

           

          As a business advisor for the Sandoval County Small Business Development Center, I would advise you about the types of lenders and their lending levels. We are a partner of the SBA and there are lending programs through SBA cerified  lenders that are guaranteed by the SBA essentially making them a 'co signer' on the loan. You will still need to qualify underwriter guidelines.

           

          Prior to making an application for funding. seek out resources like the America's Small Business Development Centers, micro lenders, SCORE or any qualified free services that are available to you.There are America's Small Business Development Centers in all 50 states and the SBA website is a great place to start your research for their locations and SBA guaranteed loan programs. These organizations can help you complete a business plan, look at all the things I mentioned above and get you in shape to apply for the loan. Best of fortune on your next step and feel free to call or e-mail to bounce things around further, if you like. 

          AARON

          aaronl@unm.edu       505 999 1834
          R. Aaron Lundquist

          Business Advisor, Certified Business Analyst

          Sandoval County Small Business Development Center

          4001 Southern Blvd SE Rio Rancho NM 87124

          http://www.nmsbdc.org/sandoval