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    2 Replies Latest reply on Apr 14, 2014 1:13 AM by crosscountry

    Small Business Loans

    bikes4leos Newbie

      Hi,

       

      I am looking to revamp my business Bikes4Leos and I really need some initial funding to get the jumpstart I need to follow through with renovations. I was wondering if anyone can recommend a good place to go to? I have a 600+ credit score but 3 banks have already turned me away! Ridiculous!!!

       

      Thanks,

      Francis

       

        • Re: Small Business Loans
          Moderator Berta Guide

          Welcome to the community, bikes4leos!

           

          If you don't mind my asking, what was the reason the 3 banks turned you down? This may assist us in giving you the right direction to go. Do you have your business plan together? Have you thought about looking for investor's instead of a traditional loan?

           

          ~Berta

          • Re: Small Business Loans
            crosscountry Adventurer

            Francis,

             

            We would be better prepared to answer your question if you provide the information Berta asked for.

             

            If you have a FICO of less than 750 it will be difficult for you to get a loan. Do you have collateral you can use for the loan? Do you own the shop?

             

            For every loan, the underwriter will look at the risks you and your business represent. Remember you are asking people/entities to take a risk.

             

            For example, in our business, sometimes we finance branches that want to join our network, but to do this we look at the past performance of the branch and the current business pipelines. Although we broadcast our mortgage branch opportunities to everyone, we are selective on where we invest our resources. It is the same for you.

             

            When you are asking for a loan for your business, you will have to show your past performance, and whatever you have lined up for near, mid and long term future. Who is your customer base? What are the prospects of repeat business? Do you have other retail outlets or partnership that will contribute to the selling of your product in mass? What are your profit margins? etc.


            Another alternative may be you go to one of your largest product distributors, and you ask them for the loan. A distributor has an interest on your staying in business, and in growing your business. If all goes well, the distributor will benefit from your improved business.


            Give us an update