Post a new topic
    2 Replies Latest reply on Mar 3, 2008 8:59 PM by JAKSKRILLA

    can i get a business loan if i'm disabled and how do i do it

    JAKSKRILLA Newbie
      HI EVERYONE, I'M NEW TO THIS IF U CAN'T TELL FROM READING THIS POST. I'M DISABLED FROM AN ASSAULT I GOT 3 YEARS AND 15 DAYS AGO. I CAN'T STOP COUNTING, CAUSE IT CHANGE MY LIFE. I WENT FROM BEING WORTH A QUARTER MILLION TO BEING OUT A HALF MILLION IN REAL MONEY AND 1.8 MILLION IN MEDICAL BILLS. I GOT A TRAUMATIC BRAIN INJURY FROM THIS ASSAULT. IF I SEEM RUDE , I'M NOT TRYIN TO BE IGNORANT OF THE SUBJECT , I JUST DON'T KNOW ANYTHING ABOUT GETTING LOANS FOR BUSINESSES OR THE IN'S AND OUT'S , OR LITTLE TRICKS TO MAKE THE LOAN BETTER FOR YOU GETTING , OR BETTER A WAY OF DOING IT. I HAVE A FRIEND THAT I HAVE KNOW FOR ROUGHLY 15 YEARS. HE IS 47. I HAVE A CHANCE TO BUY HIS BUSINESS. IT IS A PROFITABLE BUSINESS AND HAS BEEN EVERY SINCE HE OPENED IT 25 YEARS AGO. IT'S A POOL HALL IN BIGGEST UPPER MIDDLE CLASS IN MY CITY. IT'S LIKE 15 MINUTES FROM THE DOWNTOWN OF OUR MAJOR CITY. HE'S A GOOD FRIEND OF MINE NOW. THE WHOLE 15 YEARS I'VE KNOW HIM WE HAVE LIKED EACH OTHER GOOD. WHEN I GOT HURT HE HELD A BENEFIT FOR ME . THAT SHOWED ME THAT HE ACTUALLY CARED. AND ALL THE PEOPLE TO SHOW UP SHOWED THAT THEY CARED AND THAT I WAS A WELL RESPECTED PERSON. BECAUSE OF MY SITUATION , HE HAS OFFERED TO SELL HIS BUSINESS TO ME. IT'S A BILLIARD HALL. I'VE GONE THERE ATLEAST 5 DAYS OF THE WEEK FOR THE LAST 15 YEARS. THAT'S HOW I KNOW HIM. HE KNOWS MY SITUATION THAT I'M IN AND IS TRYING TO HELP ME OUT. HE HAS A SIX YEAR OLD SON AND HAS ANOTHER BILLIARD ROOM THAT IS ALSO PROFITABLE. BY SELLING ONE HE'S FIGURING ON SPENDING MORE TIME WITH HIS SON THIS WAY AND HELPING ME OUT. IT'S LIKE HE'S SEMI-RETIRING. I NEED IN INPUT ON HOW I CAN GET A BUSINESS LOAN OR IF I EVEN CAN SINCE I'M A DISABLED PERSON . THE COMPANY HAS BEEN PROFITTABLE EVEREY YEAR IT HAS BEEN IN BUSINESS. I'M A COLLEGE GRADUATE, WITH MANY COURSES FOCUSING ON BUSINESS , THE DEVELOPEMENT OF BUSINESSES, AND STRATEGY'S THAT FOCUS ON INCREASING THEIR PROFIT. I CAN MAKE THIS BUSINESS MORE PROFITABLE . HE'S HELPING ME OUT GRANTED MY SITUATION , ESPECIALLY SINCE I LOST A $95,000 A YEAR JOB AND NEED SOMETHING LOW STRESS NOW . IT ALREADY HAS EMPLOYEES THAT I KNOW, ONE OF THE GUYS THAT WORKS THEIR IS A GOOD FRIEND NOW. I MET HIM UP THEIR, SINCE I GO UP THEIR ALL THE TIME. HE HAS WORKED THEIR FOR THE LAST 10 YEARS. IT HAS 60-70 PEOPLE IN THEIR EVERY NIGHT. ANY HELP IS APPRECIATED OR POINTING ME IN THE WRIGHT DIRECTION AND HELPING ME GET THIS THING ROLLING WOULD MAKE ME SO GREATFUL
      • THANX*

      • JAK SKRILLA*
        • Re: can i get a business loan if i'm disabled and how do i do it
          Bluesuit Adventurer
          Business loans are based on credit score and history - your disability should not impact you from applying for a loan. Also, I would definitely perform some due diligence before seriously considering buying your friends business - how profitable it is, etc. I would ask to see some hard data vs. simply observing the place. Who knows, the business owner can have a pile of bills or violations that are costly to take are of. Like any transaction, no matter who it is with - make sure you do your homework and research. A deal that is too good to be true, often is. Also, running a pool hall does not seem to be trivial - - is this something you would be happy managing and running day to day? Good luck.

          P. S. It's harder to read if you type with all caps and bold.
          1 of 1 people found this helpful
            • Re: can i get a business loan if i'm disabled and how do i do it
              JAKSKRILLA Newbie
              thanks for the imput he don't have any other bills or violations, cause if he did i would definitely here about it. he hardly has any overhead at all. i am such good friends with him i know the way it should be run and all the in's and out's of the business. cause i haven't worked in three years my credit score isn't good cause i can't pay all of my medical bills due to my injury. 1.8 million. so my credit score is around 500. do i have no chance of getting a loan to purchase this business.....it makes close to 50k a year. i know that for a fact. do they offer any special loans for people with disabilities or is there anyway i can go about gettin a loan even though i can prove it is a profitable business and has been since it opened 25 years ago. what about grants? would i qualify for any if i apply for them or they a waste of time. will my credit score still have something to do with me getting a loan , since it is low from not working in the last 3 years of my injury , because i became disabled. thanx again man , i really appreciate you helpin me out