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    7 Replies Latest reply on May 25, 2008 8:10 AM by Adducent

    Seeking advice on best approach to get financing

    abbadox Newbie
      Hello everyone,

      I just found this forum and hope I can get some help, I am an Army Veteran and have been looking into buying a franchise (carpet cleaning). I worked in the field for a few years before joining the Army and have decided on one franchise that seems to fit me very well. The total start up costs are around $75,000 which includes the franchise fee, equipment, 6 months of advertising/marketing expenses, vehicle, misc expenses, and about 4 months of living expenses. My credit score is 720-730 and I have zero debt, I rent an apartment so have no home equity to draw from but I do have about $32,000 in the bank. I would like to know if it is possible for me to quallify for a SBA microloan or patriot express type of loan?. Any suggestions on what would be the best chances for me to actually get approved.

      Thanks in advance for any help.

      Abbadox
        • Re: Seeking advice on best approach to get financing
          LUCKIEST Guide
          Welcome to this web site. Seeking advice on best approach to get financing.
          Do you know about SCORE. SCORE is FREE, however they do NOT have funds.
          They can give you GREAT advice on the best approach to get financing.
          You can contact SCORE on line.
          Good luck, LUCKIEST
          • Re: Seeking advice on best approach to get financing
            TJMorehead Adventurer
            Hello,

            I am a Technical Assistance Provider authorized by the government to offer a program called the CommunityExpress Loan or SOHO (Small Office/Home Office) Loan, if you will. This program is simple and available for emerging and existing business owners to apply for up to $50,000. I can assist you with a strategy to secure the financing and business development services needed for the franchise. Of course I'll need to speak with you more about this opportunity. In the interim, visit my blog page to learn more about the program www.moreheadsconnections.blogspot.com.

            Email me at moreheadsconnections@gmail.com and we can exchange contact information.

            Warm regards,
            TJ Morehead
            • Re: Seeking advice on best approach to get financing
              mlebovits Newbie
              You can find a list of SBA Patriot Express lenders at http://www.sba.gov/patriotexpress/sba_pat
              riotexp_lenderlist.html .

              You can find out if the franchise you are seeking to buy has already been approved by the SBA by checking out The Franchise Registry at http://www.franchiseregistry.com/registry
              /default.asp .

              I've written a couple of blog postings on the Patriot Express program and other SBA topics. Feel free to drop by for a visit at www.Funding911.com .

              Regards.

              Marshall Lebovits
              • Re: Seeking advice on best approach to get financing
                Tracker
                Hi and happy Memorial Day weekend,

                 

                I'm a veteran as well and know that the U.S. Small Business Administration (SBA), working with the Department of Defense provides a full range of small business ownership counseling, training, financing and procurement programs to veterans.

                Check out the SBA site at: http://www.sba.gov/vrassistance/index.htm
                l

                 

                Befor you go to them for discussion about what you want to do (and definitely before you go meet with any funding sources they direct you to) you should be prepared. If you haven't done it yet, you should put together your business plan. If you want to see an outline/overview of one visit http://www.adducentinc.com/services/Busin
                ess_Plan_Proposal_Overview.htm to get an idea of what a business plan should consist of and the uses for it.

                The SBA has a lot of information and resources readily available for U.S. service members wanting to start or grow small businesses after leaving active duty. And provides a range of business financing options, including the direct Military Reservist Economic Injury Disaster Loan program (MREIDL) available to activated self-employed Reservists or employers of Guard and Reservists, the Patriot Express Pilot Loan Initiative available to veterans, reservists, discharging service members, spouses and widows, and other loan programs from Micro Loans to Venture Capital investments.

                Dennis Lowery,
                Adducent, Inc.