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    2 Replies Latest reply on May 12, 2008 8:21 AM by LUCKIEST

    In need of a loan to buy an existing 6 years old nails salon

    Atlcutie23 Newbie
      I'm in the process of purchasing an existing nails salon. It has been running for 12 years with 2 different owners. The average income for this small nails salon monthly is $16,000. The salon has 5 employees. I'm in need of $15,000 by May 24th. The Salon costs $28,000. What does it take for a young woman with big ambitions to have this loan, by this day? I can guarantee within 4 months I can pay back the $15,000 that I borrowed.
        • Re: In need of a loan to buy an existing 6 years old nails salon
          dublincpa Scout
          It seems like your repayment expectations might be a bit ambitious. I also wonder if you will leave yourself in a cash crunch just getting $15K. However, depending on your credit and income history, you should be able to get a loan that size maybe a little more. I did a google search on "personal loan". I have not dealt with any of the insititutions, but the following came up that weren't payday loans:

          • americaoneunsecured.com
          • citifinancial.com
          • bankofamerica.com

          These would likely be personal loans carrying near credit card interest rates, but if you deposit the money into your account and then transfer the money to a separate account for the business, you can most likely deduct the interest as a business expense if you are organized as anything but a C Corp and then you could work it out to be investment interest expense.

          Be sure to have your accountant and attorney review any purchase contract BEFORE you sign.

          Good luck. If you have specific questions I can be reached via email at dublincpa@gmail.com.
          • Re: In need of a loan to buy an existing 6 years old nails salon
            LUCKIEST Guide
            In need of a loan to buy an existing 6 years old nails salon, Welcome to this web site.

            *You are in **Tucker,
            Georgia. Will you take over on May 24??*
            Questions.
            Will there be Construction Costs?? Improvements?? or New equipment Costs??
            Have you seen the Books and Records of this existing nail salon (including tax returns)??
            Do you have an Accountant?? A Lawyer?? An Insurance Agent??
            Have you developed a Business Plan including a Cash Flow Statement??
            Will the 5 employees be staying on with you??

            Thanks, LUCKIEST