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    2 Replies Latest reply on May 16, 2008 4:48 PM by Trish.EMLWW

    Loan Frustration

    Trish.EMLWW Newbie
      Good morning everyone, at least here in the western part of the US. I have a business that is two years old this June. We have had a rough two years and have self invested in our company. We are a Subchaper S Corp. Our gross income for 2007 was just under 1.0 million. We have had major growing pains and the future is amazing, but we need finacning to see it through. Our company is in international trade show logistics, we take the US exhibitor to international venues, deal with customs, proform onsite services and site the shows as needed.

      I have met with SCORE here in Vegas and they said to start with a business plan. We're almost done, about a week to go to finish it the way it looks. I contacted BofA business via a 1-866 number and spoke with a person that stated that they don't need a business plan and the most we can hope to get is about 10% of our gross income. Plus, he stated the the SBA was considered as a last alternitve, only when they turn us down can SBA help. Not sure if that's true or not......????

      I am confused at this point, not to mention frustrated. We are looking to pay off some old debt and consolidate credit card debt, we are paying high credit card rates, making our payments ontime, at this time and would like to get a projected loan of $500,000. This would pay off the old debt, allow us to hire another sales person. We have reduced our payroll and restructured our focus and it's working, actually turning two bad years around and there is some major light at the end of our tunnel.

      If anyone out there can guide me in a direction I'm not seeing I would love to listen.


      Trish McCarron
      Event Management & Logistics Worldwide, Inc.
      Las Vegas, NV
        • Re: Loan Frustration
          LUCKIEST Guide
          Loan Frustration, Welcome to this web site.
          You say "
          I am confused at this point, not to mention frustrated "
          Lets see if we can help. Like every thing in life, the more we know, the better we can help.
          You have been in business 2 years and making money.
          It is GREAT that you met with SCORE and YES a Business Plan is MOST IMPORTANT.
          It is one of the first items an investor or lender will want to see.
          A lender might also want to see a Marketing Plan and a Cash Flow Projection (especially in light
          of your last paragraph, reducing payroll and hiring another sales person).
          Do you have an Accountant?? A Lawyer?? A business plan keeps changing. When you look at
          the plan 3 months from now it could be different than what you wrote now.

          Good luck, LUCKIEST
          1 of 1 people found this helpful
            • Re: Loan Frustration
              Trish.EMLWW Newbie
              Thanks for the reply Luckiest, we do have a Lawyer and and CPA they mainly do our taxes and answer questions as we go. We are putting together a full business plan which shows what we're going to do with the money as well as what our future projections are. There are Cash Flow Projections as well as a full marketing least I think it's a full one....

              Being that we have a contract with a "Trade Show Organizer" , their main focus of shows is "energy" related, such as oil and gas, power generation, coal, offshore, etc. Our future just in that segment of the market is growing with every show. We were pretty shakey when we started this company two years ago and needless to say trusted many people and got burned. We started taking major action mid to end of last year and this year things are going better.

              Writing the business plan has opened our eyes quite a bit, and I know things change not only monthly, but daily. I just really need to know where to present the business plan and to who........ I'm starting to realize that banks may not be the answer we need. I have a meeting set with SCORE next Thursday to look over the plan, not sure how long it will take. Will they give me an idea of where to go next??

              I have read quite a bit on the SBA website, my husband is a Veteran, does that have any bearing, such as the Patriot Loan that I read about??

              Again, thank your for your response and look forwad to reading more info from you!