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    8 Replies Latest reply on Sep 2, 2008 11:54 AM by Fortis

    BUSINESS LOANS FOR NEW BUSINESSES

    HighlyFavored Newbie

      My husband and I own a barbershop and beauty salon in Florida. The barbershop has been open for about 16 months and the salon for about 6 months. We used our personal credit cards to finance both businesses since it was difficult to obtain any business loans/credits. Most of the companies I contacted for loans told me that we would have to be in business for at least 2 years before we could apply. A few months ago, we tried to apply for a business loan and was turned down because the credit card balances were too close to the credit limits. So now my issue is we have all these credit cards with balances and varying interest rates from 3.99% to 22%. I want to consolidate the cards as well as get the business debt on the business and not on my personal credit. I've done some research online but I have been skeptical on some of the companies that promise to approve you for a business loan. Especially once I check the Better Business Bureau and see their records. I am looking for advice on how I can possibly get a business loan or consolidate.
        • Re: BUSINESS LOANS FOR NEW BUSINESSES
          eeco88 Newbie
          If you are still looking for some capital, I believe we could definitely be of some assistance. Do you have an email or phone number I could reach you at or you can email me at eeconomides@numafinancial.com with any questions.
          • Re: BUSINESS LOANS FOR NEW BUSINESSES
            Bridge Navigator
            Check with your credit cards with the lowest rates. If you have been making payment promptly, ask them to increase your credit line, then transfer the high rate card balance to them.

            You could alos look for offers for a "new" card with a special on balance transfers.

            A home equity line might be an option to consolidate credit card debt. Make sure you check the acceptable uses for the line.

            You could also look at some SBA programs for start-ups. They ahve micro low doc. options available,

            Find a loan specialist. You should pay very little, if any up front fess and they should be refundable if they do not place the loan.
            • Re: BUSINESS LOANS FOR NEW BUSINESSES
              heretohelp Newbie
              Hi,

              Please contact me at 781-341-0700. I can definitely discuss with you how you can meet your capital needs.

              -Tiffany
              • Re: BUSINESS LOANS FOR NEW BUSINESSES
                BizLOC Newbie
                Good afternoon,

                I came across your posting for additional funding sources for your salon. I would like to ask you to view www.fastmerchantadvances.com. My name is Paul Warshawsky and I am an independant agent. I can certainly explain the guidelines for getting the funding you need. If you are still searching for additional funds please feel free to contact me at any time. I would love to help.

                Sincerely,

                Paul Warshawsky
                251-622-8187
                pwarshawsky@gmail.com
                • Re: BUSINESS LOANS FOR NEW BUSINESSES
                  she1072002 Wayfarer
                  Be careful with debt consolidation because in the long run it can affect your credit. Debt consolidation can be a double edge sword. The advice given earlier on transfering your high interest rate to a card with low interest rate can definately be a way to go. In addition being on this website can potentially help you find a angel investor. Good luck with your plans.
                  • Re: BUSINESS LOANS FOR NEW BUSINESSES
                    Fortis Wayfarer
                    Hello, hope all is well. I see this post goes back to June. Are you still having trouble finding funding or interested in find funding?

                    Yes we consider businesses \"startups\" in the first 2 years but there is still financing avaliable. Some of the products though are restricted in how much can be lent to a startup and other like SBA loans are more based on credit, collateral, etc...

                    You may want to ask other references about the finance companies you were talking too. They all might not be bad. The Better Business Bureau is a good reference but remember the more customers you deal with the harder it is to satisfy everyone. If you look at companies like VISA who I\'m sure you are a customer of gets over 6,000 negative hits on their bureau a month.

                    Hope this helps, let me know if you have anymore questions. Thanks and good luck!