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    5 Replies Latest reply on Jun 26, 2008 4:27 AM by LUCKIEST

    My 2 cents

    garagewoman Newbie
      I agree in principal with what you are saying regarding the asking for funding. I just posted one myself. I've been to this site about 3 other times with other questions regarding other points regarding my business and can't say that I received any advise that would help in the situtation that I ask for help in

      I've been in business now 2 1/2 years, the first year, I heard wait until you are in business for 2 years and then we can help you (banks). So I waited and invested money of my own (which I expected to do) but now when I need the banks' help they tell me my debt to income is to high or if I look else where they want to charge $5,000 to get a $100,000 LOC. While this may be boring to some it is VERY important to me to get in touch with "lenders" that can help and not simply wait for the roof to fall in.

      If there is any suggestions, as to help me move forward in expanding my business so I don;t need a line of credit it would be greatly appreciated. Thanks!
        • Re: My 2 cents
          Iwrite Pioneer
          Garagewoman,

          I think some folks are missing my point. Not all of us are qualified to answer questions about funding because we are dealing with the exact same issues. I am asking if everybody would not be better served if we had a section of the forum where all requests for funding could be posted? There is no condemnation in this question, no judgement - just the realization that maybe there is a need to better organize the information presented. The sheer volume of requests is getting a bit overwhelming for those who are not interested in it. Some may be bothered by the whole asking thing, I'm not. I just think it deserves its on section in the forum.

          I have not read of one person on this forum getting funding from requesting it on here. I wish people were getting their needs met but I really don't have the information to make a decision as to whether they are or aren't, and no one seems willing to admit that they have found funding through this forum.

          I am so sorry that your questions were not answered but some of us are in the position to answer it. I am not qualified. And the last thing I want to do is give you an answer that does more harm than help.

          Here's a thought: Why doesn't Bank of America do one of those live sessions with someone who understands small business lending and funding to answers all those quesions people on this forum seem unable to answer?

          1 of 1 people found this helpful
            • Re: My 2 cents
              garagewoman Newbie
              Iwrite,

              I do agree with the overwhelming about of requests in the LOC section and maybe there should be another section as you suggested. Like you said, we are all in the same boat. I worked in banking for 7 years and I do understand the "hoops" that are involved in getting loans but there has to be another option available to small businesses. I've even went the route of going to SCORE, they said that we are doing everthing right but that we needed to increase our customer base. I ask how and they said we're not sure!!! It's just very fustrating!

              My husband & I have recently enrolled in a management course that seems to be helping alot and watching what the economy is going to do next....just like everyone else! Thanks for letting me vent!!!
                • Re: My 2 cents
                  Iwrite Pioneer
                  Venting is healthy and understandable in these times. I didn't take it personal, I was more worried that my words had harmed someone. I didn't want that or that they sounded like I didn't understand - I do.

                  Now, you have said something that I don't think anyone has asked: Is there another option available to small businesses?

                  What about Micro-financing? I am not sure but I don't think I have heard anyone mention that on this forum.

                  I heard of a church a few years ago that had its members pool their money to help each other get out of debt. Could something like this work for small businesses?
                  1 of 1 people found this helpful
              • Re: My 2 cents
                mademan24 Adventurer

                Garagewoman----Were you able to expand your business thus far ? Did you obtain the funding you were looking for ?

                 

                 


                Cheers,

                 


                T.Michael
                • Re: My 2 cents
                  LUCKIEST Guide
                  My 2 cents, Thanks for sharing your experiences with us.

                  *Knowing that you worked in banking and understand the "hoops" that are
                  involved*
                  in getting loans helps.
                  Also going to SCORE is another step, and as you know SCORE has advice, NO FUNDS.
                  *"they
                  said that we are doing everything right"*
                  Two suggestions One Try another SCORE Counselor or office (maybe on line).
                  • Each SCORE Counselor has different thoughts and different answers.*
                  The other is to develop a Marketing Plan to get "more customers" or a larger base.

                  Good luck, LUCKIEST