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    6 Replies Latest reply on Aug 20, 2008 1:07 PM by NewPopper

    How long does it take...

    NewPopper Wayfarer
      I'm a new member and I posted a question...actually, I posted it 3 times because it never showed up. How long does it take for a question to show and get replys?

      Thanks all!
        • Re: How long does it take...
          LUCKIEST Guide
          How long does it take, Welcome

          *You make it. How soon will you be *Opening new retail gourmet popcorn store in Illinois??.

          How can I help you?? How close to Chicago?? We love Chicago.

          LUCKIEST
            • Re: How long does it take...
              NewPopper Wayfarer
              Thanks so much...We hope to open within 2 months and we're about 25 miles outside of Chicago. My husband and I had credit scores of 700+ as of Feb, 08. We obtained a $30,000 home equity loan (no equity left) and a $12,000 SBA loan. We under estimated build-out cost and need an additional $15,000 for popcorn machines and working capital. Since Feb. our credit scores have dropped below 680 because I've been applying for business credit cards and getting declined due to high balances (no late payments or adverse credit). I can't find anyone that does business loans on popcorn equipment and I'm afraid I'll have a huge cash flow problem if I can't secure addtional financing. Any advise?
                • Re: How long does it take...
                  Milleisen Scout
                  Hi Brenda,

                  From your description of what the money will be used for, you are going to need some term debt and some revolving debt. Before we start talking about how to get you $15k, do you have a budget? What I'm getting at is how do you know that $15K will be enough? You want to build in some cushion in case business starts off slowly, and from personal experience, I can tell you that there is always some unexpected expense that will arise (usually 3 or 4!).
                    • Re: How long does it take...
                      NewPopper Wayfarer
                      You're absolutely right about unexpected expenses! I prepared a business plan early in the process as well as financials. I've spent close to $20,000 to date (from savings) but had expected to spend $12,000. I have two quotes for equipment...$10,000 and $15,000. At $10,000 I'll get fewer poppers and have $5,000 left, which doesn't leave much. If I can finance the equipment, I don't have to use my cash, which is the better option. I'm just not sure how to raise the additional capital now that my credit score has dropped so much. ???
                        • Re: How long does it take...
                          Milleisen Scout
                          Are both you and your husband in this venture full time? If on a combined basis, you have enough income from a secondary source, your local bank should consider a $15k request. Even if your credit score has dipped a bit, as long as it doesn't have anything really derogatory, it should have a chance at approval. In my opinion, you may want to consider increasing the loan amount by the amount equal to 3 months of operating expenses. That way you won't be choking if things start slowly.

                          If you want a critical eye to review your situation, I offer free consultaions. If a bank loan doesn't work, there may be other options. My contact info is on my profile.
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                            • Re: How long does it take...
                              NewPopper Wayfarer
                              I spoke to a company yesterday, Amerifund, who has a lender willing to do the $15,000 equipment lease...I'm a little leery because the interest rate is extremely high. She said my credit score was good at 685 (no derogatory information). I tried banks initially, because I would feel more comfortable with a line of credit in case of emergencies. But, the standard line has been "we don't do start-ups". Both my husband and I are owners of the business but he will maintain separate employment.

                              Thanks for the offer to contact you...I may just do that!