Starting a new business?

[GlenC]

I know this is a fishing site but I thought it would be ok to post this in the off topic forum. We are looking at trying to start our own business (screen printing). The start up cost is about $20,000 to do it right. My wife and I recently had to file for bankruptcy due to my being injured and being off work for over 2 yrs. We are both working now but not making near enough start this thing up. Is there a chance at all in us being able to get a small business loan after a recent BK?

Any input or suggestions are appreciated

Glen

[papasage]

that is something you will have to dioscuss with your banker or a accountant .
try looking up by typintg in search . sba.gov

[2fshmore]

papasage this doesn,t have anything to do with your question, but was in your town Sat. afternoon wanted to stop by but ran out of time saw your shop but was in a hurry had to get to DJ,s on Broxton-Fitzgerald hwy for a Christmas supper maybe next time i can stop by hope you get what you need to start your business

[2fshmore]

Glen sorry about the post to papasage i thought he was the one trying to start the new business hope you and the wife have success in getting the business going

[Ranger375]

Along with the small business adminstration check out
http://www.score.org/
which is a group of retired executives that help with start up of small business. It is a free service if i remember correctly. They will help you develop a business plan and guide you thru the start up.

Good luck

[izzysfishin]

GLEN, My sister and brother in law had a cleaning business which they lost due to an injury much like you. They filed backruptsy also. As Papa said you need to talk with the bank or finance Co. My sister said it was actually easy to get a loan after filing, because you can't file for backruptcy again for 7 yrs. or something like that. I guess they feel their money is safe for that time, I don't know. I'm prayin everything turns out for ya.

[GlenC]

Originally Posted by izzysfishin

GLEN, My sister and brother in law had a cleaning business which they lost due to an injury much like you. They filed backruptsy also. As Papa said you need to talk with the bank or finance Co. My sister said it was actually easy to get a loan after filing, because you can't file for backruptcy again for 7 yrs. or something like that. I guess they feel their money is safe for that time, I don't know. I'm prayin everything turns out for ya.

Thank you. We are putting together the business plan and everyting right now. Then submit to our bank. Apparently if you qualify you can get an SBA Gauranteed loan.

Thanks again

Glen

[whizkids]

Originally Posted by GlenC

Thank you. We are putting together the business plan and everyting right now. Then submit to our bank. Apparently if you qualify you can get an SBA Gauranteed loan.

Thanks again

Glen

--------------------------------------------------------------------------------------------------------------------------------------- A loan depends upon the ability to repay, not on asset's or credit rating. If you have a viable business plan, that can ID where you will sell your product, how much profit you will make and will that profit be enough to pay all employees ( including yourself and any family members working) a wage that will allow them to meet their financial obligations, you can get a loan from any bank. If you have an idea but do not have customer base identified you will need a verifiable reason why your idea is better than other compition you will face. Maybe you can borrow money for that.
If you think you can start a business and work harder and longer than the competition and be profitable or work it part time until it takes off. You can't borrow money for that.
I have been there, done it,to start a business on borrowed money you need facts not hope. Don't mean to sound negative. I have a friend who is succesful in the screen printing business. He does it with corporate business and it has taken him 25 years to build it. He borrowed no money to start and he started part time.

[GlenC]

Originally Posted by whizkids

--------------------------------------------------------------------------------------------------------------------------------------- A loan depends upon the ability to repay, not on asset's or credit rating. If you have a viable business plan, that can ID where you will sell your product, how much profit you will make and will that profit be enough to pay all employees ( including yourself and any family members working) a wage that will allow them to meet their financial obligations, you can get a loan from any bank. If you have an idea but do not have customer base identified you will need a verifiable reason why your idea is better than other compition you will face. Maybe you can borrow money for that.
If you think you can start a business and work harder and longer than the competition and be profitable or work it part time until it takes off. You can't borrow money for that.
I have been there, done it,to start a business on borrowed money you need facts not hope. Don't mean to sound negative. I have a friend who is succesful in the screen printing business. He does it with corporate business and it has taken him 25 years to build it. He borrowed no money to start and he started part time.

Thanks Whizkid. We are working on the plan. There is one other screen print shop in town. Everyone goes out of town and do not use them. They are over priced and VERY slow. My best friend and I are the one's wanting to start this up actually. He used to do it in Calif for several years but for personal reasons had to sell out.