My Business partner and I own a plumbing company in Northern Virginia. We just started as a partnership in January 2007 and self financed a work van and all the equipment to get us up and running. However to be able to compete with the big boys we need a little more capital to do more. We both have had financial problems in the past 1 1/2 for me and over 5 yrs for him. Will anybody loan us money with a checked financial past?
2007-04-11 15:10:33 · 5 answers · asked by rwmalone2 1 in Business & Finance ➔ Small Business
It depends on how long ago the financial problems were. If there were as recent as the last few months, you are very unlikely to qualify for a business loan. If it was a year ago and you are showing positive strives since (on-time payments, low utilization, etc), then you will have a better chance. You should probably look at alternative loan sources like Self Help Credit Union or www.prosper.com.
At the end of the day, the lender wants to see that there will be repayment so you have to demonstrate that this can happen on your end. Think about it - if you get a loan, will you be able to make the monthly payments? Sometimes they'll grant interest-only payments for the first several months of the loan to make sure the deal works but there has to be incentive to do that. Make sure your cash flow can handle a new debt payment regardless of meeting your potential revenue growth from taking on new capital. Check out the references below for information that should help you.
2007-04-19 06:01:27 · answer #1 · answered by yolandanichole 2 · 0⤊ 0⤋
I would work on ways to eek out cash from your current business. Consider purchasing a used van and equipment, or focusing on a niche. I live in a community with only electric heat pumps, and there is a specialist who markets their services in the area. They have a ton of customers simply because they are somewhat well known, and have a captive audience.
2007-04-11 15:49:35 · answer #2 · answered by chaseunchase 4 · 0⤊ 0⤋
You got the van. You got the tools. Quote the customer labor only with an a good estimate for the pipes, etc. Then let the customer buy from the list you provide them. You can deal with your supplier to make sure that the customer gets your prices.
2007-04-19 13:08:29 · answer #3 · answered by jackbutler5555 5 · 0⤊ 0⤋
I have terrible credit too it hard to get a loan those days
2007-04-11 15:19:40 · answer #4 · answered by Linda 7 · 0⤊ 0⤋
Start a new identity as a immigrant mexican $$$$$$$
2007-04-11 17:33:40 · answer #5 · answered by Anonymous · 0⤊ 1⤋