We are looking for a honest business lender who can help us with capital flow for our company; we're just wondering if there are any lenders who're honest and can still assists us. we have been scamed so many times of our hard earned money, it's not even funny anymore, and we need funding. Anyone?
we don't believe in upfront fees to get funding, it had become a scam from every lender contacted. Is there any positive answer for our company?
Thanks. J & M Garcia.
Can someone please
2007-09-07 11:08:19 · 9 answers · asked by MARINA G 1 in Business & Finance ➔ Corporations
Talk to your local banks. Start with the one you have business checking account at.
2007-09-07 11:13:47 · answer #1 · answered by NC 7 · 1⤊ 0⤋
Let's prequalify your company fist prior to go out looking to match the lender with it:
1 Did you business have the BP prior to start? After is not too effective, but it is a good start
2 Would your company have three years of solid book. Every year your company should have the increase in sale above 100% from the [revious year.
3 Are they company offficials have good tract record and proven?
4 It is the company have the tangible assett in six digits preferred.
5 How about corporate officed networth in six digits?
6 Do you know your market statistic? and how much money in this industry, who are the top three in the industry? What rank are you?
7 Did you have done some risk assessment of your industry? How many fails within 100 companies? How soon?
If you can score high in most of these questions, then you may stand the chance.
Used to built company that have line of credit from scratch, and used to be on board of loan organization know the criterias, logic how people make decision to lend, if they are regulated or private etc...!
Best of luck
2007-09-15 15:46:14 · answer #2 · answered by L L 3 · 0⤊ 0⤋
As mentioned above, local banks. Also look up the Small Business Administration (SBA) and see if they can help. Sometimes they offer startup grants which don't have to be paid back. Otherwise, they can also help in securing financing for your company if you have a reasonable case.
Upfront fees are a scam. "Gee, we tried, what can we say?" There should only be a fee based upon success. In that way, they can weed out weak cases, not profit from them.
2007-09-07 18:22:49 · answer #3 · answered by Marc X 6 · 0⤊ 0⤋
Small business loan are a great financial help for small business owners. Without monetary support, a business, whether it is big or small, can not be run smoothly. With a small business loan, financing in small business is always possible. Can a borrower with bad credit score apply for a small business loan? Yes, they can. With thevarious purposes with a bad credit small business loan. With this loan, they can start a new business, they can expand their present business, they can purchase some necessary equipment, they can buy a new office premises, and they can repair their present office. Even more, they can use a bad credit small business loan as business capital as well.
2007-09-07 22:38:19 · answer #4 · answered by fashion d 1 · 0⤊ 0⤋
Yes, if you're asked for up-front fees...run the opposite direction. Most legit sources will require a 2% fee agreement, but that will only take effect at closing, when you get the money you're looking for.
I do this for a living and have been successful in getting companies funded.
Marvin
2007-09-14 19:00:16 · answer #5 · answered by Marvin Fauntroy 1 · 0⤊ 0⤋
Have you tried this web site
http://www.sba.gov/
The government's small business assoication is a great starting point. It may point you in the right direction.
Also check out this article,
William Marden. Business Journal. Jacksonville: Nov 19, 2004. Vol. 20, Iss. 6; pg. 18. It should be available through your local public library's online magazine database. In addition ask to see if you library has a reference librarian that specializes in helping local business do research. That librarian my have local information that will help you.
2007-09-07 18:25:16 · answer #6 · answered by Anonymous · 0⤊ 0⤋
http://www.sba.gov/ is the place to start... Good luck!
>Beware of Advance fee Loan scams.
LOAN SCAM - Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan.
2007-09-07 22:02:39 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I am a SR Loan Officer for any years and when it comes to commercial lending you will always have to put money up front for down payment and closing cost. It is an investment & everybody knows in order to make money you have to have money. Finding the best rates is what should really be on your mind. Well good luck on your journey.
2007-09-15 12:20:45 · answer #8 · answered by spank_this_girl85 1 · 0⤊ 0⤋
I do SBA loans but I always collect a deposit upfront. Usually $1500
2007-09-15 00:58:38 · answer #9 · answered by guest 3 · 0⤊ 0⤋