SBA

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chmorrison

New member
Mar 1, 2006
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Well the SBA would not even look at our application....we were told that with out industry experience, it would not be worth applying for to only get declined. so..................we went to our bank and got us a nice sized bank loan. Watch out people....here we come!!!!
:D :D :D :D :D :D :D :D :D :D :D :D
 

freetodream

New member
Feb 3, 2006
46
0
Mississippi
Hi when do you plan to open? We went throught he bank as well - but I was thinking of going through our planning and development district for operating capital - but they want resumes and all that - and like you we do not have previous experience - but like you "here we come!" Good luck to you...
 

ElPugDiablo

New member
Jul 16, 2004
991
0
Hartford and New Haven, CT
You can go to your local banks that have SBA backed loan. It helps if you know the bank's lending officer and its lending practice. I have had successes working with one bank in my area getting SBA loans.
 

Repoman77

New member
Jul 22, 2007
12
0
Tucson, Az.
chmorrison said:
Well the SBA would not even look at our application....we were told that with out industry experience, it would not be worth applying for to only get declined. so..................we went to our bank and got us a nice sized bank loan. Watch out people....here we come!!!!
:D :D :D :D :D :D :D :D :D :D :D :D

When you say "without industry experience" did you mean Coffee industry or retail industry.
 

John P

New member
Jan 5, 2007
1,045
0
Salt Lake City
focus on any business experience, restaurant experience, management experience, accounting experience, (significant)coffee experience or roasting experience.. for each principal in your ownership group. (husband, wife, friend, uncle, old man down the road, etc.)

If you don't have at least a few of these you're not really worth risking any money on. But don't overlook the skills you do have... Also, try several banks, some understand business, and others just strictly look at numbers on a page. There's a human element to business that has to do with drive, ambition, know-how, etc, that can't be quantified; if you have it, you'll know it, and so will many a lending officer out there. They will do their best to tweak things in your favor because your launching and long term success is very beneficial to them as well.
 
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