chmorrison
New member
What experiences has anmyone had with an SBA loan?
SBA
- Thread starter chmorrison
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chmorrison
New member
- Thread starter
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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!!!!
freetodream
New member
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
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
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!!!!
When you say "without industry experience" did you mean Coffee industry or retail industry.
John P
Active member
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.
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.
