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Old 08-22-2009, 08:58 AM
Caa Caa started this thread
 
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MY husband and I own a small restaurant that has been doing well despite this recession. WE are paying the previous owner about $1600 a month to pay off the restaurant. WE still have 2 more years to pay and we have bought a home that is killing us with it's mortguage. We want to borrow 50,000 dollars from a bank, pay off our loan to the previous owner and make smaller payments to the bank over 4 years or so. We have desperately tried to borrow from banks claiming they make SBA loans and were turned down by two. Now, our credit scores are wonderful, but we have no collateral, which supposedly the SBA really does not need. The second time we were turned down the loan officer said we were not asking for enough money and that the paperwok was not worth it! I am not lying abut anything in the post-our credit is in the 700's and we are good people with secure jobs(my husband is an RN and hired a manager for the rest so he could go back to nursing to help make ends meet). I am a vet tech and make pretty good money. We have has the restaurant for 3 years now and are getting scared to lose it or the house. We have also tried selling the rest, but our landlady refused to give the potential buyers a lease stating they did not have enough experience. WE have been praying alot, but are stuck, can anyone give any advice!!!
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Old 08-23-2009, 05:31 PM
Caa Caa started this thread
 
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anyone have any advice? Getting sad..
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Old 08-24-2009, 10:27 AM
 
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The only way you are going to know is if you fill out a loan application with the small business administration locally.
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Old 08-24-2009, 05:12 PM
Caa Caa started this thread
 
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WE did that twice and despite our excellent credit, we were turned down and one person told us that we weren't asking for enough money and it wasn't worth the time to do the loan. The other said we had no collateral, but that really is not needed for an SBA loan, unless I am wrong. THanks for answering!
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Old 08-26-2009, 10:52 PM
 
Location: Boise, ID
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I have a little experience with SBA, having purchased a business with an SBA loan.

First off, SBA does require collateral but they will consider the equipment you have in the business. If you have paid your balance down enough since the original purchase then you might be able to self-collateralize the loan with the business itself.

Here are a few questions:

- have you approached an SBA "preferred" lender? Supposedly they have more flexibility in what they can do with loans
- where are you (i.e which state)? If you are in Idaho or So. California I might have some contacts for you.
- have you tried speaking with the bank about a non-SBA loan? If your credit is strong like you say and the business can self-collateralize then you might be able to work something out.

The other option you might have, either with a bank loan or SBA loan, is to consider moving your business checking accounts to the bank that will help you. If you run a fair amount of money through your account the bank will find ways to help you. I speak from experience on this point.

I can't speak to what amounts banks are looking for. Our loan was quite a bit more than $50k.
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Old 08-31-2009, 08:00 PM
Caa Caa started this thread
 
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Thanks for your reply! We live in Louisiana. We have tried some fo your suggestions to no avail. I will look into the transfer of our business checking account!
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Old 08-31-2009, 10:26 PM
 
Location: Boise, ID
1,355 posts, read 3,883,648 times
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Good luck to you. I wish I had more tricks up my sleeve, so to speak.

Approach a local bank that can make decisions at the branch level about loans. If you are running a bit of money through your checking account and offer to bank with them then they might help you. Our bank has been fantastic, as I mentioned, but all the decisions have been made on the branch level without having to go outside the branch. At our bank they can loan up to $150k internally.
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Old 09-11-2009, 10:06 PM
 
Location: DE
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Hello Caa, I dont post much on here but I know of your situation as I deal with it daily. I am an executive financial consultant on behalf of Merchantex Capital which provides affordable business loans and financing for small to medium-sized businesses nationwide, especially restaurant financing.

Based on your information above and your current credit score area, I would have just told you to apply for an SBA loan but I guess that has not worked out. However, if you are still searching for financing, just to give you a little information about my company is that we offer affordable loans with no collateral, no up-front fees or closing costs, unsecured and an easy application process. Probably our most beneficial service is that we like to work with commercial banks to offer their declined small business clients that no longer qualify or just a hair outside the circle of receiving a commercial bank loan, an opportunity to one day receive another loan from their local commercial bank with a successful repayment of our loans.

Now Im not here to promise you the world like other financing companies or banks sometimes do, but based on your credit score, yrs in business and the fact that you said your business is doing well, I do believe based on my experience that we would be able to lend you the amount you were looking for at a reasonable rate and terms and be able to fund your business realistically within a week or two or less.

Well if you are still looking, feel free to contact me anytime or if you would just like to discuss your current situation. I will leave my contact information below if you have any questions or concerns, and hopefully everything will work out.

Regards,
Justin

Last edited by Rapture; 10-14-2009 at 08:44 AM.. Reason: no advertising - new members are not permitted to post links
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Old 09-22-2009, 02:11 PM
Caa Caa started this thread
 
883 posts, read 1,580,317 times
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Quote:
Originally Posted by Jaz3385 View Post
Hello Caa, I dont post much on here but I know of your situation as I deal with it daily. I am an executive financial consultant on behalf of Merchantex Capital which provides affordable business loans and financing for small to medium-sized businesses nationwide, especially restaurant financing.

Based on your information above and your current credit score area, I would have just told you to apply for an SBA loan but I guess that has not worked out. However, if you are still searching for financing, just to give you a little information about my company is that we offer affordable loans with no collateral, no up-front fees or closing costs, unsecured and an easy application process. Probably our most beneficial service is that we like to work with commercial banks to offer their declined small business clients that no longer qualify or just a hair outside the circle of receiving a commercial bank loan, an opportunity to one day receive another loan from their local commercial bank with a successful repayment of our loans.

Now Im not here to promise you the world like other financing companies or banks sometimes do, but based on your credit score, yrs in business and the fact that you said your business is doing well, I do believe based on my experience that we would be able to lend you the amount you were looking for at a reasonable rate and terms and be able to fund your business realistically within a week or two or less.

Well if you are still looking, feel free to contact me anytime or if you would just like to discuss your current situation. I will leave my contact information below if you have any questions or concerns, and hopefully everything will work out.

Regards,
Justin

Call Anytime from Sunday-Friday 8am-6pm
Direct Line: (302)943-1207
Fax: (866)215-1943
www.merchantexcapital.com - please note some pages are under construction as we are updating and expanding our financial services and products
Thank you Justin for your reply. Yes, everything I wrote is true-I will look at the website-I really appreicate you taking the time to reply!
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Old 11-19-2009, 07:53 PM
 
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Hi Caa,


I was curious to know if you ever followed up with Justin and what your experienced was.


Thanks.

Another business owner looking for a loan...
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