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We tried to buy a building for my wife's business in 2010. Best terms we could find at a bank were 50% down and 7% interest. Home loans were 20% down and ~3.5% at that time. I don't think the bank was taking much of a risk there. We decided to rent instead.
You example is very typical versus the myth that you can find a bank with very little "skin in the game".
Community banks have long been the go-to source for small business financing. While that space has been nibbled on to some degree by large and on-line banks in the years since 2008, community banks retain about a 50% market share when it comes to small business portfolios. Large banks tend to deal in hard terms such as financial ratios, collateral, and credit scores. Community banks tend to deal in softer terms such as an applicant's character and reliability and the needs of the community. No matter who provides lendng and other forms of financial support, small businesses simply fail at astonishing rates. Because we value the roles that entrepreneurs play, we make it easy for them to walk away from debts and start over again while others are left to hold the bag.
Small or large, most banks will typically look for some level of security. Stop by your local community bank and ask about a small business loan. Alternatively, reach out to some of the small business owners on these boards and they will share their personal experiences.
As you should recall. I've been everywhere, man, I've been everywhere. Today, I collect such deferred income as rights were amassed to through service in the public, private, academic, and non-profit sectors.
Yes, we know that you are really impressed with yourself.
The entire premise of re-distribution of wealth is flawed. It assumes that wealth has unjustly migrated through theft and it assumes that wealth would be somehow returned to its rightful owners-- hence the "re" in "re-distribution"
I suppose someone could talk about "distributing" wealth -- but "re-distributing" it doesn't make sense.
Small or large, most banks will typically look for some level of security.
And depending on their structure and purposes, they are apt to find it in different places. As was outlined above.
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Originally Posted by Jim1921
Stop by your local community bank and ask about a small business loan.
I wouldn't need to. My "work" these days is with local bankers and others in organizing charitable projects.
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Originally Posted by Jim1921
Alternatively, reach out to some of the small business owners on these boards and they will share their personal experiences.
How many of them would be too busy to talk to me on account of their ongoing bankruptcy proceedings? And given the value of embroidered personal anecdotes, how many of them would have had anything actually useful to say in any case?
More like a civilized society, actually. That's one where people recognize and pay the debts they owe. Rule of law and all that.
I should pay debts that are apparently incurred based upon a coincidence of geography? Shouldn't my parents pay such a debt since I had no decision in the process?
Where do you live? I'd like to start maintaining your "property" (in quotes, because you don't actually own it per your responses) and collecting payment at a rate I deem appropriate.
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