HELP!! has anyone ever gotton a SBA loan for startup??
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This section of the forum is for discussing the business and finance issues of the t-shirt industry. Which business structure to use (sole proprietor, LLC, S Corp, etc), how to handle billing, where to register your business and get the proper licensing, etc.
HELP!! has anyone ever gotton a SBA loan for startup??
HELP!! has anyone ever gotton a SBA loan for startup??
I would like to know if any of the forum persons ever gottona Small Business Loan from the (SBA) to start up your business? my two girlfriends and I are trying to find people who are willing to lend small business startup loans to start our t-shirt line. Any advise will be greatly appreciated. We are in Orlando FL.
Re: HELP!! has anyone ever gotton a SBA loan for startup??
Quote:
Originally Posted by abbey5353
Any advise will be greatly appreciated.
Ok, you asked.
Don't. I don't do debt. No borrowing money. ESPECIALLY with other people!
When you consider the fact that most businesses fail within the first year, you're entering a field that you have minimal knowledge about, AND you would be borrowing money with other people, this sounds like a disaster in the making.
Like I said, I don't borrow money. Not for business, not for personal use. Since there's 3 of you, I would suggest doing as much pooling together of resources as possible. If you have "regular" jobs, try for some OT. Maybe an extra part-time job.
Splitting the costs of everything between the three of you, shouldn't be that bad. It would be a lot easier than trying to cover the debts of others if/when they bail on the business, or the business doesn't make it for some reason.
Focus on learning about the business and what exactly it is you want to accomplish. Write out a business plan to help you stay focused and see what your goals are. It will also help with understanding how much money you need, and what you need it for.
Sorry, may not be what you wanted to hear, but I stay clear of debt in every form and since I stay away from it, I can't advise someone to do it either.
Someone else may by able to help you on that end, if that's what you decide you want to do.
Re: HELP!! has anyone ever gotton a SBA loan for startup??
I have to agree with C.O.S. money kills friendships and debt kills profits. Save and pay cash that way if it doesnt work out you dont owe anything to anyone and can recoup something in the equipment. I have done the business loan thing in the past and it was only after the business was already up and going and making money. We used it for supply capitol not new equipment so the money was always replennished and available for payback if needed.
Re: HELP!! has anyone ever gotton a SBA loan for startup??
a year go this pass Sept --- 1/3 of the market I have my shop burnt down --- my shop was about 200 feet from the firewall . .
the fire didn't hurt my inventory BUT it did hurt me economically . . the SBA in Floida offered small Biz loans w/ 3% interet rate . . I was able to get the loan then due to the fire . . . and I was going too . . . BUT . . when it came to the paperwork . . . HOLY MOLY!! . . . forget it . . . they wanted to know to much of my personal business . . . right down to who is the father of my 1st born . . .
so I filed the paperwork . . uuummm in the trash can after it was shred'd
now over a year later . . . it's just not the market place where I have my shop . . every small business is economically hurting . . .
and I believe this year even WallyWorld is hurting . . . .
coming home from the shop yesterday -- the mall parking lot and Wally World's parking lot barely had any vehicle there . . . not many shoppers are out and about . . ;o(
Diane
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Re: HELP!! has anyone ever gotton a SBA loan for startup??
I would agree with the others..Avoid going into debt at this time and the way the economy is. I also am not a fan of partnerships with friends. Over the years I have seen too many friendships go down the drain.
If you really want to try this busines ( and it is not a sure fire way to get rich) save your money and start out with a computer printer and a heat press. Out source your images or do on your printer. You can be in business for less than $1000. Take your time to grow and that will let you sleep well at night
Re: HELP!! has anyone ever gotton a SBA loan for startup??
You borrow, you pay. No business you still pay. This is the wrong road. I know people that have a desire to go into business.. and what does that mean (soon to be in my book) Sit down with your friends and outline what the business is you want to get into is.. and if you say the tee shirt business I will scream.. LOL.. What I mean by this.. there are so many ways to be in the tee shirt business. All of us here areat least 95% are in the "Industry" is some way. I do plastisol transfer printing, ink jet printing, stock transfer printing, Apparel vinyl printing. I do not have a store. I have several websites but they are more of information sites for my clients. Do you want to open a brick and mortar store? Do you want a website store? Do you have designs? Do you have equipment. Do you have software? I am sure some of my friends here will add to this list.. I hate to see people go about getting into any business and borrow money, especially with "Partners" and I could tell you my horror story on that.. Best friends.. not when it comes to money. Do you have a business background.. Do you have retail background? You see a lot of questions.. and guess what the people that will loan you money will be asking the same questions.. You can get a lot of answers here.. you may need to ask specif questions.. A t-shirt line? Do you know how many here are doing that.. and many started small.. and never borrowed a dime.. Understand this Erica.. I want to see you succeed in your quest. I love owning my own businesses and I have 4. I never borrowed a dime.. me I made tote bags and sold them on ebay.. but that was a long time ago.. but it got me started.. Find another road.. you will be happier in the end.. Lou
Re: HELP!! has anyone ever gotton a SBA loan for startup??
Thanks everyone for the advise, I think my friends and I will save up and put our own money in, or we might start with a new business start up kit and go from there. Thanks again.
Re: HELP!! has anyone ever gotton a SBA loan for startup??
In my previous life I worked for a small engineering consulting firm. We did way over $1 million a year (between 6 of us, plus a few consultants), but never got a SBA loan, even with numerous tries. Lots of paperwork, lots of hassle. I agree with previous posts, just start small and see where it takes you, with no debt.
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Re: HELP!! has anyone ever gotton a SBA loan for startup??
Quote:
Originally Posted by Comin'OutSwingin
Ok, you asked.
Don't. I don't do debt. No borrowing money. ESPECIALLY with other people!
When you consider the fact that most businesses fail within the first year, you're entering a field that you have minimal knowledge about, AND you would be borrowing money with other people, this sounds like a disaster in the making.
Like I said, I don't borrow money. Not for business, not for personal use. Since there's 3 of you, I would suggest doing as much pooling together of resources as possible. If you have "regular" jobs, try for some OT. Maybe an extra part-time job.
Splitting the costs of everything between the three of you, shouldn't be that bad. It would be a lot easier than trying to cover the debts of others if/when they bail on the business, or the business doesn't make it for some reason.
Focus on learning about the business and what exactly it is you want to accomplish. Write out a business plan to help you stay focused and see what your goals are. It will also help with understanding how much money you need, and what you need it for.
Sorry, may not be what you wanted to hear, but I stay clear of debt in every form and since I stay away from it, I can't advise someone to do it either.
Someone else may by able to help you on that end, if that's what you decide you want to do.
Greg, that's incredibly admirable that you are able to manage without taking out loans. I agree 100% in the startup phases.
HOWEVER, if you get to a point where expansion is needed in a hurry, and you're doing alright financially, then it may come down to taking a loan to help with these necessities.
Re: HELP!! has anyone ever gotton a SBA loan for startup??
Quote:
Originally Posted by billm75
HOWEVER, if you get to a point where expansion is needed in a hurry, and you're doing alright financially, then it may come down to taking a loan to help with these necessities.
For me, there is no "HOWEVER".
It's all done with no debt, or it's just not done.
Maybe you've heard of Dave Ramsey (or maybe not ), but I use his tactics in my personal life, and in all my business dealings.
Dave doesn't just talk no debt, he lives no debt. I've met him several times, and have been listening to his radio show and using his tacticts for about 12 years now.
What you suggest is what many of Dave's employees has said many times along the way. He's built a multi-million dollar company, starting from nothing, and never borrowed a penny for anything along the way.
Well, I just don't believe debt to be a necessity. So, if debt is the only way to get certain things, then oh well. We'll just have to do without whatever is until we can afford to pay cash for it.
But, the good part about not having any debt, is that it's MUCH easier to save for what you need. Pretty soon, you don't have to save for what you need, you find that you just have it, because you haven't had to pay for DEBT!
Re: HELP!! has anyone ever gotton a SBA loan for startup??
No, I agree that what you're saying and living by are perfectly great ways to do business. I won't begrudge you that.
I only mention the HOWEVER portion because there are a small percentage of people whose businesses take off and the ONLY way to expand to meed demand is to take on a biz loan.
I'm personally willing to risk the debt at THAT point, not starting out, but at the point where my growth depends on it. If the expansion will allow me to pay off that loan in less than a year, then it's MORE than worth the risk.
Re: HELP!! has anyone ever gotton a SBA loan for startup??
And I understand what you're saying, as well.
I just don't borrow, NO MATTER THE CIRCUMSTANCES.
I know that my business could be MUCH further along than what it is now, if I borrowed money for certain things. I don't care if I could pay it off in 6 months, or 3 months. There's just no way I do debt.
People have different goals, and that's ok. One of my goals is to make my business extremely successful. Part of being successful for me, is doing it with no debt. So, if I borrow money, I'm letting myself down. Because that's MY goal.
I believe enough in what I'm doing, that I can take things slow, do it without debt, and believe that my company will eventually get to where I want it to be.
Like I said, no problem with your viewpoint, I just see it a little differently. That's all.
Re: HELP!! has anyone ever gotton a SBA loan for startup??
Greg thanks for the encouragement and the advise, I will surely get a copy of Dave Ramsey book and read it, because my real desire is not to borrow any money but to do it debt free, but my friends and I have really good ideas and sometimes we think that if we delay someone else will come up with the idea, but we will definately try the debt free way. Thanks again. Do you all think that the Business start up kit by Boo-Z Warehouse is a good way to start.
Re: HELP!! has anyone ever gotton a SBA loan for startup??
This isn't about borrowing money for expansion. If you Had a business and it needed expansion and you did a proforma and it showed that it was worth it then fine. This is about these young ladies borrowing money to starting a business. From Erica's answer above they have now done the first right business decision.
HELP!! has anyone ever gotton a SBA loan for startup?? 
