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Denied Business Loan - Need to re-do business plan

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Old October 2nd, 2018 Oct 2, 2018 8:55:11 AM -   #16 (permalink)
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Default Re: Denied Business Loan - Need to re-do business plan

Banks like collateral. Logos, websites, marketing do not constitute collateral. Low cost/low value equipment hasn't much value, either. That leaves receivables. Without some real firm sales numbers for them to crunch you won't stand much chance of a business loan.
 
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Old March 3rd, 2020 Mar 3, 2020 2:25:58 AM -   #17 (permalink)
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Default Re: Denied Business Loan - Need to re-do business plan

Why were you denied when you first started looking for funding? It could be as simple as having a 679 instead of 680 if you went to your local bank. Did they give you a reason? Maybe look for another resource of loans - check out this one https://www.oneword.co.uk/
 
Old 3 Weeks Ago Jun 4, 2020 4:49:47 PM -   #18 (permalink)
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I have a question I’m just starting a t-shirt business. I have all of my paperwork I’m just wondering what’s the best route to go for getting shirts and equipment. I have been approved for equipment, however they are charging a lot to finance. The equipment cost is $11,099 but if I finance I’ll be paying close to $19,000. I need help finding the best options for purchasing equipment.
 
 
Old 3 Weeks Ago Jun 4, 2020 4:59:19 PM -   #19 (permalink)
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I have a question I’m just starting a t-shirt business. I have all of my paperwork I’m just wondering what’s the best route to go for getting shirts and equipment. I have been approved for equipment, however they are charging a lot to finance. The equipment cost is $11,099 but if I finance I’ll be paying close to $19,000. I need help finding the best options for purchasing equipment.
 
Old 3 Days Ago Jun 29, 2020 1:47:54 AM -   #20 (permalink)
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Default Re: Denied Business Loan - Need to re-do business plan

I have no idea actually, but lenders want to see repayment capacity. The key things all lenders want to see are:

Repayment capacity, your audited accounts will demonstrate this or not. Or you may want to contact other lending service, this one is a reliable one - https://maggly.com/
 
Old 3 Days Ago Jun 29, 2020 6:26:25 AM -   #21 (permalink)
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Default Re: Denied Business Loan - Need to re-do business plan

All bets are off right now however try your local bank and see what they say. We have had 4 loans (one is current) over the last 10 years for equipment all they ranged from 4% to 7%.
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Old 3 Days Ago Jun 29, 2020 9:22:43 AM -   #22 (permalink)
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Default Re: Denied Business Loan - Need to re-do business plan

The best place to start is binge watching SHARK TANK.
The questions they ask the business owners are incredibly purposeful.
Even more important is the 'facts' offered that are nothing but wishful thinking and conjecture.
And they always seek the history of the candidate to understand if this is their FIrst Rodeo (in garments and apparel). It is helpful to note the 'gold' in finding funding is existing SALES. This is quickly followed by sales acquisition costs? Cost of goods? And finally margin.
IF a business owners seeking funding can't pass the SHARK TANK test, they are not ready for prime time with a lender.
 
Old 3 Days Ago Jun 29, 2020 9:27:57 AM -   #23 (permalink)
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Default Re: Denied Business Loan - Need to re-do business plan

King, you are looking at the wrong data.
If your business is generating $2,500 to put in the bank, it seems then new equipment investment should raise that income to lets say $3,500 a month.
Are you unwilling to pay $350 a month to make $1,000? You are a business owner, focus on profit not cost.
 






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