Any business owners here?

Galaxy · 09-15-2005, 11:36 PM

Just wondering if we have an business owners on the forum.

Draft Dodger · 09-16-2005, 12:09 AM

Quote:

Originally Posted by Galaxy

Just wondering if we have an business owners on the forum.

I think one of the guys who pops in from time to time has a business making football sims or something.

not sure though.

Galaxy · 09-16-2005, 02:35 PM

Quote:

Originally Posted by Draft Dodger

I think one of the guys who pops in from time to time has a business making football sims or something.

not sure though.

I know. I meant outside of Jim and Arles, the "customers" of the forum.

Subby · 09-16-2005, 02:51 PM

I think JiMGa owns his own business.

cartman · 09-16-2005, 02:56 PM

I've started up a few businesses. What info are you looking for?

sabotai · 09-16-2005, 02:56 PM

I don't, but my dad does (and me and my mom work for him).

Young Drachma · 09-16-2005, 03:16 PM

I do.

CamEdwards · 09-16-2005, 03:19 PM

Quote:

Originally Posted by sabotai

I don't, but my dad does (and me and my mom work for him).

as soon as I read this, the lyrics to FoW's "Hackensack" popped into my head.

HomerJSimpson · 09-16-2005, 03:28 PM

Not my thread, but I have a question that maybe someone here would know. How hard is it to get a Small Business loan, and what percentage of capital are you required to have personally?

Raiders Army · 09-16-2005, 03:31 PM

I'm in a home-based business. I get 5 cents for every beer I drink. It's pretty profitable.

sovereignstar · 09-16-2005, 03:58 PM

Quote:

Originally Posted by Raiders Army

I'm in a home-based business. I get 5 cents for every beer I drink. It's pretty profitable.

Dude, you need to get to Michigan. I have this mail truck...

JonInMiddleGA · 09-16-2005, 04:08 PM

Galaxy: {raises hand} Guilty.

HomerJ: no idea, sorry I can't be more helpful on that question.

Logan · 09-16-2005, 05:07 PM

Quote:

Originally Posted by HomerJSimpson

Not my thread, but I have a question that maybe someone here would know. How hard is it to get a Small Business loan, and what percentage of capital are you required to have personally?

If you're talking about an SBA loan, its pretty simple. In most cases all you need is 25% of the total value of the loan as collateral...cash, property, other assets, etc. The other 75% will be guaranteed by the government, so the bank making the loan has very little risk on its hands.

EDIT: What state are you actually located in? While many banks are SBA lenders, its best to go to a preferred lender. That status allows them to process loans much quicker would probably be easier to get the loan from.

(P.S. I've been a college graduate for like 4 months, and at my job for almost 3. It's weird to actually know what I'm talking about.

)

HomerJSimpson · 09-16-2005, 05:14 PM

Quote:

Originally Posted by Logan

If you're talking about an SBA loan, its pretty simple. In most cases all you need is 25% of the total value of the loan as collateral...cash, property, other assets, etc. The other 75% will be guaranteed by the government, so the bank making the loan has very little risk on its hands.

EDIT: What state are you actually located in? While many banks are SBA lenders, its best to go to a preferred lender. That status allows them to process loans much quicker would probably be easier to get the loan from.

(P.S. I've been a college graduate for like 4 months, and at my job for almost 3. It's weird to actually know what I'm talking about.

)

It's for a friend. He lives in Florida. So, 25% collateral on the loan. That makes sense.

Farrah Whitworth-Rahn · 09-16-2005, 05:14 PM

Quote:

Originally Posted by Galaxy

Just wondering if we have an business owners on the forum.

.

Guilty as charged.

Logan · 09-16-2005, 05:18 PM

Quote:

Originally Posted by HomerJSimpson

It's for a friend. He lives in Florida. So, 25% collateral on the loan. That makes sense.

Refer him to this site. It has a ton of info as far as what paperwork he needs to provide.

http://www.sba.gov/starting_business/index.html

HomerJSimpson · 09-16-2005, 05:21 PM

Quote:

Originally Posted by Logan

Refer him to this site. It has a ton of info as far as what paperwork he needs to provide.

http://www.sba.gov/starting_business/index.html

Here's another question...would you recommend hiring someone to do the business plan? How much would that cost?

Marc Vaughan · 09-16-2005, 05:39 PM

Quote:

Originally Posted by HomerJSimpson

Here's another question...would you recommend hiring someone to do the business plan? How much would that cost?

Depends a lot on the complexity of your proposed business really and your personal strengths weaknesses (ie. if you hate writing then it might be a good idea to get assistance with it) - incidentally there are some pretty decent books around to help you if you decide to write your own.

Logan · 09-16-2005, 05:46 PM

Quote:

Originally Posted by HomerJSimpson

Here's another question...would you recommend hiring someone to do the business plan? How much would that cost?

Sorry, can't help you too much with the specifics. I don't actually work at a bank...I work for the federal agency that regulates the national banks, so I just started learning about this program because of the bank I'm doing work at right now.

But from what I heard, it is very simple to get a loan, provided you show a basic capacity to earn and provide the right paperwork. Mostly past tax returns, personal information...that kinda stuff so they can do a background check.

Sorry I can't help you more, but a better next step for him would be to look at the banks in his area (not necessary to use a bank where he has already conducted his business) and find out who participates in the program, and who is a preferred lender. They should be able to help him more.

HomerJSimpson · 09-16-2005, 06:27 PM

Quote:

Originally Posted by Logan

Sorry, can't help you too much with the specifics. I don't actually work at a bank...I work for the federal agency that regulates the national banks, so I just started learning about this program because of the bank I'm doing work at right now.

But from what I heard, it is very simple to get a loan, provided you show a basic capacity to earn and provide the right paperwork. Mostly past tax returns, personal information...that kinda stuff so they can do a background check.

Sorry I can't help you more, but a better next step for him would be to look at the banks in his area (not necessary to use a bank where he has already conducted his business) and find out who participates in the program, and who is a preferred lender. They should be able to help him more.

Thanks. He has a friend down there in banking, and I told him that he was the one he needed to talk to. I think he has since I last discussed it wth, but I haven't heard more yet.

Tekneek · 09-17-2005, 06:45 AM

If he has not really thought through the concepts and where the money is going to come from, meeting with a lender should get him all straightened out. My understanding is that they will quickly try to sort out the contender from the pretender. They will also try to offer as much guidance and advice as they can to the pretender, so that next time they come in they will be ready to rock.

09-16-2005, 02:51 PM	#4
Subby lolzcat Join Date: Oct 2000 Location: sans pants	I think JiMGa owns his own business. __________________ Superman was flying around and saw Wonder Woman getting a tan in the nude on her balcony. Superman said I going to hit that real fast. So he flys down toward Wonder Woman to hit it and their is a loud scream. The Invincible Man scream what just hit me in the ass!!!!! I do shit, I take pictures, I write about it: chrisshue.com

09-16-2005, 02:56 PM	#5
cartman Death Herald Join Date: Nov 2000 Location: Le stelle la notte sono grandi e luminose nel cuore profondo del Texas	I've started up a few businesses. What info are you looking for? __________________ Thinkin' of a master plan 'Cuz ain't nuthin' but sweat inside my hand So I dig into my pocket, all my money is spent So I dig deeper but still comin' up with lint

09-16-2005, 03:16 PM	#7
Young Drachma Dark Cloud Join Date: Apr 2001	I do. __________________ Current Dynasty:The Zenith of Professional Basketball Careers (FBPB/FBCB) FBCB / FPB3 Mods Last edited by Young Drachma : 09-16-2005 at 03:16 PM.

09-16-2005, 03:28 PM	#9
HomerJSimpson College Benchwarmer Join Date: Jan 2005 Location: Springfield, USA	Not my thread, but I have a question that maybe someone here would know. How hard is it to get a Small Business loan, and what percentage of capital are you required to have personally? __________________ Marge: The plant called. They said if you don't come in tommorow, don't bother coming in Monday, either. Homer: Who-hoo! Four day weekend!!

09-16-2005, 04:08 PM	#12
JonInMiddleGA Hall Of Famer Join Date: Nov 2000 Location: Behind Enemy Lines in Athens, GA	Galaxy: {raises hand} Guilty. HomerJ: no idea, sorry I can't be more helpful on that question. __________________ "I lit another cigarette. Unless I specifically inform you to the contrary, I am always lighting another cigarette." - from a novel by Martin Amis

09-16-2005, 02:56 PM	#6
sabotai General Manager Join Date: Oct 2000 Location: The Satellite of Love	I don't, but my dad does (and me and my mom work for him).

09-16-2005, 03:31 PM	#10
Raiders Army Coordinator Join Date: Oct 2000 Location: The Black Hole	I'm in a home-based business. I get 5 cents for every beer I drink. It's pretty profitable.

09-17-2005, 06:45 AM	#21
Tekneek Pro Rookie Join Date: Nov 2000 Location: USA	If he has not really thought through the concepts and where the money is going to come from, meeting with a lender should get him all straightened out. My understanding is that they will quickly try to sort out the contender from the pretender. They will also try to offer as much guidance and advice as they can to the pretender, so that next time they come in they will be ready to rock. Last edited by Tekneek : 09-17-2005 at 06:47 AM.

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