Best Place To Get Business Loan?

[Heimdhal]

Im looking for advice or personal experinces on where to get a busienss and/or personal loan. I know the obvious channels, banks, credit unions, etc. I very much dislike the usury game, unfortunatley it is the way of things.

My "business" is growing well, the downside however is my personal credit is not very good (Im young, very little credit and have had some issue in the past with medical bills that screwed my credit hard a few years ago).

Credit card wise, I dont qualify for much, (less than $1,000 line) and the APR is like 22-26%. I may just have to bite the bullet, pay my full balance every month in order to get my credit back on track.

So, in the interim, I only need a 2-3k to really get where I need to be and bump myself up to the next level of profit. I could have that amount repaid in very short order, especialy once I get the stuff I need to expand. I have a steady enough sales flow, but I am missing out on parts of the market because of lack of materials and equipment.


Any help, tips, ideas, etc would be greatly appreciated. Thanks guys.

[chad]

prosper.com

[chad]

lendingclub.com is another one.

[DMac]

Dr. Mamboni

[chad]

Dr. Mamboni

hahahaha i was going to post that at first.

[beefsteak]

Vendor financing would be a logical place to seek for an equipment purchase assist, since they want to continue to vend to you.

A younger fellow at our church was telling us a few weeks back he was using creditboards.com for repairing his credit. Never used them but I did a quick glance before posting about what Carl did, and they seem to have been around for about 9years and run a pretty bang on advice for credit repair and how to rebuild credit like you are looking for, so maybe a 2 pronged approach?

Micro finance via an outfit like KIVA might be your answer. Sounds like you have time to raise funds the micro finance way from the way I read your OP.

Another possibility would be a "stacker lender"...with the stack as collateral. 2 oz of Au and you've got your expansion funding.


beefsteak

[TheNocturnalEgyptian]

Kickstarter is very popular right now

[Heimdhal]

Thanks guys.

I tried a few things like Prosper, but it seems they ahv gotten pretty tight over the years (I actual signed up with them in about 07, but never went anywhere with it).

I'll try the other outfits yall suggested and see. The micro lending may be the way to go.

[Heimdhal]

Vendor financing would be a logical place to seek for an equipment purchase assist, since they want to continue to vend to you.

A younger fellow at our church was telling us a few weeks back he was using creditboards.com for repairing his credit. Never used them but I did a quick glance before posting about what Carl did, and they seem to have been around for about years and run a pretty bang on advice for credit repair and how to rebuild credit like you are looking for, so maybe a 2 pronged approach?

Micro finance via an outfit like KIVA might be your answer. Sounds like you have time to raise funds the micro finance way from the way I read your OP.

Another possibility would be a "stacker lender"...with the stack as collateral. 2 oz of Au and you've got your expansion funding.


beefsteak

I'll look into credit boards. Once it started going down, I hurried up and paid off all my debts (expect my small student loans) and tried to play damage control, but it was already done (60k + in medical bills and then lossing your job and being bed ridden tends to do that). Thats part of whats hindering me now. I'll see what they can do.


As far as the collateral, if i had 2 oz of Au to use, I would. I have mostly silver, but not enough to feel comfortable playing with, may have to go that route though.

[k-os]

Look up microfinance/microlending in the USA. (Most microfinance sites are for developing countries).

[Heimdhal]

Look up microfinance/microlending in the USA. (Most microfinance sites are for developing countries).

Yes, that does seem to be the case :(

[iOWNme]

IMO....

Slowly save up all of your money, and outright buy the equipment and materials you need. This way you own everything, and never pay any interest.

Also, even though you 'think' you can pay it back quickly, if anything does come up while running your business (It always does) you may find yourself trapped under debt, which can hurt the business, and lead to a catastrophic ending to your goals.

If anything sell some preps/guns/ammo/pm's to get the couple thousand you need, and then slowly rebuild those items......

[beefsteak]

Not necessarily the case, guy. I've seen USA citizens ask for micro finance loans so that they could buy physical gold and silver before it goes up. And they seemed to always be funded.

Sad truth is, America IS a 3rd world country.

Also, if you do go the micro finance route, I for one would like to hear about it and where to find the particulars. Hope that's allright with the mods around here. That way we could take apiece of the risk under the OPM mgmt rules like with the KIVA program, and participate. Like for instance whatever the minimum risk participation level is instead of a whole enchilada $3K risk.


beefsteak

[k-os]

Yes, that does seem to be the case :(
(http://www.kiva.org/press/releases/release_20090610)Kiva Launches Online Microfinance in the United States (http://www.kiva.org/press/releases/release_20090610)That is from June, 2009, but I don't see a single opportunity to lend in the US at this moment. :(

[hoarder]

Paint your face brown.

http://www.sba.gov/content/minorities-0

http://www.ibusinessfunds.com/ibusinessfunds-articles/small-business-loans-for-minorities.php

[beefsteak]

k-os, your link to prosper.com I also just found checking on an old computer for back when that IBM thinkpad was the basic laptop in operation around here. Entirely possible I have old news/recollections about Kiva and USA based finance seekers.

[k-os]

I wrote to the folks at Kiva.org. This is what I asked:



Hi, I read an article about how you're now giving micro loans (since June 2009) in the USA, but I never see any borrowers in the USA on your site.

Is it particularly difficult to qualify, or you just don't have many requests from people within the USA?


This is their response, which I think should be very promising for you, Heimdhal:

We rely on our Field Partners to upload loan requests to Kiva's website. Sometimes the demand for loans on Kiva outpaces our Field Partners' ability to upload these loan requests. When this happens, you may not see the type of loans you want. However, our Field Partners upload new loans as soon as they can, so please check back later to see if there are more loans available. U.S. loans tend to be very popular with our lenders so they tend to funded very quickly once they have been posted to the Kiva website!

Sweet! I have a whopping $74 in my kiva account at the moment . . . let me know when you're on there, and it's yours. Do it!

[ShortJohnSilver]

You MAY be able to find a good credit union in your area that will do it. Maybe! Talk to a couple different ones, explain your business bit first, etc. Sometimes they can take a flyer on someone even though the numbers seem bad.

Alternatively, cast about for ways to either get paid in advance, or for ways to get the stuff you need without paying for it up front.

[Twisted Titan]

IMO....

Slowly save up all of your money, and outright buy the equipment and materials you need. This way you own everything, and never pay any interest.

Also, even though you 'think' you can pay it back quickly, if anything does come up while running your business (It always does) you may find yourself trapped under debt, which can hurt the business, and lead to a catastrophic ending to your goals.

If anything sell some preps/guns/ammo/pm's to get the couple thousand you need, and then slowly rebuild those items......


+1000000000000000.


Best advice bar none IMO

Now is not the time to be going into debt........ the possiblity of creditors pulling the plug through no fault of your own is waaaaaaaaaaaaaaaaaay too dam high.

Its a longer route but it is the one that affords the most peace of mind and that is something you CANT place a price on.

Dont worry if things go the way how we expect you will be able to buy up 2 or three of your competitors for a song and purchase their equipment at fire sale prices.

Patience is a virture that is well rewarded

[Glass]

Alternatively, cast about for ways to either get paid in advance, or for ways to get the stuff you need without paying for it up front.

Yes don't be afraid to ask for $$ up front. As a deposit or cost of materials. It's a useful way of filtering customers as well.

What is it you do? Or is that covered in another thread. Does it involve two zero's and another number? Is there a licence to kill involved? Do you know any one called "M" or "Q" ?