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Forum nameFinancial Feast
Topic subjectRE: START UP MONEY FOR A SALON
Topic URLhttps://www.businessownersideacafe.com/forums/dcboard.php?az=show_topic&forum=105&topic_id=707&mesg_id=766
766, RE: START UP MONEY FOR A SALON
Posted by bizdev, Sun Apr-26-09 02:44 AM
Aurora is correct that the government is infusing existing government programs (such as the SBA programs) with more dollars. However, the fact that there is going to more dollars available does not mean it is going to be any easier to obtain such a loan.

You must still meet the stringent criteria required to apply for and obtain an SBA backed loan. You must QUALIFY.

Cristy, unfortunately your recent bankruptcy will likely keep you out of the running.

Keep in mind folks, to apply for an SBA loan (including micro loans), you need industry experience, collateral, EXCELLENT credit and your own cash (20 - 30% of your capital needs). Sounds simple, but if even one of those requirements can't be met, you cannot even apply.

It's a harsh reality, but I just hate to see people wasting time and effort and spinning their wheels.

First write your business plan, then you will know exactly how much money you need and you will know if you even have a viable idea. Remember, no matter what direction you take you will need to have that business plan in hand. (See below for help with writing your own business plan. It's easier than you might think!)

It can be done. You can realize your dream, but you might need to change gears to get there.

Sylvia
http://smallbusinessstartup.biz
Startup & Biz Plan Help
http://smallbusinessstartup.biz/blog