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re: New Business Startup Question
Posted on 3/21/19 at 12:45 pm to LSUJay13
Posted on 3/21/19 at 12:45 pm to LSUJay13
Talk to a lender that does a lot of SBA loans for new businesses. $100K you are going to have to have some personal collateral to bring to that deal.
For those of you who are saying he should treat the money from his "partner" as a loan, bear in mind that there aren't too many banks out there that are going to loan him 100K if the business is going to have another 120K loan on the books, and no one is putting up any of their own capital.
OP, what's your ability to come up with your own cash, not from a bank?
For those of you who are saying he should treat the money from his "partner" as a loan, bear in mind that there aren't too many banks out there that are going to loan him 100K if the business is going to have another 120K loan on the books, and no one is putting up any of their own capital.
OP, what's your ability to come up with your own cash, not from a bank?
2
Posted on 3/21/19 at 1:03 pm to LSUFanHouston
20k in cash... I figure 60k just to open the doors (signage, computers, office items, insurance payments) includes 20% for 100k loan.
Posted on 3/21/19 at 1:35 pm to LSUFanHouston
quote:
For those of you who are saying he should treat the money from his "partner" as a loan, bear in mind that there aren't too many banks out there that are going to loan him 100K if the business is going to have another 120K loan on the books, and no one is putting up any of their own capital.
I get that but would you give up half of profits for 5 years plus the EBITDA after five years? And how is that exactly determined? 1/2 of year 5 profits plus half every year? I'd be slowrolling my profits in that situation.
This post was edited on 3/21/19 at 1:36 pm
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