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re: New Business Startup Question
Posted on 3/23/19 at 10:09 pm to LSUJay13
Posted on 3/23/19 at 10:09 pm to LSUJay13
How strong are you financially and credit wise? You new business should qualify for a SBA loan which are typically 10% down with a term of 10-20 years on the repayment. Some banks will fund small business loans without the SBA too. I'd get a loan instead of giving up 50% equity.
If you go the loan route you may want o hire an accountant or finance firm to put together a business proposal for you with projections of your first few years revenue and such. Don't walk into the bank just spit-balling numbers. Be prepared with a plan on paper.
What are margins like in this type industry? Can you afford to give up 1/2 your income?
If you go the loan route you may want o hire an accountant or finance firm to put together a business proposal for you with projections of your first few years revenue and such. Don't walk into the bank just spit-balling numbers. Be prepared with a plan on paper.
What are margins like in this type industry? Can you afford to give up 1/2 your income?
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