Page 1 of 1
Posted: Wed Oct 13, 2004 10:42 am
by Clozer
I'm having trouble finding a small business loan, tried a couple banks and sba with no luck. All we're looking for is 10-15k.... Please help any opionions or personal experiences welcome..
clozer
Posted: Wed Oct 13, 2004 12:11 pm
by Insurance4YourBiz
You are probably going to have to look at personal sources--small business loans just aren't available. An equity line on your home is a good source of emergency cash--and if you shop you will find one that doesn't cost you anything until you actually use the money. Just be aware that your home is now on the line for your business.
I have a $10,000 credit card set aside. I have used it when cash flow was slow. Was able to make my payroll, rent, telephone, etc while waiting for commission checks to come in. And I always pay it off ASAP--usually before any interest is incurred.
Most of all--don't even think about "borrowing" from your trust account. I watched a good friend get into this bad habit, and he had to be bailed out by a family member when he couldn't get the money back into the trust.
Good luck