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Advice for Small Business Loan

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Started 2 years ago by lisathewaitress
Latest reply from JonMyers

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lisathewaitress
SoHud
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Hi CU community! I know how great you are at answering/arguing over everything on every topic ever, so I thought I would throw this one out there.

I am about to try to get a small business loan! Wheeee! and Yikes!!!

I know it isn't the best time to try to get financing, but, I like to play fast and loose with timing.

I think I have a great concept, a great location, etc etc.

I am looking to borrow about 1 year's combined salary.

We have great sweat equity, intellectual property (well, i suppose that's debatable, but...), and will have our products to use as collateral. We have all of those things in spades!!! but what we don't have is money.

Who has advice! Any great banks to go to? great bankers?

thanks!

Posted 2 years ago #
lizless
Columbus/Hocking Hills
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ECDI has microloans up to $35k. CCDC has equipment loans up to $50k...both organizations provide low interest loans intended for economic development. I've worked with both groups and highly recommend them.

Posted 2 years ago #
Thory
Asheville, NC
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I don't have any advice, but I wish you luck. :D

Posted 2 years ago #
lifeontwowheels
Highland West
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Ask around with the neighborhood association and business association representing your location. They may have knowledge of some incentive financing programs specific to that area.

Posted 2 years ago #
thecandlelab
Columbus, OH
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+1 for ECDI as a good resource.

Best advice I can pass along - hire a good accountant who can translate your good idea into language that bankers understand. We tried to do it on our own in the beginning and got laughed out of our first two meetings. Then we had an account translate our numbers and projections into an actual plan, and we got our line of credit in the very next meeting without a problem. Same numbers, same concept, but expressed in a different way.

We have had a great experience with Heartland Bank, so that's a good place to start. Best of luck!

Posted 2 years ago #
JonMyers
HCMC ✈
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I've heard great things about the people at the Ohio Small Business Development center. It seems like they could help you with the details of a small business loan.

http://sbdcfreeadvice.ning.com/

Their director Mike Bowers is a super cool dude. You might even hit him up on Twitter: http://twitter.com/michaelbowers

Posted 2 years ago #