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I have a question about business loans for an existing business and would like some information from someone? |
A friend of mine has a great automotive repair business. He has built it up and has a great cusotmer base. he has been in business since 1999. When 9-11 happened , business slowed and he borrowed on credit cards, business eventually got better and I encouraged him to consolidate his cards and lower the interest. He did. In 2005 business was starting to pick up and he was rocking along, then when the hurricanes hit and gas prices skyrocketed his business started to fall off. People bought new, gas saving cars instead of repairing their gas guzzeler. All during this he has had bank loans to add on to the shop etc., they were good loans, but they were on a short term basis and what he needs is a loan to get the debt down and more long term to maximize his cash flow. He also is in arrears to the IRS for employee taxes and they are wanting their money PRONTO. His property and business is in an area that is getting ready to explode and to give up and let it go would be a shame. Please don't get involved. Poor money/ and business management can cause all of what you mentioned. First of all Loans are very risky. A line of credit works better due to the fact that you are committed to paying only the interest on what you use if you can't afford to pay more at any given time. A loan is a commitment every month no matter what. Anyone going into business should know this. Banks will give you a line of credit if you have good credit and or security because these lines are usually unsecured. Stay away from this problem. Offer no help unless of course your banker reviews his business plan, annual tax assessment for 3 years and his credit score. After all you have to look out for yourself first. Sharon is right. It's very risky to take out a loan. So it's best if you would consider all the options first before getting a loan. Check out this site: http://www.startupbusinessloan... They have a good deal of information regarding business loans. Report It |
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