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Old 3rd December 2006, 09:06 PM   #1
1washer
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Default Need Money To Buy Business/Personal Credit

Hello all,

I have found the ideal small business in the laundry industry. I am sure that I can turn this profitable business into something even more profitable, but I wonder how receptive lending institutions are to those who need loans to buy currently operating businesses.

Secondly, I don't have the best personal credit, will this impact my LLC's (just a name at this point no business operation yet) ability to buy this laundry business and actually put my LLC into motion. If so what can be done?

thanks

1washer

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Old 4th December 2006, 01:45 PM   #2
torka
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A couple of ideas:

You could try talking with a local banker. Each institution will have their own criteria for whether they will grant a loan under a particular set of circumstances or not, so nobody here can tell you for sure whether a bank loan would even be a possibility.

An alternative, which might or might not work depending on how much you need to borrow and how quickly you anticipate being able to pay it back (and with how much interest), might be to approach family and friends and try to put together a group of "investors" to fund the venture. If you do decide to follow this approach, be sure to have a lawyer draw up the paperwork and be sure you and your "investors" are clear on who has final say in business operating decisions.

If you're in the USA, you might also want to check with the Small Business Administration. They do offer small business financial assistance, but as with the local bank option, I don't know what their criteria would be or how much they might make available (if any).

HTH!

--Torka

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Old 20th December 2006, 06:38 AM   #3
Allan21
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Thats cool tips from torka... Keep this in mind...
Got too much debt on your hands? Often the best thing you can do is consolidate it into a single, generally lower, monthly payment. With the right lender, you can save hundreds each month even if you have bad credit.




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Old 20th December 2006, 12:56 PM   #4
Raise Capital
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Allan1, I agree with you. However, he does need to focus on building business credit, so that he does not have to put himself down as a guarantee.

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