How do you get a business loan?

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For all of the business owners (regardless of what type of business) how did you go about obtaining a loan or financing your business?  Did you go to a bank or a venture capitalist?  Did you have to come up with a substantial down payment?  Did you buy an existing business or build one from the ground up?  Any advice would be greatly appreciated.
Reply:My advice is build it piece by piece and pay cash as you go along.   I have no debt and am able to weather the slow times much better than if I had a big debt hanging over my head.  I didn't take any kind of loan or fill up credit cards or anything of that nature to get started.  My business has grown from what I had already bought built and learned through my life experiences before starting it.MM350P/Python/Q300MM175/Q300DialarcHFHTP MIG200PowCon300SMHypertherm380ThermalArc185Purox oaF350CrewCab4x4LoadNGo utilitybedBobcat250XMT304/Optima/SpoolmaticSuitcase12RC/Q300Suitcase8RC/Q400Passport/Q300Smith op
Reply:Originally Posted by theoriginatorFor all of the business owners (regardless of what type of business) how did you go about obtaining a loan or financing your business?  Did you go to a bank or a venture capitalist?  Did you have to come up with a substantial down payment?  Did you buy an existing business or build one from the ground up?  Any advice would be greatly appreciated.
Reply:In my dealing with banks over the last "many" years is this.Have enough money in the bank to cover any loan.  If not money in the bank (CD's, etc), you better have sufficient assets to "personally" guarantee any business loan.Today banks don't even loan money to closely held corporations with good bottom lines without personal guarantees from the principles.Syncro 250 DX Dynasty 200 DXMM 251 w/30A SG XMT 304 w/714 Feeder & Optima PulserHH187Dialarc 250 AC/DCHypertherm PM 1250Smith, Harris, Victor O/ASmith and Thermco Gas MixersAccess to a full fab shop with CNC Plasma, Water Jet, etc.
Reply:More information needed.  Do you have a business already, want to expand???   Are you starting a new business from the ground up??  DO YOU HAVE A PLAN??????   Do you have any personal assets yourself?  Do you have any skin in the game already?  How much money you looking for?   How much interest you willing to pay?There is money available, not always from traditional sources,,,,,    but remember, most people lending money like to see a good probability of getting their money back.  They also like to see you have a plan, and specific ways of spending the money, and specific ways of making new money.   Based on previous posts you've made, even you have no idea what you want to do,,,  "whatever makes the most money, I'll figure it out later........   "I need money, want to start a business, whatever, any business".
Reply:Originally Posted by DesertRider33My advice is build it piece by piece and pay cash as you go along.
Reply:Pay cash for everything.  Work with what you got.  You would be amazed with what you can do with so little.Lincoln 300 Vantage 2008300 Commander 1999SA250 1999SA200 1968Miller Syncrowave 200XMT350MPA/S-52E/xr-15Xtreme 12vs Millermatic 251 w/30A  Millermatic 251 Dialarc 250 Hypertherm 1250 GEKA & Bantom Ironwokers
Reply:Good luck getting a loan. The lending companies are very selective now on who they give loans to. You wouldn't believe what they want to know about your financial history.You want to be successful in your business? Want to provide a decent living for your family? Want to remain off the government welfare line?  Forget it. Under obama's plan you won't be able to accomplish those goals. He wants everyone living off of the gov't.
Reply:Originally Posted by marchboomGood luck getting a loan. The lending companies are very selective now on who they give loans to. You wouldn't believe what they want to know about your financial history.
Reply:loans can easily available these day..for business loan you have to show your strength..like how many workers in company, have your own company or have on lease, & what is the total profit you gain from the company...if you have these all things you get business loan easily....unsecured business loanbusiness loan
Reply:I would highly recommend checking out the Small Business Development Center programs...  not sure if there is one in your area, but in the San Diego area, the SBDC offer tons of free or low-cost workshops to help entrepreneurs and small business owners learn the business of doing business (accounting, marketing, legal issues, banking etc) and often have consultants (again, free or low cost) to help you.http://www.sba.gov/aboutsba/sbaprograms/sbdc/index.html  Another interesting concept:  micro loans (not unlike kitchen table financing).  This is an interesting article about a small business owner in New Mexico who pulled together financing from his very loyal customer base:http://albuquerque.bizjournals.com/a...721600^3725391These are still tough times for credit and creativity is imperative!Good luck with whatever you are planning...-----------------------Carmen Electrodewww.CarmenElectrode.comand the boss blogs at  www.JoeWelder.comall powered by  www.Arc-Zone.com
Reply:One piece at a time, and I own everything I have.Disclaimer; "I am just an a$$hole welder, don't take it personally ."
Reply:Originally Posted by Xtreme FabricationPay cash for everything.  Work with what you got.  You would be amazed with what you can do with so little.
Reply:Originally Posted by TozziWeldingOne piece at a time
Reply:Originally Posted by marchboomGood luck getting a loan. The lending companies are very selective now on who they give loans to. You wouldn't believe what they want to know about your financial history.
Reply:First you have to find a bank that is willing to deal with small businesses.  Ask other small business owners in your area who they use and what they think of the service.  Small business banking is not easy, that is why not many banks do it, and even fewer do it well.  Expect to pay at least twice as much interest as for your house.Banks want a track record.  The longer you have been in business the better.  Showing consistent profit is even better.  Start-ups are tougher.  If you have a highly profitable businesses that only reports a meager amount of income do not tell your banker you are more profitable than your tax return shows. The best way to deal with a bank is to show them you don't need them.  Show them how you are going to buy that CNC plasma without their help, but explain it will reduce your working capital to a level where you may not be able to take advantage of new opportunities.  Don't expect the bank to loan more than about 50% of the direct cost of a new purchase.
Reply:If you never borrow any money you will never get into money trouble.  Paying cash you can usually buy 5 to 10 percent cheaper and you can buy anywhere you want.Been in business for over 40 years, retired 2 years ago and haven't missed a day sence. PhilLast edited by Phil Snyder; 01-21-2016 at 08:02 PM.
Reply:If you want to start a business from scratch on a loan I would say "good luck". Banks are willing to loan money to established small business but they want 50% down for new business and 25% from a more established business. My bank will not finance a startup shop without substantial collateral. Meaning they want titles to expensive things before they will even consider a loan big enough to start a metalworking shop. Building from the ground up with cash is how I did it. Everything, except for my house and my truck, was purchased cash. One time I did get a little line of credit from the LWS but paid 75% down and 25% exactly one month later. I recently inquired about purchasing a rather substantial piece of equipment and will probably purchase it on credit with 50% down and repayment in 6 months. The only reason I am even considering that is because of the amount of work that is guaranteed through a signed contract and can be paid off in short time. My personal opinion, starting any sort of metalworking business on a loan is a disaster waiting to happen. Things are difficult. If you have deep pockets,meaning you have cash in the bank, it makes getting started a little easier but it's still extremely easy for things to go wrong. Getting to the point of the shop supporting itself have been years of 80 weeks, often not making what you think you should make. You miss a bid by a big amount and you find yourself working for $2/hr at 2am. It doesn't take much of that to put a sour taste in ones mouth.
Reply:This is an old thread from 2010..... Originally Posted by marchboomYou want to be successful in your business? Want to provide a decent living for your family? Want to remain off the government welfare line?  Forget it. Under obama's plan you won't be able to accomplish those goals. He wants everyone living off of the gov't.
Reply:Originally Posted by Dee_veloperThis is an old thread from 2010.....There are many other sites for political commentary.  If pc is necessary, try them.
Reply:Politics have no place on the general boards however. After mopping up the carnage from the last general election the moderators agreed that such discussions do little more than create division and constant debate between members. I lost track of how many threads I personally deleted or locked over the last few years that were hijacked by individuals very determined to interject their political views at every given opportunity, and ended up degrading into a shlt throwing contest.A thread specifically addressing politics (as well as one for religion) has been created so ppl can still vent their political views there without it burning down the rest of the site.Just sayin Last edited by 7A749; 01-22-2016 at 10:20 AM.Expert Garage Hack....https://www.facebook.com/steven.webber.948
Reply:I usually get a 0% apr credit card buy it and pay it off. Around here you have better luck getting a kidney then an unsecured loan.Sent from my C811 4G using TapatalkVantage 300 kubota ,miller 304 xmt ,lincoln ln 25 pro , ranger 305 G, plenty of other tools of the trade to make the sparks fly.