SBA Loans

[Thunder]

Someone told me to obtain one, but I don't know if I should or not. I looked on the website and info for Oklahoma's office. Its really hard to understand and do all of those mumbo jumbo. There are loans, grants, bonds, and all sort of options. On there said that small business typically need at least $13,000 upward to $50,000 to startup, but I don't need that much. Can anyone help me on what is best for me to do? One-on-one? And take me through all of these stuff? I'm mostly curious about the grants portion, because I think that Oklahoma will do whatever it takes to keep economy strong by offering such incentives to new business owners. A loan may be okay, but I don't need much and I wonder if its short or long term and the amount of monthly repayment. Does this go by a person's (me) credit scores/history or mainly for the business? I can never obtain a loan on my own, so I don't know what I can do for my business. I know that my business will be successful due to key advantages, but I'd like a jumpstart rather than monthly saving up delaying store opening. Fish and aquarium business is big business, because new customers starting up an aquarium spend on average at least $500 depending on size. I would really like it if someone can meet with me and help me through on this SBA options. I'm not that smart enough to handle it myself, especially being new to those legal/government system.

[venture]

Since I'm a start up junkie I'll give you a few thoughts...which can't always be applied to every situation. I looked at the SBA solution years ago for a $100k loan. At the end of the day, I found a private investor to invest the capital and took it from there. With any loan you are going to need a complete business plan with projections out 3-5 years (unless it has changed). You'll have to be prepared to have some assets in order to secure the loan. As with any loan your credit will get evaluated, or at least the principle owner of the business. So based on this, you are going to probably have a rough go getting any SBA backed loans. Grants...don't expect much in the way of those to be available to you. Also a big thing with grants is they are looking for you to create jobs and tax revenue.

Your best solution would be to find a private investor to help fund your startup and work out an arrangement to ensure they get paid back either via a short term loan or by offering a stake in your business. Either way, you need to do your research and see what is going to be best for you. Then you'll need to look at registering your company with the secretary of state and also the tax commission. You are looking at around $100 for registering an LLC in Oklahoma and another ~$30 (I think) for getting your sales tax permit. Also don't forget to get your FEIN from the IRS as well. That is free.

[Thunder]

Can I look for private investor anywhere such as Craigslist?

Do I have to be an LLC? I know about the sales tax permit and FEIN, but not sure if I want to go LLC or Inc anytime soon.

[USG'60]

Hey, T, please don't get any loans until you run your plan by us. What do you really need additional funds for? Red tape has ruined lives, man. Walk carefuloly into that mire.

[Thunder]

Well, the funds would mainly be to wholesale order at first to stock up the place. The more I order, the more discount I get, especially with the cash and carry discount where I can pick items up at their location, pile them in my truck, and bring them to the market. I'm going to get wood to put together a display to hold 12 tanks and 4 bookcase shelves for the items. I got a free center aisle shelves from the market that I'm painting it black. The funds is mainly for the wholesale order and my guess would be no more than $5k since the store is small and only carry top brand products. Also for tanks, stands, and bigger items to sell. My guess would be at least $3k to $5k. That must be a record-breaking smallest business loan ever. LOL There have been successful millionaire firms once started on a $1k startup.

You know how PetSmart sell products. They'd sell like 4 or 5 different brand names for one specific product. I don't do that. Just 1 or 2 top brands for a specific products. With the store space that I have and my products plan, I can easily fit it all nicely.

A loan get me started quickly and rev up the profits while no loan get me saving monthly until sometime next year.

I need to check on Craigslist to see what I can find. As for assets, I don't have anything other than my Nissan Hardbody Truck. All paid off as promised.

[Thunder]

Here is what I can find on Craigslist.

You are starting a business and find yourself needing help with business plans and finance and accounting plans/systems? I have over 4 years of accounting experience turning companies around by creating a streamlined smooth running accounting departments and helping new companies start by doing on the government ground work and financial aspects and accounting systems implementations. I look forward to helping you. Lets meet and talk about your needs and how I can help you.

Sincerely,

Nehemiah Barr
405.905.9709
http://oklahomacity.craigslist.org/fns/2601488350.html

Does your company need to establish business credit?

Are you tired of your company not being able to establish business lines of credit?

Would you like to improve your current business?

We can help you develop your business credit as well as set you on the proper path to be more financially equipped.

If you have troubled personal credit, we can help you develop that as well. As most financiers will look at the personal credit when considering you for business credit. So let's get both in order simultaneously.

ATTENTION: This is not a QUICK FIX SOLUTION!! Be prepared to be ENGAGED in your development for the next 6 months to one year and thereafter. Prepare to be active in the solution.

We are here to help you be more financially sound and better equipped to take your business the next 20 years.

Elite Business Network
www.elitebusinessnetworkllc.com
682-233-0326
866-217-6954

Our Company also offers other services such as: Short-Term Working Capital, Business Loans, Consumer Financing Programs, Equipment Sales (including electronics and appliances *COMING SOON*), and Business Coaching

*Financing Available For Those Who Qualify*
http://oklahomacity.craigslist.org/fns/2621774210.html

---- We Will Fund Your Start-Up Capital! ----


Secure a Business Finance Solution That Meets Your Needs - Call us today at: (866) 343-1755

We have in-house Attorneys and Credit Specialist working together have been helping businesses to receive funding when no other options have been available, or that the need to receive funding in a relatively short time was an important factor. Understanding the requirements of the underwriters at each of the banks we work with is one of the principal reasons for the quick turn around in the funding process.

Contact Us For Your Business Credit - Call Us Now (866) 343-1755.
http://oklahomacity.craigslist.org/fns/2619989537.html

There are several others to pick from. I did spend last few months trying to repair my credit reports/scores/history, but it don't seem to be much effective. Scores did not really go up. Not all reports were deleted that I disputed. So, I dunno what else I am to do on that.

[BBatesokc]

You can always try sites like GoFundMe. There are others, just Google for them.

[Thunder]

You can always try sites like GoFundMe. There are others, just Google for them.

How popular is that site?

It seem where people post pictures and info along with asking for free money. Of course, free money is great, but I'd like to repay. I'll look into that site a bit more and possibly set up a Thunder & Brian's Fish Store fund. :-P

[Thunder]

Brian, I made an account, but I need to do more work on the page.

http://www.gofundme.com/ThundersShack

I need to post new pictures and more messages. Got any advice?

[venture]

Can I look for private investor anywhere such as Craigslist?

Do I have to be an LLC? I know about the sales tax permit and FEIN, but not sure if I want to go LLC or Inc anytime soon.

Eh, I don't trust Craigslist much. You'll probably find better advice here - or at least connections to people that can help.

I believe to get a sales tax permit you have to have a company registered with the Secretary of State. Make it easy on yourself and probably do an LLC. You'll also protect yourself some. Also being a single member LLC it won't be very confusing come tax time. You'll probably end up just doing a Schedule C with your 1040 return. However, I'm not an accountant so don't take my word for it and if it is a good solution for you. :-)

[Thunder]

Venture, you're getting a free fish. So will Brian and USG.

[Double Edge]

I'm pretty sure you can be a sole proprietor and get a sales tax permit. My father ran several Oklahoma wholesale and retail businesses, had one and never was an LLC or corp, but that was awhile ago. Being an LLC to protect yourself from liability is a different issue. It's not hard to start an LLC or corp but there is some record keeping things you might have to do to keep it active and maintain its legal status.

Here's a registration packet that might help with that. It says the state has workshops to help you get it worked out, which might be a good idea.

http://www.tax.ok.gov/forms/busregpk.pdf

[Thunder]

I just updated my GoFundMe page with more info on it.

I know, Double Edge, being with LLC or Inc isn't required, at least not for me. I can get the Tax ID itself. The FEIN is optional, but since its free, I will get it, too.

[Thunder]

Brian, it was a great idea and interesting to do, but I don't think it will work for me. I found out that my fund page will not be shown in the public directory until I receive the donation(s) to exceed $100. So, I am stuck. I did post it on Craigslist, but no success. If it was in the public directory, then it will be available for people out there that goes to a site like this and donate randomly. I'm sure there are people or organizations out there that go through the site and review stories/plans for the fundraising. Unfortunately, I can't get it in the public directory. I thought about donating to myself to do it, but don't think that will work.

[easternobserver]

what about going on shark tank?

[Thunder]

what about going on shark tank?

I will probably not sell any freshwater sharks, unless special request or once in a while special order. Some sharks are a no-no in community tanks and/or can only be one of its kind in a community tank. Other sharks, such as Bala Shark, do best in a school and require a large tank.

[BBatesokc]

I will probably not sell any freshwater sharks, unless special request or once in a while special order. Some sharks are a no-no in community tanks and/or can only be one of its kind in a community tank. Other sharks, such as Bala Shark, do best in a school and require a large tank.

(please, nobody tell him.... its much funnier that way)

[Thunder]

(please, nobody tell him.... its much funnier that way)

If you disagree, then tell me. I know of several freshwater sharks that are commonly sold in stores. I have never owned any of them, but I do know enough of them.

[easternobserver]

I was being serious. I mess with Thunder sometimes when I think he is being off the wall, but he seems really serious about this and has a good angle. What would be better than a fish store for the sharks?

[Thunder]

Can you rephrase the question?

[venture]

Sorry I can't. :-P

http://abc.go.com/shows/shark-tank

He's a little looney...but he is our Thunder. LOL

[Thunder]

Sorry I can't. :-P

http://abc.go.com/shows/shark-tank

He's a little looney...but he is our Thunder. LOL

I have never seen that. I looked at it, but don't understand what it is all about.

[BBatesokc]

I was being serious. I mess with Thunder sometimes when I think he is being off the wall, but he seems really serious about this and has a good angle. What would be better than a fish store for the sharks?

You couldn't have been too serious or had Thunder's best interest at heart then with that suggestion as it would have been nothing but a huge humiliation fest. I watch every episode and nothing about Thunder's particular business would have given him any chance at all.

[Double Edge]

You could try one of the peer to peer lending sites like prosper.com.