Carpet Cleaning Industry Analysis for SBA Loan

[CanYouHemiNow]

Can't find a bank that will loan money for start-up business so gonna try jumping through the SBA hoops. First sticking point in Loan Application is Industry Analysis. The only carpet cleaning industry analysis I can find is through questionable websites charging anywhere from $150 to $4000. There has to be a better way... any help?

 

[juniorc82]

get ahold of mike from ace carpet care on here he got an sba loan

 

[ACE]

Yea I'm happy. Search for my post on how to get a SBA loan. There are allot of scams out there right now. You don’t need to pay anyone to get an SBA loan. The only reason you need industry statistics is to beef up your business plan. You can find them for free online by searching the department of labor.

 

[CanYouHemiNow]

Thanks Jon and Mike, say a prayer for me!

 

[Ken Snow]

ICS & Cleanfax have also done a few industry surveys. An SBA is a great way to get low interest monies backed by the Fed.

 

[John Buxton]

they can take your house if you default dude.

 

[ACE]

they can take your house if you default dude.

The SBA and the bank owns my A$$. I had to take out a life insurance police and have it collaterally assigned to them. If I default the might kill me. Unlike a conventional loan you can’t discharge an SBA loan with bankruptcy.

 

[Jimbo]

Might as well find a local gumba for your loan.

 

[CanYouHemiNow]

Hey Mike,

Yeah, I reread my post and it does sound like I was saying the Business Plan was part of the Loan Application. Anyways, thanks for the advice and the offer to help, I may take you up on it.

Unfortunately, I didn't know that I would have to put up my house as collateral though. I'm gonna call them tomorrow and get it straight from the horse since being a newbie I might think I have a pretty good plan but until I actually get the business I can't really be sure that it will be there.

The required insurance policy sounds kind of freaky too. I can just see the letter from Obama to my wife now, "Sorry your husband's truckmount blew up and killed him... now, where my money?"

 

[Ken Snow]

Personal guarantees are the norm now so you will find this in virtually any bank loan. The advantage of an SBA if that it guarantees the bank who administers it. Personally I believe if fear of going bankrupct is a consideration then a person is not cut out to be an entrepenuer. Also what the heck will a start up cost maximum 50-100k?

 

[floorguy]

they can take your house if you default dude.

The SBA and the bank owns my A$$. I had to take out a life insurance police and have it collaterally assigned to them. If I default the might kill me. Unlike a conventional loan you can’t discharge an SBA loan with bankruptcy.

fook it...if your in biz for the long haul anyway this point is mute...

ifn i could get cheap intrest rates then so be it...better then them slum bag CC companies, who every other day i get a notice form that they are changing my %...assholes..

 

[CanYouHemiNow]

Hmm... I think what Ken is saying is that I need to check and see if I gotta pair... I will sleep on that advice... thanks for the blunt words Mr Snow.

 

[Wayne Miller]

The life insurance is like a key man policy, it's nothing to freak out about.

Ken could lighten up a bit. Putting your house up as collateral is a big step, especially if you have a family. Everybody's got to be onboard with the decision. The possibility of going bankrupt is a natural concern and deserves respect. A lack of that respect can get you into deep water real quick. If it didn't cross your mind I'd be checking your pulse. Ken's right, though, business isn't for everyone.

 

[Brian R]

A loan is a risk no matter what...so is running a business...so is getting into your car.

The disinterest that I have in filling out all the paperwork prevents me from trying to get a loan.
I just try harder to build my company on my own...that's where it's exciting to me...so that's where I focus all my efforts.

If I was serious about getting a loan, I would have my accountant do all the leg work...Legwork, that's just not bag baby.

 

[Ken Snow]

Sorry, my intent wasn't to insult or question your fortitude, just trying to make it clear that when after other sources money collateral is the name of the game. If no other collateral exists to fund the venture then personal guarantees (which can include or exclude a primary residence) are going to be required, especailly if operating monies are desired.

Ken

 

[CanYouHemiNow]

No offense taken here, Ken. Me and everybody else that wants to work for themselves instead of "the man" should be very, very sure that they are cut out for the challenges of self-employment before hocking the family jewels. I sincerely appreciate yours and everyone elses input.

Wayne, from what I have read on this board, you seem to be the guy to talk to about advertising. I am going to take a close look at your website and determine what you can do for me that I can't do for myself. I will almost certainly be in contact with you at some point.