Results 1 to 18 of 18
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10-21-2024, 11:12 PM #1
- Join Date
- Oct 2020
- Location
- Ontario,Canada
- Posts
- 145
Startup Capital G2efunding.com
I know we traditionally require some degree of time in business and revenues per month to qualify for funding. Someone came to me today asking if we provide any capital for Business Startups. I told them I would look into seeing if any funders provided capital for startups.
I thought if the startup had assets ie real estate - equipment with value etc they may have some leverage to obtain
Anyone out there funding startups?
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10-21-2024, 11:51 PM #2
In regards to Startups, here is a list of what is needed:
SBA Start up program:
3 Years of Personal Tax Returns
Good Credit
We can do as low as 620 with explanation, but the higher the better obviously
Personal Resume demonstrating Industry knowledge and experience
3 Year Business Projections (that make sense)
1st year - monthly
2nd and 3rd years - yearly
Written assumptions for the projections
Business Plan that Includes:
Business Overview
Owner and Staff day-to-day Responsibilities and Costs
Marketing Plan
Competition
If its a Franchise:
Complete FDD
Signed Copy of Franchise Agreement
If there's Construction/Renovations:
Project Cost Breakdown
Construction Proposals or ContractsLast edited by Olderguy; 10-21-2024 at 11:56 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-21-2024, 11:54 PM #3
SBA has a Micro Loan program for start ups:
https://www.sba.gov/funding-programs/loans/microloans
Personal loan using personal tax returns and Credit Reports
The Funding Group is one however they charge 8% success fee and all you make is anything over 8% - so if you have 15% success fee, you make 7%.
Jean L. Vann
Executive Manager
The Funding Group
904-559-1791
jvann@fundinghelp.com
Website:www.fundinghelp.com
Hard money property loans - NoDoc...no income documentation required.....cash out up to 75% LTV on investment property. Just need 12 month mortgage payment history and 12 months primary residence payment history.Last edited by Olderguy; 10-21-2024 at 11:58 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-22-2024, 12:07 AM #4
$10M and up...
Project financing.
You need 10% capital contribution
Pitch Deck
Business plan
Resumes
Projections - 24 months
demonstrate proposed use of funds:
impact on revenue and EBIDTA
Exit strategySteve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-22-2024, 12:09 AM #5
Specific SBA lenders who do business acquisition...
Here are some parameters for business acquisition from one of my lenders:
Assuming the deal debt services, can finance most CRE purchases at 100% LTV on 7a up to 5MM. They lend based on Prime, but can get aggressive on clean or competitive deals. Have found that a lot of customers will forego a lower rate in order to save on the injection. Rates are case by case, typically 1.0 - 1.5 over Prime, but can get as low as Prime minus 1.50 for the right deal/situation. Have risk-based pricing.
Can potentially lend 100% on business acquisitions if the buyer is in the same industry, i.e. one company buying a competitor. Otherwise, 90-95% is typical (subject to cash flow), and can get creative on seller notes, gift funds, and outside investors. Rates are generally 1.50 - 2.00 over Prime, lower on exception.
Max loan amount is 9MM on business acquisitions, including 5MM SBA and 4MM conventional. Have the ability to lend fully unsecured where necessary.
Closings are 45-60 days, and this lender's process is extremely efficient. Loans are typically approved within two weeks.
Ground up construction is fine, including TI's for lessees.
Loan amount minimum is 500k for acquisitions/refinance/construction...but he'll look at anything....and maybe do waiver.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-22-2024, 12:15 AM #6
Asset based lending:
Depends on the asset but there are lenders and programs for this:
And lastly, pawn shops.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-22-2024, 12:07 PM #7
- Join Date
- Oct 2020
- Location
- Ontario,Canada
- Posts
- 145
-
10-22-2024, 12:23 PM #8Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-22-2024, 02:38 PM #9
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 3,216
SBA Micro Loans are useless
To apply for a microloan, work with an SBA-approved intermediary in your area. SBA-approved lenders make all credit decisions and set all terms for your microloan.Dave Lambert, Business Development
Managed Services Provider
https://www.tsys.com
https://www.united-internet.com
https://www.nmi.com
dave@fcbankcard.com
Office: 727-233-1111
Skype: fc-financial
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10-22-2024, 02:45 PM #10
- Join Date
- Apr 2020
- Posts
- 143
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10-28-2024, 08:48 PM #11
- Join Date
- Dec 2023
- Posts
- 103
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10-28-2024, 09:46 PM #12
- Join Date
- Aug 2024
- Posts
- 259
You're wasting your time. He thinks a loan up to 50k at 6% is garbage. He believes the best form of financing is a cc split. He contributes nothing to this forum. Absolutely nothing. He lives in the mca times of 2005-2012 before the ach came to be. I don't know why Dan from skyinance ever hired this guy. I think a gal called Catherine took his position. Hes going to respond to you and I asking us what company we represent, although we are anonymous, and probably make more money then him.
Edit***
Seamlesschex is a platform cheaper then the ones he advertised and more practical. Its a service to pull fees as virtual checks. It also clears in 24 - 48 hours. Call them directly to sign up so he doesn't make $1.99 each time you use the service.
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10-29-2024, 12:41 AM #13
- Join Date
- Aug 2024
- Posts
- 259
Steve you really know your stuff when it comes to other financing outside the mca realms. There's ton of funders out there with deals that have gone bad with 500k+ balances that have assets that can use you to help get them paidoff. You should speak to one of the isaacovs or randy from libertas to work w/ them. Those two "groups" fund the biggest deals in this space along with tvt.
Edited sh_t to stuff
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10-29-2024, 06:46 AM #14
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 3,216
You should actually read & understand Seamless Chex terms and conditions - I'm sure Seamless is a fine company but there is a difference from what they provide and what our Check 21/22 services does for a business owner.
Terms of Service | Find Payment Solutions at Seamless Chex - They have many restrictions - we don'tDave Lambert, Business Development
Managed Services Provider
https://www.tsys.com
https://www.united-internet.com
https://www.nmi.com
dave@fcbankcard.com
Office: 727-233-1111
Skype: fc-financial
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10-29-2024, 07:03 AM #15
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 3,216
Dave Lambert, Business Development
Managed Services Provider
https://www.tsys.com
https://www.united-internet.com
https://www.nmi.com
dave@fcbankcard.com
Office: 727-233-1111
Skype: fc-financial
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10-29-2024, 03:21 PM #16
Last edited by Olderguy; 10-29-2024 at 04:18 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-29-2024, 03:22 PM #17Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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11-02-2024, 02:04 AM #18
- Join Date
- Dec 2023
- Posts
- 103
For starters banks can't participate in the microloan program. Google CDFI.
On top of that Microlenders make a stack more money from the ongoing client technical assistance fees which they collect under their SBA grant for facilitating the program, plus the kicker the SBA pays for each microloan booked.
On top of that the top end allowable default rate for a participating lender in that program is *15%* by dollar volume, not loan volume. Of course nobody actually wants a 15% default rate, but these lenders get concerned when their default rate is *too low* because that indicates they're not adequately serving their target market which is by default higher risk clients (LMI, startups, minority/women/immigrant/refugee owned etc).
I did an SBA microloan while a client was in a chapter 13. Once. Haha.
Some of the deals some CDFIs that participate in that program do while small are insane considering the cost (nowhere related to the risk). And that's also why those organizations derive the bulk of their income not from interest and fee revenue but grant funding.
What's even crazier are some of the state and local funded microloan programs floating around that are at 0-1-2-3%.
Also forgot about this one: Bank program, up to $150k, min credit score is a 580, multistate footprint: https://www.huntington.com/SmallBusi...ans/lift-localLast edited by Incbiz440; 11-02-2024 at 10:21 PM.
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