business loans
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- CX
I was thinking of gettting a small business loan (maybe $5000) at a bank to get Panther, MX 2004 and a new mac (maybe a 17" powerbook). Anyone done something similar? Good idea? Bad Idea?
- CX0
bump
- Peter0
is that a groin and a cock on your profile?
- CX0
si senor. it appears to be a microchip being implanted in a dogs balls. probably too cropped to tell.
- whiteSneaks0
very little chance of you obtaining a business loan. that would require a well developed business plan along with solid resumes from your management team.
what you could do is get unsecured personal loan. tell em how much you need and what you want to get and if your credit is good you will have the money in a day or two.
- Peter0
that, I don't know
About the loan: if you have some business in the pipe it might be a good idea.
If not, buy a cheap (maybe even used) computer and drum up some work - then take the loanmy 2
- CX0
Yeah your probably right. I dont have a management team. Just me.
I can easily get enough work to pay for it quickly plus I work fulltime.
I was thinking of maybe paying off some other higher interest debt with it and then have one payment instead of a few at like 6%.
- taragee0
get investors
- CX0
aer you serious?
- angelus350
It doesn't sound like you're in a situation to require a business loand and definatly not investors. I think you should take the nice personal loan approach. You can ask for a little extra to pay off debts and such and consolidate down.
- taragee0
is this mike on?
- ashley0
Obtaining a business loan is near impossible for a small start-up design firm. As mentioned before you need a solid business plan along with glowing references.
What you should look into is a line of credit at your local bank. Interest is usually 5-7% and you only get charged on what you use (spend).
Plus you can use it to pay of any debt that you have at a higher interest rate.
- CX0
sweet, I guess that's not the same as apersonal loan.
- whiteSneaks0
if you own a home look into a home equity credit line.
basically find a friendly banker to sit down with and tell them what you are looking to do. they will hopefully have a couple options for you to juggle. the main thing to avoid is revolving debt (credit cards). credit cards are evil and out to get you if you plan on carrying a balance.