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Originally Posted by kane
Getting an SBA loan is pretty difficult for average white guys. A friend of mine several years ago started a landscaping business. He started doing pretty well and wanted to get a loan of about 7K to get some new equipment that would let him offer more services. He went to the SBA and they flat out told him that if he were a minority or a woman they could give him a lot of options, but since he wasn't either of those things they would need a bunch of collateral and if he has that kind of collateral he could get a better interest rate at a bank.
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Kane very rarely will they say if you were a ....
Plus 7k is not enough money to loan for the SBA. They want to see more money being put into use, how many jobs it will create, things alongs those lines.
Quote:
Originally Posted by EscortBiz
sba will not loan for that even if you are a black midget female thats a world war 1 vet
you need to start a investment pool to do that, build up some credibility and track record then go out there and find guys who have money burning holes in their pockets and talk em into investing with you
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Yup, no SBA for flipping. That is not a sound business plan nor can you actually plan it out on paper that well without pulling numbers out of your ass.
Yes there would be money in cheap flips, and even more in REO buys turned into rentals. However there are funds already set aside from that. A whole loan program actually.