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3800 Views 13 Replies Latest reply: May 17, 2012 9:35 PM by Ms. Pepper

Ms. Pepper

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Jan 29, 2012 8:48 PM

Start-Up Business

Hello,

I am an Asian minority, also a woman, who is planning to open up a small Asian grocery market. I have some money for start-up but will need extra funds to help purchase equipment. How difficult is it to obtain a start-up business loan? I am not working right now. I am fully dedicating my time doing my business plans. I have perfect credit but not a lot of assets.

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LUCKIEST

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Jan 30, 2012 7:02 AM (in response to Ms. Pepper)
Re: Start-Up Business

Welcome Angela. Please tell us where and how soon you plan on opening this Asian grocery market.

If you need help with your business plan, both SCORE and I can help with the bus plan. (SCORE and I are both FREE)

Good luck, LUCKIEST

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- Ms. Pepper
  
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  Jan 30, 2012 2:12 PM (in response to LUCKIEST)
  Re: Start-Up Business
  
  Mr. Luckiest:
  
  My store will be located in Fuquay/Angier area in North Carolina. I am planning to open it in May of this year.
  
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Ms. Pepper

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Jan 31, 2012 11:08 PM (in response to Ms. Pepper)
Re: Start-Up Business

Dan,

Thank you. Where do I begin?

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- LUCKIEST
  
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  Feb 1, 2012 7:25 AM (in response to Ms. Pepper)
  Re: Start-Up Business
  
  Angela, begin by contacting SCORE, both in person or online.
  SCORE is FREE and can help you with the business plan and so much more.
  
  Best of luck, again LUCKIEST
  
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  - Ms. Pepper
    
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    Feb 1, 2012 10:10 AM (in response to LUCKIEST)
    Re: Start-Up Business
    
    Hi Mr. Luckiest,
    Thank you. I actually have a face-to-face contact with 2 SCORE mentors last month.
    
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    - LUCKIEST
      
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      Feb 1, 2012 10:39 AM (in response to Ms. Pepper)
      Re: Start-Up Business
      
      Angela, you are keeping me in suspense.
      
      So how did the face to face with SCORE go??
      
      Did they help you??
      
      LUCKIEST
      
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      - Rosanne Simmons
        
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        Feb 2, 2012 5:13 AM (in response to LUCKIEST)
        Re: Start-Up Business
        
        Yeah your right. Ilove your post dude!
        
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      - Ms. Pepper
        
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        Feb 2, 2012 11:36 AM (in response to LUCKIEST)
        Re: Start-Up Business
        
        Mr. Luckiest,
        
        Let's just say that my purpose of going to see them was not met.
        
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        UncleLeon
        
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        Feb 3, 2012 9:55 PM (in response to Ms. Pepper)
        Re: Start-Up Business
        
        That's not uncommon, Angella. But don't despair, SCORE has many counselors. Simply re-contact the SCORE offoce and ask them to assign a different counselor. Tell them what you need to know and what you didn't learn from the other counselors. This isn't an attack on the other counselors.. It's just that sometimes you have to kiss a lot of frogs before you find your prince.
        
        Many people assume that the SCORE counselor will "get them" an SBA loan...not so.
        
        In fact....in answer to your initial question....You just ain't gonna get a loan. Here's why.
        
        In order to qualify for a loan you normally need (in addition to other preparations) two years of tax forms showing an adequate profit to make the payments. You don't have that. If you have readily negotiable collateral (vehicles, a home, etc) you may qualify for a loan against that collateral.
        
        Now days, it's even harder to get a loan.
        
        Sorry for the bad news; but unfortunately, it's just the truth.
        
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        Ms. Pepper
        
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        Feb 4, 2012 12:52 AM (in response to UncleLeon)
        Re: Start-Up Business
        
        Hi Uncle Leon,
        
        Thank you for your response.
        
        I did research on how to get grants for Women and Minorities starting up a small business. It was a bit confusing to me so I went to seek the help of SCORE. I left empty-handed probably because I did not make myself clear to what I was there for. I apologize, I did not mean disrespecting anybody.
        
        Anyway, I already got a traditional loan. Thank goodness for having a good credit.
        
        Thank you again, Uncle Leon...
        
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        UncleLeon
        
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        May 13, 2012 5:48 PM (in response to Ms. Pepper)
        Re: Start-Up Business
        
        Anyway, I already got a traditional loan.
        
        Congratulations to you, Ms.pepper. I must say that I'm very surprised, unless it was against "readily negotiable collateral", but Delighted for you.
        
        I wish you the best of God's blessings for success in your new business.
        
        Leon
        
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latrice33

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May 14, 2012 4:50 AM (in response to Ms. Pepper)
Re: Start-Up Business

Apply for small business credit cards or a small personal loan I am in the same position as you so I know how you feel. There are ways to get working capital you just have to search there are some lenders that just deal with restaurants and start up business. But since your credit is good I would try a small loan if possible or if your business credit is established build it up and take out the loan on the business credit only make sure your business credit is separate from you personal credit.
I hope this helps a little!
Camille

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- Ms. Pepper
  
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  May 17, 2012 9:35 PM (in response to latrice33)
  Re: Start-Up Business
  
  Thank you, Ms. Camille. My store is now open. May 1st was when I opened and so far,
  it is doing pretty well.
  
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Jan 29, 2012 8:48 PM

Start-Up Business

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