Question My husband and I want to open a place to ride 4-wheelers, go karts and dirt bikes. I have no idea how to get started. We claimed bankruptcy a 1 1/2 years ago so I'm a little worried about whether or not we can get a loan. Somebody told me to find the land first and try to get a grant because this would be our first business. Where do you get a grant and should I be looking at property 1st. I am very confused about what to do. I hope you can help.
Thanks
Amanda
Answer Dear Amanda:
Frankly - it is next to impossible (unless you had BK due to health situation) for you to find a dissent business loan now. Depending on your loan size and down payment you might find hard money lender, but the interest rate of up to 18%-20% will kill you.
Grants are not so easy to obtain. In most cases they are given to research and development groups (science) or businesses in rural poor areas. Grants have lengthy application process. And than you must spend a lot of time to report back to the government about usage and be ready to be audited anytime.
If I would you I will do the following:
1) Wait another 6 months - some banks will forgive BK older than 2 years
2) Re-establish your credit - at least 580+
3) Find the land and sign purchase agreement - make sure you do not owe any money to the seller in case you are not approved.
4) Find the lender who will finance your deal.
If you need assistance with finding the right lender for you, packaging the loan and use of creative/unconventional financing (IRA/401K financing, etc.) - Business Loan Quest is ready to help: http://www.blquest.biz/BusLoan.htm
Good luck.
Sincerely,
Marina Lando
Business Loan Quest
www.blquest.biz
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"It is not because things are difficult that we do not dare, it is because we do not dare that they are difficult." --- Seneca
