financing FOR laundry equpment

[pollvic]

I see it is very hard to get a finance on macheins WHAT DO U SAY

[STOUT]

Financing has not been a problem for me. Good credit history, good marketing plan, good collateral, good image, good people that know me.

[YoungJedi]

I'm with Stout. It isn't hard if you've been focused on building a solid credit score. The manufacturers were more than happy to give me a loan. It was just a matter of finding the best deal.

That said, I visited probably about 5 to 8 banks in my area during 2009 and none of them would even consider giving me a small biz loan. The challenge is in the deal. Finding the best terms and the best rate.

[Sudds]

There is also the fact that companies (and especially banks) are more willing to lend some funds to established businesses with proofs of income as opposed to a solid business plan.

I ran into the same financing issues in 2009. And unfortunately, it's not completely over just yet. Banks and finance companies are not too eager to lend $$$ even though we bailed them out albeit as unwilling as we might have been.

[bodman]

This is not something new. Back in 1979 I bought a business in another town that was grossing 21k a year it was his hobby, I moved there and had 500.00 in my bank account with bills of $1127 dollars to break even, so after busting my butt for a year I had that figure up to 74k I needed another piece of equipment it cost 4k and with great credit and NO COLLATERAL I was unable to get a loan . I went to a smaller local bank and was approved. The manager just happened to be familiar with my type of franchise business. I could not say yes fast enough. The second year my gross went up to 135k and third year 174k ,I Made several more loans with them and sold the business. That year a hurricane came through and the new owners did almost 400k and he stayed with my bank so the mgr, had made a good decision to make my loan. It is all about timing and creativity . Do not give up think out of the box.