S
Seekingbusiness
Guest
Hello,
My partner and I are planning to start a small business in a local mall. I am currently in the process of composing a full business plan to serve as both a loan proposal and feasibility study.
My question is simply this: Since we have close to nothing to invest to put into starting this business, we were planning on applying for $15,000.00 signature loans for each principal from our respective credit unions, totaling a $30,000.00 first investment. Then, we want to use this amount to approach an SBA-certified lender, and applying for an SBA-guaranteed business loan amounting to approximately $120,000.00. The full balance sheet in the business plan will explain the need for this amount.
I basically want to know if this is even possible, to obtain a loan for the purpose of obtaining a larger loan. The positive points of this business we are planning, is that it is lucrative and we anticipate it to be very successful. Both my partner and I have Bachelor's degrees in non-Business/Commerce-related fields, but we have had our share of working in the high-tech industry, and have decided to work for ourselves. Thank you folks in advance for your response.
My partner and I are planning to start a small business in a local mall. I am currently in the process of composing a full business plan to serve as both a loan proposal and feasibility study.
My question is simply this: Since we have close to nothing to invest to put into starting this business, we were planning on applying for $15,000.00 signature loans for each principal from our respective credit unions, totaling a $30,000.00 first investment. Then, we want to use this amount to approach an SBA-certified lender, and applying for an SBA-guaranteed business loan amounting to approximately $120,000.00. The full balance sheet in the business plan will explain the need for this amount.
I basically want to know if this is even possible, to obtain a loan for the purpose of obtaining a larger loan. The positive points of this business we are planning, is that it is lucrative and we anticipate it to be very successful. Both my partner and I have Bachelor's degrees in non-Business/Commerce-related fields, but we have had our share of working in the high-tech industry, and have decided to work for ourselves. Thank you folks in advance for your response.