Jump to content

Sign in to follow this  
TheChosenOne

Is it better to do say....

Recommended Posts

When you have income from another source (like you have 2 businesses).... does it look better on the application to donate that info or does it look like youre not committing 100% to the start up?

 

I would think a 2nd business would be a good thing but on the other hand it could look as if im either taking on too much??? Please help if you know if I should volunteer the info that I have a 2nd biz with the bank handling my sba loan app.

Share this post


Link to post
Share on other sites

When you have income from another source (like you have 2 businesses).... does it look better on the application to donate that info or does it look like youre not committing 100% to the start up?

 

I would think a 2nd business would be a good thing but on the other hand it could look as if im either taking on too much??? Please help if you know if I should volunteer the info that I have a 2nd biz with the bank handling my sba loan app.

Doesn't the app require full financial disclosure?

Share this post


Link to post
Share on other sites

I wouldnt put that info down, having two businesses will make you a higher risk. Report the income you make from that second business and that is it.

It shouldn't really make a difference but it will, you dont have to disclosure that info just the money you make from that business and that is all they need to know

Share this post


Link to post
Share on other sites

Every SBA app I have seen or signed requires copies of your last 3 tax years and a personal financial statement. One or both of those could expose your second business.

Share this post


Link to post
Share on other sites
Every SBA app I have seen or signed requires copies of your last 3 tax years and a personal financial statement. One or both of those could expose your second business.

 

 

I just saw that today. I havent completed the app process yet, just passed the initial credit screening.

 

 

I really dont understand what theyre looking for; Do they want to see you have a full time job and have quit?? They want 3 years worth of tax retarns so they want steady income but at the same time they want to see you are going to commit full time for this start up so you would have had to just quit or what???

 

what do they want??? do i even have a chance?? I was unemployed in 2006 and 2007

 

I guess no doc express sba loans based on credit no longer exist? :P

Share this post


Link to post
Share on other sites
Every SBA app I have seen or signed requires copies of your last 3 tax years and a personal financial statement. One or both of those could expose your second business.

 

 

I just saw that today. I havent completed the app process yet, just passed the initial credit screening.

 

 

I really dont understand what theyre looking for; Do they want to see you have a full time job and have quit?? They want 3 years worth of tax retarns so they want steady income but at the same time they want to see you are going to commit full time for this start up so you would have had to just quit or what???

 

what do they want??? do i even have a chance?? I was unemployed in 2006 and 2007

 

I guess no doc express sba loans based on credit no longer exist? :unsure:

 

You dont have a chance if you were unemployed in those two years, your only going to show two years of income , they want three and you would need to top it off a 700 plus credit score.

It doesn't make any sense for people starting a business you cant even get a fed. backed loan.

 

What industry are you in?

Share this post


Link to post
Share on other sites
Every SBA app I have seen or signed requires copies of your last 3 tax years and a personal financial statement. One or both of those could expose your second business.

 

I just saw that today. I havent completed the app process yet, just passed the initial credit screening.

 

 

I really dont understand what theyre looking for; Do they want to see you have a full time job and have quit?? They want 3 years worth of tax retarns so they want steady income but at the same time they want to see you are going to commit full time for this start up so you would have had to just quit or what???

 

what do they want??? do i even have a chance?? I was unemployed in 2006 and 2007

 

I guess no doc express sba loans based on credit no longer exist? :)

AFAIK, the no doc loans were for Vets only. The three years worth of tax returns are part of full financial disclosure. What they are looking for, ask your loan officer at the bank.

Share this post


Link to post
Share on other sites
Every SBA app I have seen or signed requires copies of your last 3 tax years and a personal financial statement. One or both of those could expose your second business.

 

 

I just saw that today. I havent completed the app process yet, just passed the initial credit screening.

 

 

I really dont understand what theyre looking for; Do they want to see you have a full time job and have quit?? They want 3 years worth of tax retarns so they want steady income but at the same time they want to see you are going to commit full time for this start up so you would have had to just quit or what???

 

what do they want??? do i even have a chance?? I was unemployed in 2006 and 2007

 

I guess no doc express sba loans based on credit no longer exist? :blush:

 

You dont have a chance if you were unemployed in those two years, your only going to show two years of income , they want three and you would need to top it off a 700 plus credit score.

It doesn't make any sense for people starting a business you cant even get a fed. backed loan.

 

What industry are you in?

 

Its an auto customs/repair shop. I have spent over 12k out of pocket and am now at a stand still waiting for funding. I still dont understand why the govt needs 3 years tax returns to make an sba loan. Isnt the american dream getting a loan to start a biz and then making it successful? I still don't get that. If I already had a successful biz already I wouldnt need an sba loan.

 

Are they doing this tax return thing for just sba loans or is it all loans now? I am thinking of taking penfed up on their 25k preapproval personal loan. Anybody know if they require docs for that one??

 

TIA

Share this post


Link to post
Share on other sites
Every SBA app I have seen or signed requires copies of your last 3 tax years and a personal financial statement. One or both of those could expose your second business.

 

 

I just saw that today. I havent completed the app process yet, just passed the initial credit screening.

 

 

I really dont understand what theyre looking for; Do they want to see you have a full time job and have quit?? They want 3 years worth of tax retarns so they want steady income but at the same time they want to see you are going to commit full time for this start up so you would have had to just quit or what???

 

what do they want??? do i even have a chance?? I was unemployed in 2006 and 2007

 

I guess no doc express sba loans based on credit no longer exist? :blush:

 

You dont have a chance if you were unemployed in those two years, your only going to show two years of income , they want three and you would need to top it off a 700 plus credit score.

It doesn't make any sense for people starting a business you cant even get a fed. backed loan.

 

What industry are you in?

 

Its an auto customs/repair shop. I have spent over 12k out of pocket and am now at a stand still waiting for funding. I still dont understand why the govt needs 3 years tax returns to make an sba loan. Isnt the american dream getting a loan to start a biz and then making it successful? I still don't get that. If I already had a successful biz already I wouldnt need an sba loan.

 

Are they doing this tax return thing for just sba loans or is it all loans now? I am thinking of taking penfed up on their 25k preapproval personal loan. Anybody know if they require docs for that one??

 

TIA

 

Every one requires documents , maybe not three years but usually atleast two. If you can get a personal loan get it, that is basically what the SBA loan is because it is based on your credit. Banks aren't lending money not much you can do at this point.

Any one starting a business lately needs to do so with there own money and not loans, it will be a while before the loans come back

 

And to top it off your in a risky industry auto repair/custom work the banks won't like that . High risk of failing within the first two years just like restaurants and construction

Share this post


Link to post
Share on other sites

Yes, my client just got approved Thursday from this company. Money was transferred yesterday. 10 days from application to funding.

Share this post


Link to post
Share on other sites
Anybody had any success with above company?

 

Applied for 25k was only granted 7.5k with a $450 fee. I dont know how much good 7k is going to do but i guess we'll see. How long do you have to wait to apply for another sba loan once one is complete?

Share this post


Link to post
Share on other sites
Yes, my client just got approved Thursday from this company. Money was transferred yesterday. 10 days from application to funding.

 

Wasw this a no doc loan? What did you have to provide them with? Financials, business plan for new start up?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

    1. trent101
      trent101
      Age: 52
    2. Brog
      Brog
      Age: 57
    3. BrentN
      BrentN
      Age: 49
  • Member Statistics

    • Total Members
      177,985
    • Most Online
      2,046

    Newest Member
    myth5
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines