funding your business

Discussion in 'Business Operations' started by Oscapes, Apr 15, 2005.

  1. Oscapes

    Oscapes LawnSite Member
    from OHIO
    Posts: 60

    How did most of you finance your business when you first started? Did anyone get or try for an SBA loan?
     
  2. BufalinoLand

    BufalinoLand LawnSite Senior Member
    Posts: 400

    I used a few credit cards and some sweat equity and made it work.
     
  3. Toy2

    Toy2 LawnSite Bronze Member
    Posts: 1,924

    Good old credit and some $$ that was hidden!!!! :)
     
  4. ECS

    ECS LawnSite Bronze Member
    Posts: 1,733

    Paying up front for everything in CA$H. It has not been easy, but I made it through. Started out buying a plow in October, got snow accounts and weekly house checks. had a very poor winter, only plowed 1/2 of normal. Had to save every penny made to get my mower and trailer, which I will have next week. Odd jobs over the last couple months bailed me out.
     
  5. tonygreek

    tonygreek LawnSite Gold Member
    Posts: 3,480

    for what amounts to a fairly low barrier of entry into the lco business, i don't think you'll find the sba loan process worth your while. a possible sba fit would be their micro-loan program (loans under $35k). you'd need a great credit background, very detailed business plan, industry experience, means to repay the loan, etc. if you have all of those, you're probably better off, and much easier, to use a low-interest credit card. if you don't try to own A1 everything, and stick within your means (bootstrapping), you can get started for less than $2k, or even $1k, and learn/earn the business without the pressures of a large loan.

    oh, and completely throw out any "grants" you may hear of from the infomercial kids and other advertisements. they really don't exist for "for profit" businesses.
     
  6. LawnScapers of Dayton

    LawnScapers of Dayton LawnSite Silver Member
    Male, from Dayton, OH
    Posts: 2,574

    If I was going with a loan I think I would use a home equity loan. I paid cash and gradually bought equipment.

    Derek
     
  7. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Posts: 4,041

    Hi Oscapes,

    From those we have heard who looked into getting an SBA loan for their LCO they ultimately decided not to do it.
     

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