Loan

Discussion in 'Business Operations' started by mbrabender, Feb 11, 2002.

  1. mbrabender

    mbrabender LawnSite Member
    Posts: 7

    A freind and I will be starting a mostly curbing, with general landscapeing on the side, buisness. We have fiqured we will need about $10,000 a piece to get going and operate on. We do know every piece of equiptment we need and the price.
    what I have a question about is what type of loan(term, %, ext) will we be looking at? also what do I have to present before the bank in order to get it? Any other info would be great.
     
  2. smburgess

    smburgess LawnSite Senior Member
    Posts: 469

    The first thing you should do is write a business plan, which you would turn in with your loan application.
     
  3. LawnLad

    LawnLad LawnSite Senior Member
    Posts: 738

    If you're going to finance your start up... start smaller if you can. Particularly since you said this is going to be a part time gig.

    Are you and your partner going to be 'legal partners' with respect to taxes? Will you both equally share the risk? Does this mean both of you are entitled to equal profit taking? What happens if there is a problem? How do you resolve it?

    Make sure you've got all your ducks in a row before you get yourself in too deep. Talk to your accountant/attorney before you start. If you don't have one, find one.

    I could go on... but I'll spare you. I may sound a bit jaded, it's only because of experience.
     

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