is this the right time to apply for a loan with all the worries with our economy?
I have been working tirelessly on plans for my bakery and thanks so much to all you on this site with your many answers, comments, and advice(especially indy). I have been working on my business plan and will be handing it over to a business consultant to edit and finalize. I have also been working on raising the money that I need and I will reach my goal in about 3 more months. I am working with the SBA and the consultant that I am working with is very helpful. I want to hand my plan over to her as soon as it is in tiptop condition and I have all of my funds available, that should be no later than Oct or Nov. Is the timing right and are there any last things that you experience owners who have applied for loans could tell me in these final stages? Are there any secrets to win over the banks? My credit score is good, business plan should be airtight, my 25% of the loan I will have, and I have 2 highly experience bakers on board(both are my sisters who have over 20 years experience). Also, as the time gets closer, I am getting cold feet, did any of you feel this way? Please help, sometimes I feel like a nervous wreck.
Thanks a million,
Sounds like you have prepared well. I'm guessing you've already addressed this in your business plan, but in a rough economy, it's even more important to define your niche and describe how you're going to provide value beyond what's already available in the market. I.e., what makes you different than 'just another bakery/cakery.'
Only other thing I'd suggest is to solicit local opinions about the best banks to approach. Forget the large, national corps, and go with smaller, state banks or credit unions. Again, I'm guessing I'm not telling you anything you don't already know.
Best of luck to you. I'll keep my fingers crossed!
I don't think there will ever by a "right" time. Yes, many people are hurting right now. But many, many are not. You only hear about the ones who are. (And not to sound callous, but there are a lot of people who dug their own holes.) How are YOU doing right now? What is it like in your local economy? We're doing pretty good here in Omaha, but I know that other parts of the country aren't . I agree with dawncr about setting yourself apart from the herd, too. Good luck!