Wish Me Luck- Applied For The Big Loan

Business By jillmakescakes Updated 21 Aug 2008 , 9:12pm by sweettoothmom

jillmakescakes Posted 13 Aug 2008 , 7:34pm
post #1 of 41

Ok- please send some good cake vibes my way.... icon_biggrin.gif I dropped off my business plan and loan app today with the bank to get the big loan to get my storefront open!!! i'm so excited and nervous. I'm hoping that the cake I'm doing tonight (a donation to the local Susan G Komen event 150+servings) will be good karma and help with the loan.

40 replies
yankeegal Posted 13 Aug 2008 , 8:22pm
post #2 of 41

Best of luck with your new business venture!

traceyjade Posted 13 Aug 2008 , 8:34pm
post #3 of 41

How exciting, good luck! I wish I had the balls icon_wink.gif to open up my own bakery. I just love baking and any crafty things. I hope all goes well for you and I'm sure it will thumbs_up.gif

Cakenicing4u Posted 13 Aug 2008 , 8:36pm
post #4 of 41

icon_surprised.gif Keep me posted, and I think we could be shoulders to lean on... Next week is my week to drop that stuff off!!!

icon_surprised.gificon_surprised.gificon_surprised.gif

thumbs_up.gifthumbs_up.gif If you worked as hard on yours as I have on mine, you will be sure to get it!! thumbs_up.gifthumbs_up.gif

Cyndi1207 Posted 13 Aug 2008 , 8:38pm
post #5 of 41

We're still in the process of working on ours. It's so overwhelming!!!

Good luck!!! Tons of hopeful thoughts being sent your way!!!

funbun Posted 13 Aug 2008 , 8:40pm
post #6 of 41

This is a really exciting and scary time for you. But focus on all the good things and try to stay positive. Good Luck to you and all the best with your new business!!! icon_biggrin.gif

I know what it feels like to be worried and excited at the same time as opening your own storefront. It will be awesome!!

Bonnie151 Posted 13 Aug 2008 , 8:40pm
post #7 of 41

Best of luck!! thumbs_up.gif Keep us updated.

becky27 Posted 13 Aug 2008 , 8:44pm
post #8 of 41

Sending any and all good luck to you!!!

CoutureCakeCreations Posted 13 Aug 2008 , 8:57pm
post #9 of 41

The greatest luck to you!!!
I have been thinking about taking that big step. Please be sure to let us know how it goes!!!

indydebi Posted 13 Aug 2008 , 9:04pm
post #10 of 41
Quote:
Originally Posted by funbun

This is a really exciting and scary time for you. But focus on all the good things and try to stay positive. Good Luck to you and all the best with your new business!!! icon_biggrin.gif

I know what it feels like to be worried and excited at the same time as opening your own storefront. It will be awesome!!




I couldn't agree more! Definitely keep us posted!

btrsktch Posted 14 Aug 2008 , 1:25am
post #11 of 41

GOOD LUCK!

I just did mine a few months ago, and now have to go back for MORE money! Ugh!

Anyway, remember, no news is good news, so I'll pray for you not to hear anything for about 10 days! icon_smile.gif

DebBTX Posted 14 Aug 2008 , 3:36am
post #12 of 41

How exciting! What a wonderful time in your life. Getting to see your dreams take on a tangible form.
Please keep us updated. It is always fun to hear good news.
Congratulations on your new business.

-Debbie B.

SweetConfectionsChef Posted 14 Aug 2008 , 11:48am
post #13 of 41

Congrats!!! thumbs_up.gif Keeping my fingers crossed for you....

littlecake Posted 14 Aug 2008 , 3:55pm
post #14 of 41

WELL??????????????

don't leave us hanging!

jillmakescakes Posted 14 Aug 2008 , 5:23pm
post #15 of 41

thanks for the good cake vibes!! i plan on keeping everyone posted. the bank guy is showing it to his SBA loan officer on monday, so we should know what kind of chance we stand. When we turned it in, the business bank officer said that it was a good plan, the business looks like a great opportunity (there aren't any bakers on my side of town, all are about 30 minutes north and my town has a distinct difference between north and south siders, almost a rivalry). He said it looks better than 50/50. He said most food service type businesses are a less than 2% chance of getting approved. We'll see!!!

DebBTX Posted 14 Aug 2008 , 6:21pm
post #16 of 41

It sounds like the banker had a really positive attitude about your new business. That's good news. icon_biggrin.gif

mw902 Posted 14 Aug 2008 , 6:44pm
post #17 of 41

good luck to you!!!!!! did you write your business plan yourself or have it done for you??

indydebi Posted 14 Aug 2008 , 7:04pm
post #18 of 41
Quote:
Originally Posted by jillmakescakes

He said most food service type businesses are a less than 2% chance of getting approved. We'll see!!!



Don't be discouraged if this one gets turned down. I was turned down twice before I found my financing .... and each time it was actually a blessing that saved us tens, if not hundreds, of thousands of dollars. So if this one doesn't go thru, you just keep going to the next one!! thumbs_up.gif

sweettoothmom Posted 14 Aug 2008 , 10:06pm
post #19 of 41

I am interested in reviewing someones business plan too if you have it available.
I am far from applying but would like to see what it should look like.

jillmakescakes Posted 15 Aug 2008 , 1:28am
post #20 of 41

I did th business plan myself. it took so much time. the biggest issue was getting the numbers down. i'm not comfortable with projections on something that i've not done. i was able to talk with several other bakers to get ideas about how many cakes i might do per week, but still felt uneasy. i also go a lot of info from here! icon_biggrin.gif
as a side note, my donation cake turned out to be my first cake disaster. i'll post pics later, but it was so bad. because it it was a donation, I can't even give them any money back. oh well, i'm sure it tasted good.

Trixyinaz Posted 15 Aug 2008 , 4:57pm
post #21 of 41

Congrats and best of luck. I hope you get it!

sweettoothmom Posted 15 Aug 2008 , 9:25pm
post #22 of 41

How did you decide on your projections did you try and over project or under project to be safe?

I wish you the best.

jillmakescakes Posted 15 Aug 2008 , 9:50pm
post #23 of 41

after visiting a few bakeries (one locally even gave me a tour of her kitchen!) I was able to get an idea of how many wedding cakes per weekend is an average. Then, I used my pricing and came up with a number. Then I looked at the expenses that I had figured and compared. Luckily, the amount of income exceeded the amount of expenses!!

sweettoothmom Posted 17 Aug 2008 , 8:29pm
post #24 of 41

Oh that is the way it should be of course!!! Cakes go out MOOLA comes rolling in by the fondant bucket fulls!!!

If it had worked out with expenses too high for income would you have had to just fib or "adjust" a little to make certain it all worked in your favor to make it happen for you? Or do go realistic and show the bank it can work but this is a more realistic impression of the actual.

Monkess Posted 18 Aug 2008 , 3:14am
post #25 of 41

Good luck, I truly hope you get your loan. Nowadays with the economy going the way it is, loans are being squeezed and there isnt much the banks are willing to lend, especially with so many bad loans surfacing. The fact that the banker was optamistic is a great sign! Usually they have a pulse on the file, so to speak. Good luck!

Swbliss47 Posted 19 Aug 2008 , 4:52pm
post #26 of 41

The very best of luck, I also am working on mine. One thing I wanted to
mention is I am working with the SBA in putting mine together, I was so
delighted to find this very useful and free resource in my city, just a thought

jillmakescakes Posted 19 Aug 2008 , 7:44pm
post #27 of 41

I've been working with the SBA as well. they were able to provide me with some very helpful excel templates.

martinez73 Posted 19 Aug 2008 , 7:51pm
post #28 of 41

GOOD LUCK thumbs_up.gif GOOD LUCK thumbs_up.gif . I believe in karma and you should have some good karma coming back at ya!!! Best of luck!!

tasteebakes Posted 19 Aug 2008 , 8:16pm
post #29 of 41

How does going back for more money work, btrsktch?

I'd be terrified to ask the loan officer who loaned us money for our biz for More Money! Do you have to show you are making a signifigant profit since the time you took out the first loan? I'm curious, i'm not ready yet...but there is a world of improvements that I could make to my shop that would actually help me to make more money in the long run!

DebBTX Posted 21 Aug 2008 , 3:39pm
post #30 of 41

Jill,
When did the bank say they would be getting back to you?

-Debbie B.

Quote by @%username% on %date%

%body%