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Am I thinking wisely?
YvetteMarie
subscriber Posts: 8
I am a single mom of a lot of kids, who lives out in the boonies of Wyoming. I own a portrait photography business, and have sucessfully run it for about 4 years. My business has grown about as big as it can be out here, and was having difficulties growing my business due to location. Theres a larger city that is 45 miles from here, where I have been able to do a lot of on location photography , but I didnt have a studio and certainly couldnt afford the rent on one.
Getting to the point here, I found a building. Month to month rent at a price I can afford. Its not pretty, but its a good location. While I see the prudence in not investing a whole lot of money into making a place look nice when its strictly month to month, I do need a LITTLE money to make it presentable.
Heres where my need for opinions comes in: I own my own home. Outright. My credit is not so good due to a divorce and three surgeries last year and no medical insurance. Im trying to get ahead here and out of this slump, but Im going to need about $5000 to do it. Im extremely frugal and could make that money go far! I`ll need money for advertising, displays and some things to make my building decent.
WIth a poor credit score but a house for collaterol, will it look favorable enough at all to get a small loan? Im infused with the entrpreneurial spirit, but Im totally lacking in the ability to ask ppl for money. *I* know I`ll pay it back... and I understand, based on my credit scre, that they could be a little leery... but if I could just get OUT of this rut, I could really get moving and this building is the way to do it! $5000 isnt that much... but then again... this is my HOUSE I`m talking about...
If you were me, would you try for a loan? Thusfar, Ive done everything myself, but I need a jumpstart here...
YvetteYvetteMarie2007-2-15 10:48:36
Getting to the point here, I found a building. Month to month rent at a price I can afford. Its not pretty, but its a good location. While I see the prudence in not investing a whole lot of money into making a place look nice when its strictly month to month, I do need a LITTLE money to make it presentable.
Heres where my need for opinions comes in: I own my own home. Outright. My credit is not so good due to a divorce and three surgeries last year and no medical insurance. Im trying to get ahead here and out of this slump, but Im going to need about $5000 to do it. Im extremely frugal and could make that money go far! I`ll need money for advertising, displays and some things to make my building decent.
WIth a poor credit score but a house for collaterol, will it look favorable enough at all to get a small loan? Im infused with the entrpreneurial spirit, but Im totally lacking in the ability to ask ppl for money. *I* know I`ll pay it back... and I understand, based on my credit scre, that they could be a little leery... but if I could just get OUT of this rut, I could really get moving and this building is the way to do it! $5000 isnt that much... but then again... this is my HOUSE I`m talking about...
If you were me, would you try for a loan? Thusfar, Ive done everything myself, but I need a jumpstart here...
YvetteYvetteMarie2007-2-15 10:48:36
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Comments
You`re not seeking a lot of capital - but it would be a good exercise to develop a basic financial projection for the business. It need not be elaborate but will be helpful in discussions with possible lenders. Even though a 3 year loan will have a monthly payment of $161 - it`s always good to show them "numbers" that tell how you will be able to make the payments.
There are micro loan programs tht could provide the amount you are seeking.
All the best,
Robert Johnson
This is a site where you can borrow money, set your own interest rate and people `bid` to lend you money. Credit is not a core driver but will increase the interest rate...you won`t need to use you house as collateral either..
Good luck with everything...sounds like its all going to turn out great!
Andrewhttp://AdvisorGarage.wordpress.com</A>
If you`re going to the new town you will also have a period of negative cash flow as you work on the business - advertising, etc.MarkP2007-2-15 20:27:53
Yvette
Thank you for the reply guys... I owe you all a round of cheetos! I`m going to be brave and see what I can come up with.. I`ll keep you posted!
Yvette
Yvette:
I`m glad we all were able to be of help.
Good luck. Let me know if I can be of any further assistance or if you have more questions.
Robert Johnsonrobertj2007-2-20 13:46:14