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SBA loan or bank loan on businesses

 
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pinkcks



Joined: 17 Oct 2003
Posts: 1
Location: Maryland
PostPosted: Mon Dec 22, 2003 2:48 pm    Post subject: SBA loan or bank loan on businesses Reply with quote
I am curious- if it's a relatively brand new town, where is best to get a SBA loan or bank loan on business- is it gonna be through Sioux Falls?

And if restaurant and motel business is established- will the town be able to be a 30 % owner? It would help get a loan to start and owner buy out the 30 % ownership from town. (concept is 30 percent, but negotiations can be done). Would that work?

Just curious what you have a say in this. you can discuss this privately with me or in public at your wish.
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PostPosted: Wed Dec 24, 2003 2:48 pm    Post subject: Re: SBA loan or bank loan on businesses Reply with quote
pinkcks wrote:
I am curious- if it's a relatively brand new town, where is best to get a SBA loan or bank loan on business- is it gonna be through Sioux Falls?

And if restaurant and motel business is established- will the town be able to be a 30 % owner? It would help get a loan to start and owner buy out the 30 % ownership from town. (concept is 30 percent, but negotiations can be done). Would that work?

Just curious what you have a say in this. you can discuss this privately with me or in public at your wish.


Good questions to ask! Yes, Laurent will be a brand new town! Smile

The Laurent Institute, a non-profit organization, was recently incorporated for several purposes, including identifying key resources such as SBA and others.

We will be providing more information on how future business owners such as yourself can apply for loans in the near future. For now, you can start doing some homework by visiting SBA and US Department of Agriculture's Rural Business development.

One of several reasons why we chose to build Laurent in a rural area 40 miles away from Sioux Falls is because businesses in Laurent will qualify for excellent USDA Rural Development's Business & Industry Loan guarantees of up to $10 million dollars and as high as $25 million dollars if needed.

SBA only guarantees loans up to $1 million dollars in most cases.

Also, check out a couple of magazines such as Inc., Entrepreneur, and others for some ideas and guidance.

Now, a rule of thumb... start to save up money now! All of loans and investors will often look at how much money are you able to put down in your business. If you expect to start a new business with $0 down, then you'll have a hard time.

We expect to break ground in Spring 2005 so better get busy with your savings as well as making sure your credit history is clean.

Again, the information provided above is just a beginning. We'll be working on to identify more specifics and provide more information in the near future as we progress towards the ground breaking.

Marvin
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DavidRowland



Joined: 21 Jun 2005
Posts: 9
Location: Burlington, WI
PostPosted: Wed Jun 22, 2005 1:08 pm    Post subject: Breaking ground Reply with quote
Just wondering if you've broken ground yet? And who is doing the electrical work, etc....
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deafgun



Joined: 25 Apr 2005
Posts: 62
Location: colorado
PostPosted: Wed Jun 22, 2005 5:18 pm    Post subject: Re: Breaking ground Reply with quote
DavidRowland wrote:
Just wondering if you've broken ground yet? And who is doing the electrical work, etc....


Welcome David!

Last I heard, the groundbreaking ceremony is slated for Fall '05, with Construction of Infastruction (Pipes, Streets, etc) to begin in Spring of '06. The timeline is very fluid as McCook County Commissnors (sp?)has not yet signed the Zoning Law changes that the Laurent Company needs. For the latest on that issue, read Marvin's Blogs on the Home Page.

As to who is actually doing the Construction Phase, my understanding is that the Laurent Company will be hiring construction firms. I am hoping to have a subcontract business with one or two of the construction firms, so hopefully these changes will happen soon. Smile

More information will be forthcoming as current details needs more firming and several things needs to happen (Redtape) before the Phase can even begin. On the Homepage, there is a checklist of things that needs to be done before the next step can happen. As Marvin said in one of his blogs: "Bottom line: We're committed to making this happen the right way. Easy? No. Fast? Heck, no! Frustrating, yeah. But that's part of the process."

I am anxiously awaiting for news! I know others are as well! Laughing
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