How to get an SBA loan to start a business

In this video I discuss how to get an SBA loan to start a business, or purchase a business. I discuss the steps and various forms that you will need in order to obtain funding for your business. I share from personal experience of obtaining a SBA loan for my startup business.
#SBA
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0:00 Intro
4:31 Summary of process
6:29 Why I like SBA loans
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[@user-yd2tw3nc2x]

Will be watching all of your videos. The way you articulate and get to the point is what will help people have a clear vision and get to it. THANK You

[@MysteryofMoney]

I appreciate that! Thank you very much for the kind words, and for watching!

[@stanton7651]

I like your honest look and honest talk

[@MysteryofMoney]

Thank you very much!

[@aplusappliancesparts714]

You got my sub. Thanks man👍🏻

[@MysteryofMoney]

Thank you very much!

[@abrahamzekios2666]

Thanks so much for your video and information about loan sba. Keep up the good job.

[@MysteryofMoney]

Thank you very much! Thanks for watching!

[@Jackriff7855]

Way to be informative and clear

[@MysteryofMoney]

Thank you very much!

[@Vegas-Must-Try]

I own two food trucks and are looking to to get an SBA loan to finally acquire a storefront. Thanks for the video brotha!

[@MysteryofMoney]

Best of luck! Thank you for watching!

[@intristrypictures4298]

Super helpful, thank you

[@MysteryofMoney]

Thank you very much! Thank you for watching!

[@renatogoncalves2412]

Great information! Thx

[@MysteryofMoney]

Glad it was helpful! Thank you for watching!

[@megmathisen9072]

Great video! Thx : )

[@MysteryofMoney]

Thank you for watching!

[@Engineer1GH]

Beautiful. Thanks

[@MysteryofMoney]

Thank you very much!

[@bilalijuma8491]

Thanks good.

[@MysteryofMoney]

Thank you!

[@abrahamzekios2666]

Good thanks

[@MysteryofMoney]

Thank you for watching!

[@MysteryofMoney]

Business plan course launched today! Here is the link. mystery-of-money.teachable.com/p/business-plan-writing

[@iprimadonna1111]

Most informative. I've been looking on KZbin for days for a breakdown this great. Thank you.

[@MysteryofMoney]

Glad it was helpful! Thank you very much for watching!

[@ygtcbee23]

I'm discovering finding options to start a trucking business with my own authority and I'm considering an SBA loan. I have a CDL-A with X&T endorsements, an LLC, 740 credit, and about 15k saved as a company driver + side hustle funds. I need much, much, more working capital to have a chance at success especially if a major repair happens early on. My cash flow on 2020 taxes is low due to Corona. Will banks need to see good cash flow history from borrowers before they will talk with you about loans? Creates the chicken or the egg paradox. Need money to borrow money... Thanks for the videos

[@MysteryofMoney]

Sorry for the delay. This got buried in spam. It sounds like you have a solid start. If you can explain your cash flow was due to COVID you should be able to obtain a loan. I understand the repairs, our 2019 has been in the shop for 6 weeks off and on. If you can also provide projections, they should work with you. Best of luck! Thanks for watching!

[@josuealfaro513]

Thank you so much for the information you share here, is very valuable. I have a question and would love to hear your opinion about it. I have a piece of land on the skirt of a small town here in Texas, just five minutes away from downtown, I would like to build an 12 apartment unit building, so my question is: Do I need to have a blueprint for the project before make a business plan for an SBA loan? or the blueprint shall be part of the business plan? Thank you

[@MysteryofMoney]

Unfortunately the SBA would not finance that project since it will be an investment project vs. an operating business. That would have to go through conventional commercial financing. You may want to approach a bank in your area about the project. Here is some more information on SBA loans also. Sorry to be the bearer of bad news. I wish you luck in your project! www.sba7a.loans/using-the-sba-7a-loan-for-land-real-estate-business-mortgage

[@margolawesterhof4037]

I got the SBA funds from * carderman12 on telegram he’s reliable and trustworthy....

[@alyckmiles3454]

Looking to start a small excavation company, just me by myself with family help on the side. Have $25,000 saved. Already have a truck, but need to eventually buy $30-75,000 in equipment. Would it be worth it to rent equipment and slowly build the account and apply for a loan on my personal credit? My score is around 780, but I’m not sure if doing it under a business would be a safer alternative. All the help is appreciated.

[@MysteryofMoney]

Sorry for the delayed response, there is so much spam. That’s one way to do it but what I found is by renting the equipment you end up spending more than if you would buy it on your own. The other side of the coin is that if your Excavation company is seasonal then you’re paying a monthly payment on month you are not working. Since you’re not asking for a lot of money and you have a really good credit score if you can piece together a small business plan I think he may be able to get the funding you need. Reach out to the lender match on the SBA website and find a bank near you that does loans. Open answer your questions. Best of luck! Thanks for watching!

[@tachassociety]

This is helpful thank u

[@MysteryofMoney]

Very welcome! Thank you for watching!

[@ladysavage9664]

Hi! So last year i started my own online business with my best friend using my own funds. I ended up having to put my business on hold on due to funding. I was wondering if SBA would be a good approach for us. I also would love to learn more about how i can go about it. I also have a EIN number for my business.

[@MysteryofMoney]

I think that would be the best place to start. If you have your EIN you will just have to explain why you didn't start sooner in your business plan. What type of business is it?

[@payette_8]

Nick, i applied for the sba loan to start a business but i haven't been approved due to my credit, and since then my credit has gone up. What would you recommend i do?

[@MysteryofMoney]

If it went up considerably I would re apply. I don't want to get into too many specifics, but if you send me an email with more details I may be able to give you a good direction to start.

[@jeremydumont8553]

Hi. What if you submit an application with a business plan for a restaurant for exemple, just to have an idea if you can be approved, and you actually get approved but are not ready yet to use the funds to start the company ? (Maybe you haven’t find the right building or location yet) What happens to the loan ? Do you have to accept it right away and start repaying, is there a little time window you can have before taking on that loan ?

[@MysteryofMoney]

There is a window of time. The SBA authorizations are good for 90 days and can be extended if need be. You can also get 6 months interest only that you only pay interest on what you use. Both are good options in this case. Good questions!

[@jeremydumont8553]

@@MysteryofMoney thank you for that quick answer ! Yes that was actually something I never saw mentioned or asked by anyone

[@korakendalls7519]

I started looking through my state's website and am wondering how can someone possibly get all this done in the order it needs to be done if they are looking to lease a property? Do these property owners hold the space until you get all this done or are you expected to start leasing the property before even applying for the loan?

[@MysteryofMoney]

Most of the time the business owners apply close to when they are looking for a space. Sometimes the landlord will hold the space for a deposit. It gets tricky if you do not get approved for the loan because then you’ll lose your down payment. I have a situation right now and I’m in that where the customer has found a space to lease but they shouldn’t execute until they have an approval. Unfortunately it’s a timing game In any of these situations. Most of the time if you have an idea of a square footage you will use you could put that in your business plan and potential he get an approval without a physical location. I hope I answered the question but if not let me know. Best of luck. Thank you for watching!

[@korakendalls7519]

@@MysteryofMoney Thank you so much for your help. :)

[@margolawesterhof4037]

I got the funds from * carderman12 on telegram he’s reliable and trustworthy....

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[@chadhamilton3645]

I currently live in Ohio, but I plan on starting my business in Florida. Would I have to wait until I get there to open a business account and apply for a loan? Or could I start everything in advance for Florida, from here?

[@MysteryofMoney]

Starting the business shouldn’t matter but you don’t want to get a loan and then move your business location. Just additional paperwork that’s a pain with the SBA.

[@chadhamilton3645]

@@MysteryofMoney Oh okay, good to know. Thanks!

[@MysteryofMoney]

@@chadhamilton3645 Best of luck!

[@florinbilt4272]

I want to apply for a Sba loan to buy a used semi truck and a trailer.I worked as a truck driver for 3 years and I want to start on my own.After loan is approved do I get the money in my bank account or the lender pays out whatever equipment I decide to buy.What happens if I’m approved for 150 k and I’m only going to use 100k ?

[@MysteryofMoney]

You should have a period where you can use the money you need, but can pay back what you don't and lower your loan amount. The lender will usually send a check, or wire the funds to the dealer you buy the truck from, and what ever you need for working capital will go in your account.

[@akenpierre3145]

So what bank did you end up getting your loan from to finance the semi truck? Would be very helpful thanks

[@MysteryofMoney]

Mine was actually from a small credit union near by. They only have about 6 branches.

[@akenpierre3145]

@@MysteryofMoney name of credit union?

[@MysteryofMoney]

@@akenpierre3145 it was Members Business Financial Services a credit union owned CUSO. They service the loans for several credit unions.

[@akenpierre3145]

@@MysteryofMoney thank you. I am looking to secure a loan to start my trucking company. So I am going the same route. Thanks

[@MysteryofMoney]

@@akenpierre3145 use the lender match on the SBA website to find a lender near you.

[@angelmay7898]

You’ve caught my interest. Thank you for your information!!! Will definitely watch your other videos. :) on my way to starting my business!!

[@MysteryofMoney]

Glad to hear it! What’s your business idea? How far are you into making it happen?

[@angelmay7898]

@@MysteryofMoney thank you! I’m at the very beginning stages. My business idea is to open a home to treat women with children and/or pregnant teens who battle substance abuse and mental illness.

[@MysteryofMoney]

@@angelmay7898 That sounds like a wonderful idea and during these times I believe will be a much needed service. Are there any topics that I could do that would help you out?

[@angelmay7898]

@@MysteryofMoney thank you!! I appreciate it... :) as of right now, your videos have provided enough information for me to get started. Thanks 😊.. I do have a question.. with the business plan? Do I need to have a board of members? If so, is there a certain number?

[@MysteryofMoney]

@@angelmay7898 Would this be a non profit that would have a board of directors? Os that what you are asking? Or directors in different fields?

[@Guardianautoservices]

I have attempted getting the newest EIDL loan. I was denied due to my credit score. The last 5 years i have started and barely gotten by on money i have made. Every plan i have put together i end up being offered at most 30 percent of what i truly need. This has usually come from an angel type investor. Obviously, this has caused me to max out personal credit options. I have an automotive services business doing towing and vehicle transport services. I haven't ever tried to obtain large sums. Typically, i have tried to get 25k to 30k but end up with an angel investor from 5 to 10k.

[@MysteryofMoney]

Do you know what is causing your credit score to be low? Sorry for the delay, this video gets a-lot of spam for some reason.

[@Guardianautoservices]

@@MysteryofMoney yes, which i have been working on for quite some time. I do have a repo and deregitory marks which hurts. I really need to figure out how to qualify

[@MysteryofMoney]

@@Guardianautoservices I would suggest a co-signer if you can find one. Make sure you steer clear of some of the online lenders. I have had customers that told me horror stories about interest payments and daily payments from accounts. Talk to your local bank manager, maybe they can help you clear some of that up. I wish you the best in the future! Thanks again for watching!

[@Guardianautoservices]

@@MysteryofMoney i did have my girlfriend apply since she is a contractor in the trucking industry also. ( dispatching, factoring, and office work). They declined her also due to credit so im not sure. This was directly off of the sba site. I appreciate your videos alot! Great info

[@harjotsaini8134]

If you don't mind sharing can you tell how much loan did you get approved for the trucking company and what was the rate and down payment. I know you said the term was 10 years. Thanks

[@MysteryofMoney]

Sure thing. We got $93k and needed 6k down. The rate was fixed for 3 years at 6.25% floating with prime after year 3. The rate just actually dropped to 5 1/2% this past July. We got six months of interest only payments followed by 9 1/2 years of traditional principal and interest payments. Hope that helps!

[@jessicawhitaker7432]

I would love to start an air B and B

[@MysteryofMoney]

Instead of the child care?

[@margolawesterhof4037]

I got the funds from * carderman12 on telegram he’s reliable and trustworthy....

[@allendiaz662]

Im trying to buy a dump truck to start my business. What a coincidence you have a trucking business. I must be in the right place lol

[@MysteryofMoney]

Glad to have you! There is money in that line for sure. Are you looking new or used? Thanks for watching!

[@marywimberley5827]

I am just starting out.

[@MysteryofMoney]

What are you working on right now?

[@irecommendravenconsultonte8402]

Finally I was rescued☝️ I've been pending for 3 months with no calls or email but I got help from him and not just that, I got approved for $150.000(SBA) and was funded yesterday, which I didn't expect but thanks to God... I assure he can help you get approved for any loan if you reach out to him for this week funding, GOD BLESS YOU

[@AB-mg5sx]

I have a 1 truck business, I was told I should wait for 2 years before applying. I was told that by another KZbinr. Is that true?

[@MysteryofMoney]

I am not going to say it was wrong, just for me out of context. The reason you would wait for 2 years is that you might not need a business plan, that could be why they are telling you that. You can apply anytime, you just have to have a business plan if you don't have the historical numbers to back up the expansion. Hope this helps. let me know if you have any other questions,.

[@ivanmata5207]

I just open my trucking business haven’t started running it can i get an sba loan?

[@MysteryofMoney]

Yes, you can apply for startup funding, but you will need a business plan and projections.

[@vendingservices8900]

I got denied last time I filled out an application. They didn’t give a reason. Was 18, trying to start up a business. Already had customers that needed my equipment and proven incidents where the equipment had been profitable for me in the past… I simply lacked funding to purchase more. My ROI on the investments at the time was typically a double up in 2 years. I was so confused and still am. I haven’t been able to get business loans from anywhere because banks I’ve spoken to haven’t done business loans. I’m not sure where to look. If I could get funding of 75k, I’m confident my business would be profiting over 100k…. Just no lenders

[@MysteryofMoney]

What banks have you spoken with? Go on the SBA website and use the lender match tool to find an SBA lender.

[@vendingservices8900]

@@MysteryofMoney Only local banks. Maybe that’s the problem

[@thefivesix1080]

i got approved for 75,000 as a self contractor but wanted to know if i can those funds to expand business?

[@MysteryofMoney]

The language states that the money can be used for any past or future debt, I am interpreting that to mean you could, but make sure you double check with an accountant.

[@stevenbarry9983]

I am a disabled vet and I’m trying to find out how to get a business loan for an existing RV park that I want to purchase. I’ve been saving for 10 years and I finally have the down payment. I need some help to get to the next level which is to write a business plan and to figure out how to find alone. Any suggestions? Any help would be appreciated you actually have the best videos I’ve watched on this subject. And because we’re dealing with real estate I wasn’t sure if that affects trying to get a loan.

[@MysteryofMoney]

Can you send me an email and we can connect to discuss?

[@user-cb8dc9mi7t]

Just contact this man ☝️☝️if you need a help he’s the best I know on this stuff he help me with mine successfully

[@nadinecovington2062]

I applied for the SBA loan not the PPP because I’m a registered business I’m just not up off the ground but I did not get approved for the SBA loan and I’m just having trouble with how to really get approved for it for my start up business

[@MysteryofMoney]

What was the reason that you got denied?

[@adamstremblay7503]

I used to have the same problems

[@reachouthkworldhack33_onig76]

Hackerlloyd0777 on Instagram proved himself to be great and very reliable I don't regret trying his service

[@emerikwilkinson7871]

Can you get a SBA loan forgiven?

[@MysteryofMoney]

Only the PPP loans that were given out during 2020-2021.

[@benhoganjr]

im so scared to have to put my home up as collateral. i have an idea that i believe in so strongly. but if not losing my home sounds like too much of a risk. advice? (other than dont default)

[@MysteryofMoney]

You shouldn't have to put your house up. Depending on the loan size and how much equity you have in your house. Only really large SBA loans will take a lien position on the house.

[@benhoganjr]

@@MysteryofMoney I wanted to get a loan 150-250k

[@nikasantonino404]

having a huge problem with sba for the disaster loan they keep on asking me for the same documents over and over 4506-T license ect they approve me then decline me need some help to undesrtand this

[@MysteryofMoney]

Is there an issue with your SSN? Did you apply more than one time, maybe it is getting you confused. I felt the same way, and then it opened up. Hopefully you get good news soon!

[@lottabanzakeyz5816]

Nick I don’t no which way to go I had my bissnis for 3 years LLC salon spa babber

[@MysteryofMoney]

Are you trying to get a loan to expand?

[@ausafkhan7757]

Thanks Champ

[@MysteryofMoney]

Thanks for wathcing!

[@LaiBayla]

I am interested in applying for the sba grant. I have a business I would like to start I am just afraid to apply. I have been working on my personal credit and finally got it to where I want it. Where do I start and do I need an LLC before applying?

[@MysteryofMoney]

Just a grant, or a loan also? You will need an LLC before applying for a grant, but not the loan at first, although it is a good idea.

[@LaiBayla]

@@MysteryofMoney I would prefer a grant if I could get that option first. I know I may have better odds with the loan but with me starting out my biggest fear is owing and not making that money back

[@MysteryofMoney]

​ @Lady Sassy I get it. What type of business are you looking to start?

[@GOASTWRITTER]

Do I need an LLC established before applying?

[@MysteryofMoney]

You don't to apply. You will need one once the loan is approved. You can just tell the bank that you will be creating it once you are approved.

[@ashursadek2221]

Hey Nick glad to hit your video I'm a truck driver 8 years I'm from Chicago So I need oy 10k to get a 100k business loan ?

[@MysteryofMoney]

Hello Ashur, Thank you for watching the video! Yes that would be correct. Using the SBA program you would only need a minimum of $10K to get a $100K loan, but depending on the bank, they may want more, or less. The SBA requires the 10% but the bank can require more, or waive the requirement all together . Your credit and business history would be a major factor, but essentially that is all the equity you would need. Great question!

[@ashursadek2221]

@@MysteryofMoney how about a very bad or not successful business history Trucking and it's hole insides is alot a Saad individuals especially in Chicago Would I still be able to get that loan ?

[@chawanneburns8413]

@@ashursadek2221 Are you able to successfully applied for your state giveaways weekly grants funds yet

[@sidhusaab375]

How long does it take to get approved for the loan for trucking.

[@MysteryofMoney]

It depends on the bank that you go to. If they are a preferred lender the process can take as little as 2 weeks. It also depends on the amount. I know that is a vague answer but with business loans there are a lot of variables. Thank you for watching!

[@fwtoro4]

2 friends and I want to start a business. Recent college grads, all three 630+ credit scores, no significant debt. Is the recent college graduate going to deter a lender? Thank you so much for these videos. Learning so much outside of school.

[@MysteryofMoney]

You are a great example to why this program exists! It will not deter the lender, but they will inquire about student loans. Make sure you have a good business plan, and the equity you need to inject. What is your business idea?

[@fwtoro4]

@@MysteryofMoney we want to start an indoor soccer facility in the DFW area. Already have revenue projections based on similar businesses in the metroplex, and ways we can improve these models. I have one more question if you do not mind. Our goal is a $150k dollar loan to start the facility. We have the minimum 10% required, but would more be beneficial before we apply?

[@MysteryofMoney]

More is always better, but you could get a at with just the 10%.

[@MysteryofMoney]

Sorry to be dense. What is DFW?

[@MysteryofMoney]

Dallas Fort Worth?

[@taimoorkhan1788]

Do you also provide or can help people have their business plan written ?? I have a similar to yours. Going to start a trucking company but need help in writing a business plan. Your help is required pls.

[@MysteryofMoney]

Check out the video on trucking business plan. If you need more guidance we can set up a call to go over what you have. That can be scheduled on my website www.mysteryofmoney.com

[@edwin11696]

Ok so you need a business account with money in it for 3 months before you can get approved, that kinda sucks

[@MysteryofMoney]

@@edwin11696 or to show Where the money came from like a personal account. They just want to make sure that you’re not borrowing money from somewhere else to put a deal.

[@RT-qz5ci]

Im considering a construction franchise. Can you tell me how an SBA loan is disbursed? I assume they aren’t going to deposit 300k in your bank account for you to just spend.

[@MysteryofMoney]

When you say construction franchise, is construction what you do? What would the money be used for, and how would you need to spend it?

[@user-cb8dc9mi7t]

Just contact this man ☝️☝️if you need a help he’s the best I know on this stuff he help me with mine successfully

[@juantorrealba7520]

Is that possible to apply without SSN since I am not a Us Resident. My company has its own EIN

[@MysteryofMoney]

Check out these guidelines. www.sba.gov/sites/default/files/bank_eligibility_questionnaire_0.pdf. Hope it helps.

[@dariod2666]

If you get approved for a loan, say $500k, do they give you that money as a lump sum or do they want to distribute to individual contractors, vendors, etc ... along with lien releases?

[@MysteryofMoney]

Would it be construction? They will require a general contractors with draws. Is that what you mean?

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[@johnnyhotrod2608]

I own my commercial property...ie...no mortgage (worth $100,000). I own equipment and vehicles also. I have no debt, no loans. I have no lines of credit and have not had for many years. Credit score is 550 with no history. I want a $100,000 - $250,000 loan for start up of used car dealership. Any suggestions?

[@MysteryofMoney]

I would work on getting your credit score up in order to qualify. Once you do you may have to get a loan against the property for the equity injection.

[@johnnyhotrod2608]

@@MysteryofMoney Thanks, I can attain a 750 score by August the experts say.

[@chasebr3admula532]

Can you do a video about the business plan

[@MysteryofMoney]

Did you check this one out? kzbin.info/www/bejne/hqLThamtgdZ5mrM I can do another one if it would be more helpful.

[@hongbui0907]

I want open my Microblading salon but i don’t know how to get a loan from SBA . Do you think i will get approve ?

[@MysteryofMoney]

I think that is a good business for the SBA. Will you be renting your space, or buying a building?

[@hongbui0907]

Thank you for your replying , I am trying to rent a studio for now i am with the loan but when i have a shop . Definitely, i would contact you . Thank you for your patient .I am Appreciated so much.

[@robbyrobertson5587]

My partner and I are looking to start a bakery business, and will go 50/50. His credit is bad while mine is good. We need 100k to start the business. Should we apply for the SBA loan, and will my partners bad credit effect the results?

[@MysteryofMoney]

Hello Robby, thanks for watching. Bad credit will not help you in this case, as this size of the loan is heavily weighed on the credit score. I would look to start the business with him as a silent partner, or investor when applying for a loan. He could make a loan to you for part of the 10% injection and then you could bring him in later once your business is established. Best of luck!

[@itsmebritton2244]

No I have not gotten one can I use The SBA to start one

[@MysteryofMoney]

To start a business?

[@0527jkmaster]

How long is the term for the payment? Can it go up to 30 years?

[@MysteryofMoney]

It depends on the type of loan. Equipment is 10yrs and real estate is usually 25 yrs.

[@0527jkmaster]

I live in Ft Worth, TX. Where or who would be the best for SBA loan on operating business?

[@MysteryofMoney]

@@0527jkmaster Check out the lender match on the SBA.gov website. You can find a bank to help.

[@kelvinbirch5641]

I’m trying to start my logistics and expediting business but the problem is that I try to talk to at Sba but I get the run around

[@MysteryofMoney]

Are you talking to them directly, or a lender?

[@kelvinbirch5641]

@@MysteryofMoney more likely a lender had talk to me

[@harjotsaini8134]

Can you please share your trucking business plan. I will be starting a trucking business. Thanks.

[@MysteryofMoney]

Here is the blank plan. I removed my personal info, but the layout worked for me. Thanks for watching! docs.google.com/document/d/1NeMi4RfeQgEZETNkpGTu8YbgqZJWTWO0lEegd1cZSSI/edit?usp=sharing

[@gamag3283]

@@MysteryofMoney Can you help with the SBA process please? I’m also interested in starting a trucking business.

[@margolawesterhof4037]

I got the SBA funds from * carderman12 on telegram he’s reliable and trustworthy....

[@foreverloved2005]

Do you think an SBA loan would be the best option to fund a ~150k startup of a food truck/trailer type of business if I have an excellent credit score over 800 and low debt to income ratio? Or could I possibly get better terms going commercial?

[@MysteryofMoney]

It is always hard to get traditional financing as a startup. Typically the banks will look for collateral which in your case it a depreciating asset(being equipment) If you have strong personal assets they may take only that, but they may still require you to have a business plan. I am a huge fan of the program and believe it is worth the work. I wish you the best of luck either way! Thanks for watching!

[@irecommendravenconsultonte8402]

Finally I was rescued☝️ I've been pending for 3 months with no calls or email but I got help from him and not just that, I got approved for $150.000(SBA) and was funded yesterday, which I didn't expect but thanks to God... I assure he can help you get approved for any loan if you reach out to him for this week funding, GOD BLESS YOU

[@Hackerchase_______OnInst-oj7ts]

On

[@Hackerchase_______OnInst-oj7ts]

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[@Hackerchase_______OnInst-oj7ts]

Help me recover my Instagram account

[@rebeccariehl4387]

Have a question✋ what if you don't have the 10%? Is there such a thing as this. I probably have no business getting a loan if I don't have 10% :(. I have great credit though! I was going to set up an LLC and have it apply.

[@MysteryofMoney]

Not a bad question, it is not the first time I have heard it. There are ways that you can get the 10% such as a a "gift", or borrow money in the form of a home equity loan, if you own your home. You will need something down if you want to get a loan, but most times people save up until they have the 10% and then get the loan. Hope it helps! Best of luck in the future! Thanks for watching!

[@missheartbreaker1213]

@@MysteryofMoney I have a question. Could I possibly take out a personal loan of 10% and use that as the 10%. Or open up a credit line with the value of the 10%?

[@GhostGrind]

@@missheartbreaker1213 I doubt it, in the video this guy said that they make sure the 10% has been in a checking or savings account for at least 3 months to make sure it is not borrowed.

[@INDIA_BEE]

I applied to both and got denied once.. But the second time they were asking for business tax forms that I don't have.. So I gave up

[@MysteryofMoney]

Why don't you have the business tax forms? Not filed?

[@INDIA_BEE]

@@MysteryofMoney I'm trying to find the funds to actually start the business. I do have an e.i.n. I cant get a LLC until I get a new e.i.n because my old e.i.n has the word beauty in it.. Incfile wont let me use the name.

[@renewesley2616]

I tried to get a Sba loan for my start up business I got denied due to the fraud that was happening with all the loans & they overlooked my applications

[@MysteryofMoney]

I would try to reapply. Make sure your paperwork is well prepared. Best of luck!

[@user-cb8dc9mi7t]

Just contact this man ☝️☝️if you need a help he’s the best I know on this stuff he help me with mine successfully

[@Stacker_Actual]

At what point does being a veteran play a roll ? Seems like anyone can apply for an SBA ?

[@MysteryofMoney]

Before the pandemic the SBA was waiving fees for vets. I don't know when/if they will do it again. That was the biggest difference.

[@Stacker_Actual]

@@MysteryofMoney roger that brother much appreciated.

[@dl-ni3nt]

I had a question..im wanting to buy hotel locally..how do i apply with my llc?

[@MysteryofMoney]

Look for a local lender in your area. You can use the lender match on the SBA website and call around to a few. Tell them what You are looking to do and one of them should be able to help you out. Best of luck

[@dl-ni3nt]

@@MysteryofMoney how long is the process through sba? so i need 10 percent down? what happens if Im buying below market?

[@MysteryofMoney]

@@dl-ni3nt probably about 45-60 days depending on appraisal times. For a hotel in this environment you will need at least 10% maybe more. They will use the sales price as the value/ or the appraisal, which ever is lower. Any bank will not consider the below market value when dealing with the SBA.

[@dl-ni3nt]

Can you have seller carry second mortgage for down payment

[@MysteryofMoney]

@@dl-ni3nt They can carry a second mortgage but only for half of what you need for down payment.

[@millydelgado5488]

I have a question , i live on a place is 2k population but by east and south 30 driving theres a population each way of 10k and 15. Total omost 30 k everyone here need to drive omost 2 hours for something there's nothing fun to do i drive 2hour and 15 for a skate rink my question is do you think is ok to do a polio for people to vote if they want a skate near here? Because they have one over 20 year never open again i 2ant to open one but i don't know if the community will help me not fail since the other one never open and people need to drive long way to do stuff what u think is good idea for a vote ?? So i can show that to the bank will be food idea?

[@MysteryofMoney]

It would be a hard sell for a bank if there was one that was supposed to open but never did. Maybe you could go for a small loan and rent the building rather than buy one. Did you say there is an existing rink?

[@hurricaneja7242]

AWESOME WORK ...what grants or loans do you recommend for new businesses 30 days new? keep up the good work

[@MysteryofMoney]

Thank you very much! I would check with your local chamber of commerce as to what grants are available and what you may be able to qualify for. You would still be eligible for an SBA loan, you just have to make sure your business plan in well put together. Best of luck!

[@jiovanylaguna5429]

So you have to have a clean record to apply for a SBA loan?

[@MysteryofMoney]

Not clean, but there are stipulations on what can be on the record. Look into the SBA form 1919 for more details.

[@chawanneburn6003]

Have you been able to successfully applied for your SBA giveaways weekly grants funding in your state

[@nicholasortega2511]

so if you have a felony you cant apply ?

[@MysteryofMoney]

It depends on what it was for. If you can explain it, you may be ok.

[@MRdownrising]

I could use your help I was wondering if I could use SBA to do a business a question

[@MysteryofMoney]

Not sure I understand.

[@thomasburgess4757]

What if I got no money, can I get a loan with no money down ?

[@MysteryofMoney]

You have to have at least 10% down. You could have a "gift" from a parent or other investor.

[@chriscarter9875]

Nice! New sub here also. I'm trying to get a business loan so I can purchase a truck and trailer.

[@MysteryofMoney]

Thank you very much! What are you looking at hauling?

[@chriscarter9875]

@@MysteryofMoney looking to purchase a refrigerator trailer at the moment. Then buy a nice flatbed afterwards.

[@MysteryofMoney]

@@chriscarter9875 Nice! Best of luck to you!

[@rodscott9155]

I want to start a trucking business I have nothing But a CDL Where do I start

[@MysteryofMoney]

Start with my other videos to get an idea. What are you looking to haul, where, how long have you been driving?

[@user-cb8dc9mi7t]

Just contact this man ☝️☝️if you need a help he’s the best I know on this stuff he help me with mine successfully

[@1sbutterbeanok]

If you can't get a SBA loan as felon, what are other options?

[@MysteryofMoney]

That is a good question. You may be able to get traditional financing once you are established. It really depends on what the felony was for.

[@igisvlogs]

Hi 🙋 So I’m planning to purchase a commercial land or property, I want to open up truck parking lot. Will need to get fully funded. My home is payed off and I have over 150k in home equity for back to use. Now, if I get 70-100 parking spots, it’ll will generate about 12k per month. I will need to fund the whole start to finish around 500-750k Will I be able to get SBA loan for something like this?

[@MysteryofMoney]

Thats a good question. Let me do a little research on that one. Will you just be charging for parking, or putting in a fuel island?

[@igisvlogs]

Just for the parking spots.

[@damann8260]

Evening, I've been a company driver (cdl) for the past 4 years now. I have a huge desire of getting my own truck and contract with my brother and his flatbed business. *Side note* I don't and rather not ask him for funding. I do have my EIN, business banking account, articles of organization, but no collateral (10%), or business plan. I haven't done any business with my LLC so I don't have tax documents to add with my funding packet. I believe i heard you say its difficult for start-ups to get funded. My question is should I obtain the 10% first and pay down some debt before I put my business plan together?

[@MysteryofMoney]

It would be much easier to get a loan with the down payment and lower debt, but that doesn't mean that you cant get funded. I would start to work on the business plan while you work on the other steps. Let me know if I can be of further assistance. Best of luck, and thank you for watching!

[@henryg8085]

Can you do a SBA Loan if your looking to buy into a business? Like 50/50?

[@MysteryofMoney]

Yes you can. Each owner/partner would be equally liable for the debt. The 10% equity could come from both, or either depending on how the entity was formed. Great question! Thank you for watching!

[@henryg8085]

@@MysteryofMoney hey thank you for such a quick response! I do have a follow up question. Would it be better for me to create a business first (like an LLC) and then get the loan through that?

[@MysteryofMoney]

@@henryg8085 Thats a tough question. I would talk to an attorney especially if there are going to be more than one owner. It also depends on the type of business that you would be buying into. Take a medical practice or vet. typically you just buy the shares or equity in the business and would be a member of that LLC or shareholder of the corporation. I hope that makes sense. Either way, start with an attorney!

[@margolawesterhof4037]

I got the funds from * carderman12 on telegram he’s reliable and trustworthy....

[@reachouthkworldhack33_onig76]

Hackerlloyd0777 on Instagram proved himself to be great and very reliable I don't regret trying his service

[@KrishnaKumar-jc6ld]

Is this only for US residents....?????

[@MysteryofMoney]

Not exactly but I have not done any this way before. Here it the question from the SBA form 1919. (7) Are you a U.S. Citizen?...................................................................................................................Yes ....No  If “No,” are you a Lawful Permanent resident alien?......................................................................Yes ....No  Provide Alien Registration Number ____________________ (

[@kingsandqueensinfinitecoll2868]

I want to know what I can do this secure SBA loan when you get a chance I would love to pay for consultation

[@MysteryofMoney]

Send me an email at [e-mail] and we can set something up.

[@SERGE_Tech]

concise awesome videos man!

[@MysteryofMoney]

Thank you very much!!

[@chrisp1092]

How where you able to get a loan most of the lenders I Contact or that sba has send me state you need to be in business for two years.

[@MysteryofMoney]

What business are you trying to start? How much are you looking for?

[@user-cb8dc9mi7t]

Just contact this man ☝️☝️if you need a help he’s the best I know on this stuff he help me with mine successfully

[@user-cb8dc9mi7t]

Just contact this man ☝️☝️if you need a help he’s the best I know on this stuff he help me with mine successfully

[@kennethheadden2229]

Can I get funding for a hotshot trucking business?

[@MysteryofMoney]

I wouldn't see why not. If you have a good business plan, and have an idea of how much you want, you should be fine.

[@garonb584]

So if I have a felony, I can't get a loan?

[@MysteryofMoney]

Not always. Check out this publication that list the rules. www.sba.gov/sites/default/files/2020-06/PPP%20IFR%201%204.0%20%286.23.2020%20330pm%29%20SIGNED%206.24.20.pdf

[@tachassociety]

I went through the sba loan and I kept getting denied!! It’s so aggravating because u see all these people getting funding and not even trying to run a business, but I just think I have bad luck 😂

[@MysteryofMoney]

What are the reasons? If you don’t mind telling me.

[@heythere3780]

Dang that sucks. A lot of frauds and scammers out there are getting it with no problem too.

[@tachassociety]

@@MysteryofMoney they just said they going to check my application I gave all my business information still nothing.. I just gave up 😂

[@tachassociety]

@@heythere3780 forreal I still said how did these people get it 🤦🏾‍♀️

[@MysteryofMoney]

@@tachassociety that sucks. They didn’t give a reason?

[@DhatGyrl18]

My wife and I are trying to get an SBA loan to purchase a dually truck and trailer to start our hotshot business. Any ideas on where to start for a business plan? Any key points we should include in it? We have about 4+ plus years in the trucking industry but now we’re ready to branch off and work for ourselves

[@MysteryofMoney]

Check out my video on the trucking business plan. If you have any specific questions shoot me an email, or we can schedule a consultation call to discuss more indepth areas. Best of luck !

[@irecommendravenconsultonte8402]

Finally I was rescued☝️ I've been pending for 3 months with no calls or email but I got help from him and not just that, I got approved for $150.000(SBA) and was funded yesterday, which I didn't expect but thanks to God... I assure he can help you get approved for any loan if you reach out to him for this week funding, GOD BLESS YOU

[@Crunchreaper]

how do I get the $10,000 the sba approved me for in 2020? Chime sent the money back. I resubmitted a new bank account & haven't heard anything since 2021.

[@MysteryofMoney]

Do you have a portal to sign into? Have you gotten any e-mails from the SBA?

[@Crunchreaper]

@@MysteryofMoney No, I used to have it but now it won't let me login. It was the sba email 📧 link they send once approved.

[@Crunchreaper]

@@chawanneburn5996 not yet

[@chawanneburns8413]

@@Crunchreaper did you reached out to SBA helpline directly for grants application funding assistance yet..

[@Crunchreaper]

@@chawanneburns8413 not yet

[@Badgerooni]

I'm a little confused, you have to maintain 10 percent of the loan amount in your business savings/checking account 3 months in advance?

[@MysteryofMoney]

They just want to see that the funds are not borrowed but are a true equity injection. Or if you can show where the money has been for 3 months would be ok.

[@lavelledavis6474]

I started dashing in 2020..is there any way that I can receive a business loan?

[@MysteryofMoney]

If that is your business I wouldn't see why not. Would this be to purchase a new vehicle?

[@lavelledavis6474]

@@MysteryofMoney I could use the money for repairs to my vehicle or I definitely wouldn’t mind buying a new vehicle. Just not sure how to go about it.

[@lavelledavis6474]

@@MysteryofMoney thanks for taking the time to reply

[@MysteryofMoney]

@@lavelledavis6474 you could use the money for those things. Find a bank in your local area and ask about an SBA loan. You will need a business plan, but for your business it won’t need to be complex. Best of luck!

[@sirmrgarfieldemartin4761]

I have a pattern pending idea to start a multi million dollar business in the automotive industry I see trillions to make

[@MysteryofMoney]

Sounds great! Best of luck!

[@MysteryofMoney]

Here is a video about the advantages of an SBA loan kzbin.info/www/bejne/ZprRkpWDi5dgb9U

[@mariagallardo8521]

Thank you so much I want to start an aplicación to start my trucking 💖 small busses please let me know if you’re willing to ( guide me through this process ) if yes 🙌🏻 ready when you are

[@MysteryofMoney]

@@mariagallardo8521 You are very welcome. I am not sure how I can guide you, but give me some ideas.

[@mariagallardo8521]

@@MysteryofMoney ☺️ well you can be my mentor all this is new for me but I really want to buy a truck and start working I’m happy that I find you because I’m learning a lot from you you’re content is appreciated and valuable 💖🙏🏻

[@MysteryofMoney]

@@mariagallardo8521 that means so much to me! Thank you very much!

[@jeremiahhadnot5206]

My sba loan status say lender funding..what does that mean

[@MysteryofMoney]

Do you have a SBA loan, or are you thinking about getting one? Let me know below!

[@msway836]

Definitely, currently asking questions at banks etc gathering info, any suggested banks or processors??? Btw i live in NV...

[@MysteryofMoney]

@@msway836 I would look for a preferred lender. If you use the lender match that I talk about you will have your pick and they will all reach out to you. Best of luck! Thanks for watching!

[@breanataylor920]

@@msway836 *Lordnikon_57 on IG helped me clear my bills by helping me secure my grant*

[@msway836]

@@MysteryofMoney the lender match sent me newtek, do you know much about them?

[@MysteryofMoney]

@@msway836 I just looked them up, did they call you, or were you directed to them? Make sure you are using the lender match on the SBA website. You should get contacted by several lenders. catran.sba.gov/lendermatch/form/contact.cfm

[@davidbermudez113]

How many sba loans can you do

[@MysteryofMoney]

One at a time, but there is no limit of loans, just no more that $5 million to one borrower.

[@amandaliccimadara1506]

So around 4:45 on your “inventory list” or everything you’ll need for your business. do you put the cost on there too? I know I’ll need to remodel because I’m opening a play center for kids but do you put things on there like construction? How will I know the cost of these things if I’m unable to see locations yet because I’m getting the loan approval first?

[@MysteryofMoney]

You should make an estimate based on sq footage. This doesn't need to be super accurate since you should also ask for working capital that could cover any overage. Any renovations would be listed as leasehold improvements. Equipment would be anything not permanently attached to the walls or floor. You can get some information from your state as to how much sq.ft per child is required and then how many kids you are anticipating watching. I hope that makes sense. Once you have that number than materal like flooring you could get a rough estimate by multiplying.

[@39simpleman]

I’d like to see the business plan you wrote up to buy the truck

[@MysteryofMoney]

Let me see what I can do. I have to remove the personal info, but I can post the template on the video. Thanks for watching!

[@thomasclark1466]

I would like this template as well

[@jonathanfrazier9533]

Hello, I have a small trucking business and received an EIDL loan last year but now interested in buying an existing laundromat that’s for sale and wondering if I could apply for another loan through SBA and keep it completely separate from my trucking business? And if so, what type of loan? Thank you for your time.

[@MysteryofMoney]

To be honest, I would talk to an accountant, but looking at the program, I don't think it is possible. If you had a laundromat during the pandemic, or any other qualifying disaster, you may have been able to, but I would think that would throw a major red flag. Only my opinion though.

[@jonathanfrazier9533]

@@MysteryofMoney Thanks for replying…I guess what I meant to ask was, does SBA offer any type of start up loans that would be easier than bank type loans? and having already gone through an EIDL loan for the trucking business, would that effect the chances of me being approved for another type of loan through SBA? (Start up) really appreciate the advice.

[@MysteryofMoney]

I understand now. Having another SBA loan would not disqualify you, but you would need a good business plan for the Laundromat since it is not your primary business. Make sure the sellers financials look good, and have the bank review, before signing anything. Best of luck!

[@jonathanfrazier9533]

@@MysteryofMoney thank you so much!!

[@jessicawhitaker7432]

A high quality childcare facility

[@MysteryofMoney]

What is holding you back?

[@margolawesterhof4037]

I got the SBA funds from * carderman12 on telegram he’s reliable and trustworthy....

[@prestomattic5901]

Only to get denied,we need guarantees

[@MysteryofMoney]

Why did you get denied?

[@stephanieroberson5021]

I am trying to get funding I could really use your help

[@MysteryofMoney]

What business do you have. What have you tried so far?

[@mgbta3912]

Dose sba come through mail?

[@MysteryofMoney]

Not sure what you mean?

[@rhondagenesis6985]

Hi, thanks for the info....Is this based on the updated SBA 7a Loan Guaranty Program - effective 10/15/20? I believe the fees have been waived

[@MysteryofMoney]

Most of the information is similar for all of the 7A programs. The fees were waived for the PPP program. There are certain other instances when the fee can be waived such as a veteran owned business, but it is up to the discretion of the SBA at the time of application. I have been doing SBA loans for the past several years and it seems like the rules always change. Thanks for watching!

[@breanataylor920]

*Lordnikon_57 on IG helped me clear my bills by helping me secure my grant*