Jump to content
  • Announcements

    • AutoShopOwner

      Advertising & Promoting Your Company On AutoShopOwner - Information   02/25/2017

      This message is only shown to FREE members and goes away after subscribing to a paid membership. If you are joining AutoShopOwner to promote your business, service, or product to this community of auto shop owners, please subscribe to a Sponsor Member Annual Package before doing so. With the correct membership, you will have the ability to post about your company in your posts and forum signature.

      You can upgrade your existing membership here.

      All marketing attempts to this community without proper membership level and/or approval by staff, will be considered spam, result in topic/post removal, and a warning, which can lead up to the banning of your membership, company and/or product on all pages of AutoShopOwner.

      Thank you for your support.

Recommended Posts

When I started my business, I really had no clue about running a business. And knew far less than I should have about fixing cars. 10 years later the shop is doing well, somewhat profitable but it's paying for bad decisions that caused credit issues and a fairly significant amount of debt in the wrong places. For instance instead of getting a business loan (due to lack of collateral ) I financed all my tools from the tool dealers, got stuck in the buy from the tool truck rut and pay a small payment. I'm currently working on improving that posistion & all together we currently hold roughly $30,000 in debt and within the next two year my credit will be in great shape. My question(s) is this - what are the financing options with no collateral - is it smart to expand with a business loan (purchasing a piece of property, building etc) - and are their any tips or advice you might give someone looking to acquire significant financing for the first time? Most banks I've spoken to locally make it pretty clear that business financing is hard to attain right now - is this the norm or is it my inexperience causing their response?

 

Sent from my SM-N910V using Tapatalk

Share this post


Link to post
Share on other sites


Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now




×