What options do I have for financing a start-up business that was previously in business for over 16 years?

Here is the scoop... I have been working for an auto repair shop for roughly 10 years and for the last five or so I have been the Assistant Manager as well as a Technician. My position consisted of selling of jobs, assisting in repairs and maintenance, and all the daily management procedures. I have been in the industry for over 16 years. The company I was working closed the door due to the owner wanting to retire, so I am very interested in reopening the doors and continuing to provide quality service to our existing as well as new potential customers. However, due to new ownership the bank I spoke to is treating it like a brand new business and therefore telling me they can't help me due to the lack of collateral. Originally they told me the new equipment I would install would be used as collateral. I don't understand why they didn't tell me this from the beginning before I spent all my free time putting together a business plan.

Basically my question is, what are my options to get my business up and running? As for what I can bring to the table, my love and passion for cars along with my extreme care for my customers and my combined years of knowledge between myself and my team. So if there is anybody who can give me some ideas, they would be greatly appreciated. One thing I was debating was trying to work out a deal with the landlord of the property. Any thoughts? If you need details on anything just ask.

Thanks a million to everybody in advance!!

p.s. I do already have my LLC set up with my name if that makes any difference.

2 Answers

  • Henry
    Lv 7
    7 years ago
    Favourite answer

    Go to http://www.score.org/mentors and enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a volunteer SCORE mentor. They will guide you through the process and you can meet with them as many times as you need to.

    SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide and is a resource partner with the U.S. Small Business Administration (SBA).

    SCORE has 364 chapters in locations throughout the United States and its territories, with 13,000 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business mentors.

  • 7 years ago

    Apply for a loan at the SBA. If you qualify they guarantee the loan so a bank that won't talk to you as an individual will give you the loan with an SBA guarantee. Your chances of being approved are pretty good if you're taking over what was a successful business.

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