• Last Updated:
  • Mar 13th, 2017 10:20 pm
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[OP]
Deal Addict
Nov 2, 2003
1042 posts
25 upvotes

getting a loan

i just took distribution of food snacks. i understand its just cash business. I have a few questions.
  • it costs me 90k to invest into it. i have the money but most of it is locked away in stocks and i dont want to sell my stocks near sightedly as i have to pay capital gains. i understand i can recover my investment in the first year. which banks/instiutins would offer the cheapest interest to borrow. i have a very good credit history and make over 100k from my fulltime job.
  • how can i account the income from the cashbusines prudently ? Any accountants who can help out?
if you dont have an answer, dont repond to my thread.
I need answers, and thats why i use redflagdeals forums.
4 replies
Newbie
Jan 3, 2017
79 posts
46 upvotes
If you own a home the cheapest would be using a Heloc. To get the best rate for an unsecured loan you will have to shop around. There's no clear cut answer.
Not sure what you mean by the last question? How do you account for the income? You keep records, no different than any business who accepts cash which all do. not really sure what you are trying to ask
[OP]
Deal Addict
Nov 2, 2003
1042 posts
25 upvotes
i am in a rental property. i did goto tdbank and they offered to do max 30k line of credit. this makes no sense as i have a excellent credit.
does it make sense to ask for business loan. the 90k that i am borrowing is only for capital equipment. maybe i started out with the wrong ask with tdbank
if you dont have an answer, dont repond to my thread.
I need answers, and thats why i use redflagdeals forums.
Newbie
Nov 1, 2016
3 posts
Try BDC for inventory loans. If you are under 35 (i think) you can also talk to Futurepreneur for funding.

Good luck.
[OP]
Deal Addict
Nov 2, 2003
1042 posts
25 upvotes
i thought u ccan goto bdc only if u have been running the business for 1 year. let me look into it.
if you dont have an answer, dont repond to my thread.
I need answers, and thats why i use redflagdeals forums.
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