Our work is reader-supported, meaning that we may earn a commission from the products and services mentioned.

Loan For A Party Rental Business

Loan For A Party Rental Business

Advertising Disclosure

Advertising
Disclosure

Loan For A Party Rental Business

Question – I need to get a loan for a party rental business that I started 10 years ago. Since start up each year has always been better than the previous one. So much so, that in 2010 I quit my full time job to focus solely on the business. When quitting my job I didn’t factor in the additional investments that I have made the last few years. So now, I have about $60k worth of business debt and would like to invest another $25-$30k in the next year or so. Also, all of this debt is now on my personal credit cards. Looking for the right loan options to consolidate the current debt from my personal finances, as well as, the additional funding of $25-$30K for future investments. If someone could please direct me in the right direction I would greatly appreciate it.


 

Our Response – There are many items of information not included here but some general advice that may help. First of all your credit score needs to be 650 or above. Also I assume the profits in the business will cover the debt service and still be profitable. The next issue you may encounter depending on the collateral you have is that financing existing debt, especially credit card debt is often difficult to do. If you have a building or enough equipment to cover the entire loan that will be great, otherwise you may need to look at personal collateral such as your home or other investments.

Assuming the above three things are covered, put together a business plan along with financial projections and begin shopping it around at local banks. Start with your current bank as they already have a relationship but you may want to try a couple of others to be sure you are getting the best financing.

Loan For A Party Rental Business

Loan For A Party Rental Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Some (but not all) of the links on StartUp101.com are affiliate links. This means that a special tracking code is used and that we may make a small commission on the sale of an item if you purchase through one of these links. The price of the item is the same for you whether it is an affiliate link or not, and using affiliate links helps us to maintain this website.

StartUp101.com is also a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

Our mission is to help businesses start and promoting inferior products and services doesn’t serve that mission. We keep the opinions fair and balanced and not let the commissions influence our opinions.