The BizBuySell Small Business Community

  • Get Expert Advice

  •  • Find Local Service Professionals

  •  • Share Your Experiences

Advice regarding small business loans.

We have a unique opportunity in the adventure tourism sector and would like advice in obtaining a large loan for the boat we need to enter a market with absolutely zero competition. Amount we are seeking is equal to first year profits. Business plan is available. The loan will be secured with the vessel purchased.

How does a guy with a middle of the road credit score get a large loan?

No User Photo

Answer This Question

max 5000 characters

Web Reference (optional)

e.g., "www.mywebsite.com"

Review Community Guidelines

Help keep our Community clean and on topic. The BizBuySell Community is a place where you can discuss your questions, concerns and knowledge with others you can trust. It is not OK to use this forum to solicit others for personal or financial gain, illegal activities, or to rant about personal issues. Please review the full guidelines if you have any questions.

Submit Your Answer
Answers (1)
No User Photo
The BAF Group LLC
MD

Tim, please be extremely careful in dealing with anyone that writes to you. Keep in mind that very, very few of the people that offer loans here provide a company name, a valid address and a traceable telephone number. Obviously, these people have to be regarded with a great deal of suspicion. We have also researched some of the companies that list their corporate names on this bulletin board, only to find that they are not incorporated in the states where they say they are domiciled. That is to say, the do not legally exist. Some of them are not even in the United States. Funding scams are some of the worst and most prevalent, on the Internet. Their goal is not at all to help you find funding, but to get you to provide them with personal documentation, which then allows for identity theft. Others may not be con artists, but are simply rank amateurs who really have no idea of what they are doing, and have little or no valid method of getting you the kind of funding you are seeking.

Your situation is unquestionably a difficult one. One of the big questions is going to be, how much money are you bringing to the table? Any legitimate lender is going to want to see some personal injection of cash. If you do not have that, you need to take a look at where you can find prospective investors from among your family and friends, in order to get that kind of jumpstart. With lenders, please remember that old cliché: If it sounds too good to be true, it probably is!

Oct 5, 2015