SBA Financing for Startup Laundromats

SBA Financing for Startup Laundromats

In this episode, Beau dives into SBA financing for startups. Financing your startup can be a challenging endeavor, particularly when you're entering a niche like non-franchised laundry mat startups.
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Here are the insights and strategies to help position your startup for SBA funding success.

1. Start with a Strong Business Plan
2. A Solid Personal Financial Statement
3. Building Collateral for Success
4. Compensating Factors Matter
5. Location and Proximity
6. The Role of Additional Collateral
7. Prudent Lending and Justifiable Loans
8. Consider the Loan Size

Are you an entrepreneur or business owner looking to buy or expand a business? Book a discovery call with Beau to learn all the ways he can help you - https://investorfinancingpodcast.com/rumble

Timestamps:
(00:01) SBA financing for startups and the challenges of funding non-franchised laundry mat startups.
(00:37) Differences between leasing and owning property and what banks look for in a true startup on a leasehold property.
(01:00) Factors banks consider, such as relevant business experience, business plans, projections, and personal financial statements.
(01:40) The importance of location, outside income, and the approval criteria for startup loans.
(02:11) The role of additional collateral in loan approval and the collateral shortfall in projection-based laundry mat startups.
(02:45) How collateral, credit, and outside income can make loan approval easier for startup ventures.
(03:20) The importance of justifiable loans and prudent lending in non-franchise startups, especially those under 500,000.
(03:53) Considerations for enhancing your chances of loan approval through assets and real estate collateral in startup ventures.

💥 Thanks for watching 💥
#SBAfinancing #Startups #Businessplan

About Beau: Beau Eckstein is a franchise consultant, commercial mortgage advisor, and business ownership coach who helps entrepreneurs buy, build, and expand their businesses. He assists aspiring entrepreneurs in finding their ideal franchise or business opportunity. Beau's expertise as an investor and business owner allows him to guide clients through the entire process of acquiring, funding, and growing their ventures.

🎥 The video interviews we do on IFP will help you scale your real estate business and learn how to finance all your projects.

About the Channel: Want to structure your investments in the right and secure way?

Learn great insights and make the right decisions through the Investor Financing Podcast hosted by Beau Eckstein.