Wow, what a road it’s been. We received final approval and checks in hand this past month from LiftFund. We thought we would NEVER get here. From our business plan to our design layout to our contracting to final build out, we finally made it to actually having cash in hand funding. Having cash in hand from conceptual ideas is one of the greatest feelings. It’s no longer abstract, it’s real, it’s here and it’s on!
To be honest, we sweat it out several times, actually more than we’d like to admit. So many roadblocks pop up in your path to keep your business from getting funded. So many close calls, so many times we thought, should we continue on or just let it all go. However, we persevered and pushed on and LiftFund was right behind us the whole way letting us know it was possible.
We would like to thank LiftFund with all our heart. When everyone else said no, LiftFund said yes. When no one else believed LiftFund was there. We applied at so many traditional banks such as Chase and even credit unions like RBFCU but it was always the same, “I’m sorry but we just can’t get the loan you requested.” Non-profit LiftFund was known for doing microloans just a decade or two ago but they are moving up. LiftFund now does loans up to 1 million dollars. We also saved the time and headache of getting funded through a crowdfunding plan, which is usually the only place to turn to when the big banks turn you down, unless you’re willing to step up and play with the many loan shark type lending institutions.
We would like to provide a quick insight into the process of getting small business loan. SBA (Small Business Administration) is not the cake walk you might think it is. By listening to SBA loan classes, hosted by government personnel in down town San Antonio, you would think the process in fairly straight forward and simple. That it is not. First, even though the government SBA program may be eager to provide you with a loan guarantee, the bank still may not even consider starting you in an SBA loan vehicle if you don’t pass their initial standards. All bucks stop at the bank. The bank will more than guarantee they are getting their money and collateral from you not SBA. The banks only consider the SBA loan guarantee as a last resort and not something to base your loan from.
If you’re considering an SBA loan for your new business, be ready for a lengthy process which over turns every single rock and inspects every last piece of dust in your closet. Clean up your records now, this will save you tons of time in the future. Most importantly, stay positive and motivated.