Banks are loaning money, They always have been but there takeing alot of collaterial and tons of docs docs that I have never seen before. they want to be sure.
SBA loans are for minorites and red necks in the south east, you dont want the consenquences if you do default even a month on a sba loan, besides there not all cracked up to what they are said to be. you dont need that type of credit score to get an SBA loan UNLESS your WHITE then it better be perfect, or you live in a poor dunk town in the southeast and can put a few crack heads to work.
down payments are back to stay, no more they will give anyone a loan with no down and it will usually run about 20 percent.
this is the reason we got in this mess in the first place, every idiot and there brother could get a loan for anything with just a signature. during the clinton years you could open a fully loaded machine shop with one PO from a customer that was over 1000 bucks, you could buy 500k in machinery and have no experiance and a fake PO, Ive seen it done many times and you would have NO downs. you know how many shops closed up over the last 7 years a ton of them, lots of them closed up because they were all fake docs and people scammed the banks.
I met a guy who bought over 750 k worth of machinery, rented a building on 1 job from crager wheels(when they were in the valley) crager dropped of 25k in castings, he went out bought a new house 2 new cars and came to his shop 3 times in 90 days never fired up a machine. he sold everything in his shop under the table and walk with hundreds of thousands of dollars.
What happend then was too many idiots started a bussiness, then there was too many machine shops, then there was cutthroat bull shit of taking a 60 dollar part and doing it for 10 bucks, kinda like we are seeing now.
In my opinion the banks are going back to the way they used to be, of coarse getting hand outs on the side by the feds.
basically its not a free ride like it was.
Delw
SBA loans are for minorites and red necks in the south east, you dont want the consenquences if you do default even a month on a sba loan, besides there not all cracked up to what they are said to be. you dont need that type of credit score to get an SBA loan UNLESS your WHITE then it better be perfect, or you live in a poor dunk town in the southeast and can put a few crack heads to work.
down payments are back to stay, no more they will give anyone a loan with no down and it will usually run about 20 percent.
this is the reason we got in this mess in the first place, every idiot and there brother could get a loan for anything with just a signature. during the clinton years you could open a fully loaded machine shop with one PO from a customer that was over 1000 bucks, you could buy 500k in machinery and have no experiance and a fake PO, Ive seen it done many times and you would have NO downs. you know how many shops closed up over the last 7 years a ton of them, lots of them closed up because they were all fake docs and people scammed the banks.
I met a guy who bought over 750 k worth of machinery, rented a building on 1 job from crager wheels(when they were in the valley) crager dropped of 25k in castings, he went out bought a new house 2 new cars and came to his shop 3 times in 90 days never fired up a machine. he sold everything in his shop under the table and walk with hundreds of thousands of dollars.
What happend then was too many idiots started a bussiness, then there was too many machine shops, then there was cutthroat bull shit of taking a 60 dollar part and doing it for 10 bucks, kinda like we are seeing now.
In my opinion the banks are going back to the way they used to be, of coarse getting hand outs on the side by the feds.
basically its not a free ride like it was.
Delw
