Financing & Access to Capital — Small Business Majority Community https://community.smallbusinessmajority.org/ Thu, 22 Apr 2021 17:59:41 +0000 en Financing & Access to Capital — Small Business Majority Community Forgivable PPP for single member C Corporation https://community.smallbusinessmajority.org/discussion/187/forgivable-ppp-for-single-member-c-corporation Wed, 24 Mar 2021 23:23:00 +0000 Financing & Access to Capital SBMbp 187@/discussions I am set up as a sole member owner C Corporation. I didn't receive a salary for myself in 2019 as indicated on my tax returns. Am I qualified to apply for the 1st Time PPP Forgivable Loan based on the business Revenues alone in order to salary myself going forward?

]]> COVID PPP for My Business Filed with Secretary of State in 04/2020 https://community.smallbusinessmajority.org/discussion/184/covid-ppp-for-my-business-filed-with-secretary-of-state-in-04-2020 Tue, 09 Mar 2021 18:41:20 +0000 Financing & Access to Capital Sandra 184@/discussions Hi! I just watched your webinar on SBA/Scores. Thank you so much for your helpful info and this community. My background is in restaurants and hospitality and felt obligated to pivot and launch e-commerce business and filed with the state in April 2020. I have applied to PPP before with no luck. Am I eligible for this round and which is the best program to apply for? I am based in CA and my business is at a loss. There was option for any loans since all was focused on existing businesses and PPP. I am hoping to apply for a forgivable loan. Any intel and guidance is greatly appreciated. Thank you again.

]]> I dont fit in the box, but i need help too!! https://community.smallbusinessmajority.org/discussion/178/i-dont-fit-in-the-box-but-i-need-help-too Fri, 12 Feb 2021 20:12:45 +0000 Financing & Access to Capital DirtRich 178@/discussions I believe... Well, im trying to maintain a belief, that there is hope out there for someone like me. More than anything, i feel like I cant possibly be the only one to feel left out and left behind.
I am the founder and CEO of a female owned, single member LLC. I began operation approx 05/19/2019 but did not incorporate until Feb 2020. In fact, I was officially incorporated on Feb 18th, 3 days from the universal magic date that deems a business eligible for assistance or relief.
This is where things get even more dicey... A couooe yeats ago i was the victim of a horrendus identity theft scheme. Being naïve to how severly that stuff can affect someone, ultimately my credit was RUINED, to the point that im still trying to get things removed and i even struggled to open a business bank account at first.
Due to my damaged credit (approx 580) and my lack of a substantial "conventional" business checking I am rendered "un-assistable".
If anyone has any advice at all or could send me in a direction to find some help I would be forever grateful!
UPDATE: I was able to find help in the amount of approx. 20k from the PPP program, however I have a need for relief still in areas that I am not able to delegate funds to accordong to the guidleines of the PPP. So my search continues for any advise or assistance that may have a broader scope of acceptable uses.
Thank you for your time, and I send my thoughts and best wishes to all of you!!]]> PPP Round 2 - applying at more than one financial institution https://community.smallbusinessmajority.org/discussion/170/ppp-round-2-applying-at-more-than-one-financial-institution Tue, 19 Jan 2021 17:14:40 +0000 Financing & Access to Capital molly2400 170@/discussions I am aware that for the first PPP loan, some business owners applied with more than one lender. Wondering if it is advantageous or detrimental to do so for round 2? My regular bank is taking forever to accept round 2 applications.

]]> F&M RADIOLOGY MEDICAL CENTER INC TIN 90-0034697 https://community.smallbusinessmajority.org/discussion/124/f-m-radiology-medical-center-inc-tin-90-0034697 Mon, 29 Jun 2020 21:47:12 +0000 Financing & Access to Capital moosheika 124@/discussions Good Afternoon
Last week I filled out questionnaire on line to request loan for F&M Radiology Medical Center Inc TIN 90-0034697
I have not received any response yet.

]]> PPP Loan https://community.smallbusinessmajority.org/discussion/84/ppp-loan Mon, 06 Apr 2020 20:23:59 +0000 Financing & Access to Capital roshambo 84@/discussions I applied and was Approved for Unemployment Insurance. The amount was Only Decent, because of the Extra $600 per week and that Extra $600 Ends in July. Would I be better off apppying for a PPP Loan and have it cover My Salary, My Workers Salary, Monthly Payroll Taxes, Health Insurance, Cell Phones, Business Insurance and All Monthly Bussiness Expenses?

Do you recomend the PPP Loan for a C Corp?

How do I find Lenders in my Area that will provide me with a PPP Loan? We have good credit and collatteral.

Thank You in Advance

]]> Have you checked out Venturize.org? We want to hear from you. https://community.smallbusinessmajority.org/discussion/19/have-you-checked-out-venturize-org-we-want-to-hear-from-you Thu, 13 Dec 2018 19:32:01 +0000 Financing & Access to Capital Debi_SBM 19@/discussions Venturize.org is an online education and resource hub for small businesses that need help becoming loan ready. It allows you to compare small business funding options, find vetted local lenders as well as information on improving your credit score, putting together a loan package, marketing, networking and more.

The platform is run by Small Business Majority and we want to hear from you. Tell us about your experience, favorite part, and ideas for improvement.

]]> Rewards based campaigns https://community.smallbusinessmajority.org/discussion/34/rewards-based-campaigns Mon, 04 Feb 2019 21:27:29 +0000 Financing & Access to Capital Jon 34@/discussions Has anyone recently tried to raise seed money using rewards based campaigns? We tried fundable.com a couple years ago unsuccessfully. We did some navel gazing, think we know what we did wrong and would like to try again. There are also firms you can hire to help you. Just curious out there what the temperature of the group is and did anyone have a success that they would like to share?

]]> What kind of loan, if any, have you received for you small business? https://community.smallbusinessmajority.org/discussion/15/what-kind-of-loan-if-any-have-you-received-for-you-small-business Thu, 13 Dec 2018 16:08:19 +0000 Financing & Access to Capital Zachary_SBM 15@/discussions How did you learn how to write a business plan in order to get capital to start your business? https://community.smallbusinessmajority.org/discussion/16/how-did-you-learn-how-to-write-a-business-plan-in-order-to-get-capital-to-start-your-business Thu, 13 Dec 2018 16:12:01 +0000 Financing & Access to Capital Zachary_SBM 16@/discussions Does anyone have advice or resources on how to write a good business plan?

]]> Traditional Bank Loans https://community.smallbusinessmajority.org/discussion/2/traditional-bank-loans Mon, 05 Nov 2018 15:06:53 +0000 Financing & Access to Capital Zachary_SBM 2@/discussions Banks are the largest small business lenders and probably the first place you think about when getting a loan. They offer some of the lowest cost loans, but qualifying can be difficult; about 72% of small business owners who apply get rejected. There is a lot of information out there on how to qualify and receive traditional small business bank loans, but it can be hidden behind confusing marketing and advertising campaigns. There are some great tools available to get the information you need, like Small Business Majority's venturize.org, but sometimes small business owners need to speak with other small business owners who have had success or struggles getting traditional small business bank loans.

Please share your experiences, anecdotes, tips, cautionary tales, and anything else related to traditional small business bank loans. Your words might help other small business owners avoid costly pitfalls while starting and growing their business!

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