Bob Said:

How will financing be for me?

We Answered:

First of all let me tell you how impressed I am with what you've accomplished so far in your young life :-) Keep up the good work.

Your best bet is to look for a loan when you have the $ to pay it (ie now or very soon)... because once your main source of income (repo business) starts declining, then the bank's willingness to lend you the $ will too.

Unfortunately that means you'd have to run two businesses at once (at some point) and definitely will have to disclose your current business practices/income/expenses etc. (have all your paperwork audited and checked BEFORE they do).

Because you have the time/credit (and obviously the drive/know-how), I would definitely suggest going through SBA...The banks will not look down on you because of your young age or the length of "time in business" if your loan is SBA approved :-)

However I must warn you that the SBA approval process is lengthy (and paperwork filled) because they're technically "cosigning" the loan with you and will be liable if you defaulted (or your business failed).

If you start soon (while you still have a decent income) your chances would greatly improve since you won't seem "desperate" and you'd have the time for all the "revisions" you'd have to make to your plans.

They will require formal business plans that their counselors will be more than happy to help you write. And by that I really mean "formal". There are 5yr projected income/expenses involved, market research etc.

Go see the them. Get the process started now (or very soon)... it will be worth it.