Loans??

Decalcified

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anybody have any experience getting a small business loan to start up a lab? Say.. $20,000 or so?
 
RCKSTR

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at only 30% interest compounded daily. What a deal!
 
CoolHandLuke

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you don't kneed them i hope
 
zero_zero

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It depends what type of business do you want to do...in order to get a loan you need to present a well written business plan with startup/ running costs, predicted income and growth. Might want to contract a professional to help you with that.
Do you want to operate from your basement or rent a commercial suite ?
Does your zoning (bylaws) permit running a dental lab from your house ?
How much will run ya for building improvements ?
What kind of equipments do you need ?
How's your market looks like ? Who are you competing with ? What can you offer to get a bite from the pie ?
Do you have enough savings to last ya a few months till your business starts to generate cashflow ?
Where do you want to see yourself five years down the road ? How about ten ?

If you fail to plan, you plan to fail...my $0.02...
 
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doug

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Do you own your own house and have equity in it? You may be able to get a home equity loan and use that money to get started. It does put a gun to your head so you're more inclined to work at it to make sure you can make that payment and keep ahead of it. I did that when we move to our new building 17 years ago.
 
Decalcified

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It depends what type of business do you want to do...in order to get a loan you need to present a well written business plan with startup/ running costs, predicted income and growth. Might want to contract a professional to help you with that.
Do you want to operate from your basement or rent a commercial suite ?
Does your zoning (bylaws) permit running a dental lab from your house ?
How much will run ya for building improvements ?
What kind of equipments do you need ?
How's your market looks like ? Who are you competing with ? What can you offer to get a bite from the pie ?
Do you have enough savings to last ya a few months till your business starts to generate cashflow ?
Where do you want to see yourself five years down the road ? How about ten ?

If you fail to plan, you plan to fail...my $0.02...
Thanks! That was Worth at least $0.03
 
rkm rdt

rkm rdt

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Contact a local dental supplier and see what they can do for you .
I know who helped me when I needed a break and I give them a priority over the big box supplier who only dealt with big orders.
40 years later I still buy local when I can.
 
Decalcified

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Do you own your own house and have equity in it? You may be able to get a home equity loan and use that money to get started. It does put a gun to your head so you're more inclined to work at it to make sure you can make that payment and keep ahead of it. I did that when we move to our new building 17 years ago.
Yes and yes, this thought occurred to me too
 
eyeloveteeth

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you only need 20k to start a lab?! holy crap
 
Decalcified

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J/k no that's just how much I need to get "the rest of what I need"
 
eyeloveteeth

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J/k no that's just how much I need to get "the rest of what I need"
ohhhhhh i was like, am i missing something here?

Depending on what you need that 20k for, you could talk to your equipment reseller on a finance right? i wouldn't do anything like a HELOC if you don't have to.
 
TheLabGuy

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If you have at least 20K saved up, take the time to write up a good business plan, and all those other suggestions zero made (great btw). Then I'd hit a few local banks...what's the worse they gonna say, 'No'? Especially if you have some money saved up (skin in the game),I'd bet you'd come across a local commercial lender who'd be more than happy to jump on if you have your ducks in a row. However, a little collateral does make those bankers jump at lending money.
 
Affinity

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I started my lab with a $3500 loan and some sweet deals. It is possible, why break the bank to go into biz? Of course that was before expensive cad cam gear, even still, you dont need a mill to start a lab.
 
Doris A

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We started our lab on hip national bank, that way we didn't have to worry about a loan payment in the beginning when times were tight. We paid ourselves back within a year.
 
Affinity

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IMO I wouldnt look to a bank for a loan, especially as a startup, unless you have amazing credit and a ton of collateral. A home equity line would be better or even a credit card for only $20k, the less I have to go in a bank the better.

My dad always told me, 'There is no debtors prison' and I start to see what he means. Start an LLC, get a line of credit, dont look back. Although, I dont agree with using debt to start a business, too risky. Having said that, my lab is and has been debt free for awhile. Keep your overhead super low and you wont need to work as hard.
 
JBSiller

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Write an excellent business plan.
I got lucky and scored a bunch of dental supplies from retiring techs and dentists.
Don't buy anything that seems to good to be true. Stick to the basics at first.
 
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