# small business loan



## TallAdam85 (Dec 3, 2008)

Ok, hows everyone doing? Ok so my lease is up in April but I must let my current Landlord know what I am planning on doing by February. I have only been at my current location for a year the location is great but the Landlord in nicest trims he is a putz. Last month took him a MONTH to get my Septic tank drained. Today he said he would let me resign for another 1-year lease but I WOULD HAVE TO PAY HIS LAWYER to Draw up the LANDLORDS Lease. Never heard of that.
Anyways my current place I am almost out growing as well as running out of space for the parents to sit and watch during class.

Now I have been teaching for 4 years now but this was my first year owning my own dojo. I am personally at the break-even stage now I am looking to move into a bigger spots having 2 in mind. But they both Want FIRST, LAST MONTH RENT and a security Deposit witch breaks down to about $5000.00 Witch I dont have. Was wondering what are the best way as well as best place to get a small business loan. Any Help is great. My credit score is over 700


Also any one have any BAD LAND LORD STORYS LETS HEAR THEM LOL


----------



## Jade Tigress (Dec 4, 2008)

With your credit score it should be a cinch getting a loan for $5000. You have a few options, you can go to your bank, you can use a credit card, or you can look into a home equity loan if you own a house. 

A loan is a loan, you're gonna have to deal with interest and payments. A bank loan or equity line requires more red tape and the amount you need is relatively low for that type of loan. 

The easiest would be going for a line of credit with AMEX or something. With your credit score you should also be able to negotiate a low interest rate. If you already have a card with enough credit to cover what you need, ask for "convenience checks". 

I wouldn't put up with your current landlord any longer that's for sure.


----------



## Brian King (Dec 6, 2008)

Adam
I hope that you do not mind me splashing some cold water about. I hope that you take this post in the spirit that I am writing it. 

If you do not have the cash to pay first last and the security deposit then you cannot afford to move. Taking a loan for 5,000.00 dollars would be a mistake in my opinion. You have been teaching out of your school for a year and are just breaking even. Imagine having an additional four or five hundred dollar a month payment due every month. Going by your location location location thread you are thinking of moving into a larger more expensive space. You are thinking of increasing your expenses in the hopes of continued growth to cover the costs. Sir my opinion is that you would be better served moving when you absolutely must and most importantly when you can afford the move. Moving is expensive with many costs you may have not yet thought about and doing the move when broke and going into debt to do it will change your teaching from a blessing in your life to an anchor that could easily cost you and your family peace and security. 

I completely understand that your landlord is a putz, is not professional and does not support you or your business. I can easily emphasize with the desire to tell him to shove it you are going to a bigger better spot. Planning the future and looking into other locations and dreaming of having more space for your students can be exciting and exhilarating, LOL, in fact it has been described in real-estate business as house fever. 

My unsolicited advice sir is that you slow down. Take your anger at your landlord and use it to motivate you to save every penny like a madman. One year is not long even if it seems like it will be. If you are thinking that an additional four or five hundred dollars a month is not that daunting then start now and pay yourself into a getting the heck out of here saving account rather than paying some banker or creditor. Perhaps your landlord will let you extend your current lease for an additional 6 or 9 months. If it is an extension then only the date needs to be changed so no need for a new contract to be drawn up. 

If he refuses you have until April before you have to move. That is four months. Save every penny to come up with the rents needed. Talk to the perspective landlords to see if they can help you. Perhaps they can reduce the rent for six months then raise it the next six months. Perhaps they can charge a little more for the security deposit in exchange for no last month rent requirement. Perhaps they can charge a little more each month until the last months rent has been collected. If you cannot collect the money before April maybe they will rent you space as needed (once a week or something) until you can make the space your own. Perhaps you and your students will have to spend some of the spring time working in the park or some other land until you have the money needed to move into a new spot. If these new prospective landlords are unwilling to work with you then find another space with a more understanding landlord. There are lots of spaces empty and needing a good tenant and lots of landlords willing to work to make a win/win situation with the right tenant.

You are breaking even at your current location and that is good or at least it is a little better than losing money. I am assuming that you are paying yourself a decent wage for the time spent teaching and away from your family plus making the rent and all the other bills when you say youre breaking even. Debt will change that situation and must be considered long and hard before you place your family at additional financial risk not to mention the additional pressure that debt can bring to our teaching.

Good luck sir
Warmest Regards
Brian King


----------



## TallAdam85 (Dec 6, 2008)

yes i am currently saving every penny but also want to have time to fix the building up as well as get sign and so on


----------



## Makalakumu (Dec 7, 2008)

Five grand isn't that much.  You could take a second job when you aren't teaching and pay that off with the money you make.  Quit when the balance is gone.  Being an entrapreneur is all about risk and about making progress by the sweat of your brow.  People take out loans all of the time for MUCH larger expenditures.  A semester of college would cost you half that, for example.  This is your livlihood.  You have the opportunity to grow, IMO, take it.

That said, make sure that this move really is right for your business.  The location of your studio could be very important to your clients.  I would talk to them...maybe put out a survey.  Get as much information as you can before making a major change like that.  You could kill your business if you are not careful.


----------

