i have been looking for funding to start my own salon in my area since NOVEMEBER 2006!! i have been turned down by banks because of #1, no collateral, and #2, i do have bad credit. so, my mother has decided to help me with a loan. we're trying to go through a bank that will deal with the SBA, who will guarantee 85% of the loan, and the other 15% can be guaranteed by the equipment bought for the salon. i was recently turned down by one loan officer because she said my business plan is "weak." that's alot of BULL because one of the first things i learned in college was "how to write a strong business plan." now, can someone tell me why nobody wants to loan me the money to start this business? is there any advice anyone can give me to get my foot in the door at least? i really have no money personally to get started, and that's why i'm asking for a small business loan. i will do commission rates, and i want an esthetician, massage therapist, and nail tech as well as stylists in my salon! if anyone wants to look at my plan and tell me what i'm doing wrong, please let me know and i'll be glad to send it. i need HELP! i'm very frustrated at this point and i don't know where to go from here.
i'm about to have a baby in august and i really want to get this running before the baby arrives. can someone please HELP????
