Starting a small business
in Business, Accounting & Taxes ·
I own a commercial space in a building put up before 1968. All I ever needed was a simple confirmation from the county assessor; I didn't even need a building permit or a certificate of occupancy. We passed the inspections without a hitch.
Unfortunately, my luck ran out when it came to getting a loan. I applied for a small $5,000 line of credit, but it was a non-starter—even though the business had been turning a solid profit for a year and a half at the time. They demanded an endless mountain of paperwork and basically told me not to hold my breath right from the jump.
I haven't seen any small business owner lately who actually managed to get approved for a loan, not even for something basic like covering tax debt, which is usually the easiest thing to get financed.
Unfortunately, my luck ran out when it came to getting a loan. I applied for a small $5,000 line of credit, but it was a non-starter—even though the business had been turning a solid profit for a year and a half at the time. They demanded an endless mountain of paperwork and basically told me not to hold my breath right from the jump.
I haven't seen any small business owner lately who actually managed to get approved for a loan, not even for something basic like covering tax debt, which is usually the easiest thing to get financed.