What the fuck is wrong with our banking system?

I'm trying to start a small business, currently in the initial planning phase. I'll need roughly $750k-$1m in loans to get everything off the ground. I called Wells Fargo to see what the Goldstein stance was on SBA loans, and they told me I would need to give them $250k up front AND EVEN THEN they may deny it. So, even though I have a statistically high chance of success and a proven business model, lending is viewed as too high risk. And yellen is talking about hiking interest rates making it EVEN HARDER to get a loan.

What the fuck is wrong with this country anons? How is anyone supposed to break into the upper class anymore without becoming a surgeon?

...

Meanwhile we the taxpayers are fleeced to bail them out and pay for their multimillion dollar retirements. Your pic is what's going to happen to bankers in this country if things don't change

Is magi /OUR ANIME/

Cause nuggets take money for their small business, declare personal bankrupty, same time go buy jet ski and shit. Bank not allowed to distinguish between you and nugget boys. Result: you is ducked, bank is ducked, nugget ducked by life anyway. Called equality. All good.

Usury is gay.

Would you get your $250K back if they deny your loan?

>Babbys first business
That's why start-ups usually try to find investors instead.

what're you trying to start OP? Maybe it's best to looking for some private investors

You need to pay that up front because the amount you're asking for is well over the limit of 450 where you dont need to pay up front. 7/10 new business also fail, and you likely dont have enough collateral or your collateral would be extremely hard to sell afterwards.
Its not jewery your just upset.
Try finding and angel investor who believes in your business

Sorry my wording was retarded I'm just mad right now. I would need 250k and five years experience in the field my business is related to, both I don't have, in order for them to even CONSIDER it. I guess the fact that I was a military officer and about to be an attorney with a partner who's an attorney is irrelevant.
Single stall automatic car wash
Banking wasn't always like this user

Obviously you never applied for a loan of any sort have you mellenial fartbag?

I'm not worried (yet) about financing, I'll find a way somehow. I'm just talking about the banking system. Let's say you have all the demographics, site details, expected ROI, a prime location in a quickly developing area, and a distributor that has a business model proven to work for half a decade. I'm not the only person in this situation, small businesses are suffering in this economy right now

Half a century* sorry

Small business owner there. Let me enlighten you for a bit. Only large sums banks are lending are for biochem engineering and various internet/comp startups, and that only after their due diligence. You prancing into their office and asking one mill for a run of the mill fucking car wash just proves how out of touch and ignorant you are. Do you think any nigger gets to decide to start whatever the business and on the basis of that alone someone is going to give them one mil without collateral and necessary business experience? When I started I got a small $50k loan from sba for cash flow purposes and maxed all my ccs out. Only reason they gave me that loan is because I bought the company I worked for out so I came with the relevant know how and something in collateral like a guaranteed market position and some parts inventory.
Tldr you are so out of touch with reality that it boggles my mind

I think it's kind of strange to assume that banks would be willing to just throw money at you with no collaterals. Like someone said before most new businesses fail so it isn't the safest place to lend money if you want any of it back.

expense.
ppl need to buy bail

You should look into taking payments via paypal. I take all my sales income from my websites via paypal. They give out loans like candy.

You made a lot of assumptions with your post, all of which are not true. Consider killing yourself faggot. 50k? That's nothing in terms of a startup.

Also to add to this, yes small businesses are suffering now. I recently applied for a $100k loan to consolidate older higher APR loan that I got as I went along expanding and hiring, and they approved me but then denied me. Reason? There is a FCC lien against my business for every single lender that lent me the money. So until I pay them off, which is happening this year- my cash flow is now great, I can't get new debt. I think it's bullshit and this is comin from someone who knows what they're doing.
It's all a result of millions of inept mom and pa shops drawing massive amounts of debt on which they defaulted.
Also you meantime in your earlier post that you are opening an established business using a proven model. That's well and cute but what if it doesn't work out? How are you going to pay the banks off?

Well you need a fucking million dollars for an automatic car wash. Unless you're using liquid gold instead of water I don't get why you would need so much money for such a basic service. You're retarded OP, this isn't the 90s anymore.

$50k to cover salaries until money started coming in. We are 1mil company in sales after 2 years in business with 3 employees. Sure, I'll kill myself while you go rant to your basement buddies about how boohoohoo nobody wants to lend me a million dollars to open a car wash
>it would totally work g-guys they're sstupid hurr

Because dats my money you're borrowing bitch.
Get a better business plan fucker.

My partner initially would cover payments if it went belly up. I have another person willing to jump in who would easily be able to pay as well, I just don't want to include more people unless it's necessary, which it most likely will be.

we're talking about small outfits. My next door neighbor runs a carpet cleaning service. He started it with 150k..... He has 3 trucks and he runs one of them. So you can do some stuff with 50k.

>Single stall automatic car wash
>Single stall automatic car wash
>Single stall automatic car wash

user i..................

Also as just general advice you should probably look into other business opportunities. If you're willing to start a car wash, you are willing to do many other cheaper options as well, which are much easier to get loans for etc.

Depending on location they can make anywhere from 70k-250k a year, yes I'm serious

your business is bad and you should feel bad.

>t. builds pos system software.

You will never ever EVER and not even then get a loan through traditional means. You have no experience and absofuckinglutely no skin in the game besides your credit score. Only venue for you is to get an investor or a co signer by a millionaire someone who can pay your obligations if you go belly up. I'm really surprised that you're oblivious to your reality. I could see $50-100k maybe(even though you scoffed at it which just further proves that you are an immature dreamer not a businessman)

Well I appreciate all the replies anons. Guess the consensus is im the faggot. /thread

I'm glad we helped you out. Now go adjust your appetites and your science fiction expectations and start small and build your way up. And try to find another venue, market is saturated with car washes and unless you know how to maintain your own you'll go belly up. Remember they only work 6-8 month out of the year depending on cold weather. It's not all rosy

>up to 250k a year
>but wants to borrow one million
>will most likely make 75k a year tops
>will be able to pay back 10k back a year tops
It probably pays off more being an attorney.

>/thread - ing your own post
yeah you are a faggot, but thanks for trying.

word of advice, get a skill and apply it with the least overhead possible. I can guarantee that this bank has had 100 offers for the same place you proposed. If you want to ask for real money you need to have a great plan to improve with your own capital or a solid and tried plan to increase income.

No, user wants to make it big instantly while doing little to nothing, hence the car wash idea. It's typical American way of thinking of instant success and financial security. I meet faggots like him all the time.

I have a good plan, despite your doubts. I have done my due diligence and market research but it seems I was naive thinking financing would be an option without significant capital up front. This is why I like this place because I'll get a brutally honest answer

Banks are going to fuck you regardless.
Trust me, its better this way. All of your returns minus tax would have gone to the loans.
Got any other ideas we can vet? Im interested.

Ok maybe there is hope for you. Yes you were extremely naive. I was also approached by a group of investors who wanted 50% of my business for lending me the money. I didn't take it. I somehow survived first few months until money started flowing in. Then again I have virtually no overhead and your car wash will have a ton of overhead in permits, utilities, cost of chemicals etc. good car wash is a rich man's game

You're right. But under dodd frank it is. Hopefully trump is good for his word

Well before this I was considering a storage facility but I knew that wouldn't be possible until I had a previous successful business.
You're alright sorry I sperged out on you. This type of car wash is very efficient and recycles water, and overhead is actually pretty negligible. The plan was to put everything back into loans and I was fine with running at a small deficit until it was paid off. I'll have to think of either a different business or try this again in 10 years or so it looks like

This is where family comes into play. I would take out a mortgage on the house if possible. Max out everyone's credit cards. Start with a smaller car wash and build up from there