The link to the thread above was moved to the private forum because it was more or less a blow-by-blow of the process and it got VERY heated.
Thru the process I'd tell anyone getting any SBA loan that it takes a lot of time, in my case my credit score was supposedly not high enough the first time (Under Trump)... so I was denied the EIDL loan.
Then under President Joe Biden I qualified, and not only that - the SBA qualified me for even MORE than what I was asking for under Trump!
The bottom line here folks, is with Biden and the Democrats changes to the SBA EIDL loan qualifications I was able to get even MORE money!
Felt like the better part of three years credit bureaus were treating me unfairly, given the fact that bad creditors could not, or simpily would not - maintain their original credit lines. It almost felt like the banks were putting their fingers on the scale keeping my credit score down!
Enter the SBA under Joe Biden, who cut them greedy fat fingers off!
If you're waiting for an SBA loan, just know I almost lost my mind waiting... some nights I would wring my fist and yell at the moon! But keep going! No matter how bad you want to stop, DON'T!
The SBA really saved our biscuts and is saving us at minimum $1,200 a month on interest alone!
Thank you SBA, Thank you Biden and the Democrats! Thank you Republicans (well, mostly Democrats for the EIDL)...
This really instills my faith in Government where clearly the big banks were trying to drown me in interest and Uncle Joe come along and kicked all their asses! And now the Federal Government is literally EATING THEIR LUNCH! Had private banks and lenders not cheated by failing to maintain their lines, in an effort to keep my score low (no missed payments in 14 years), then the Government would have never had to step in.
If you listen real carefully there are about 23 creditors out there crying that they can no longer charge me 30% interest and keep me down by putting their fingers on the scales!
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What is to give light must endure burning -- Viktor Frankl
"Only an alert & knowledgeable citizenry can compel the proper meshing of the huge industrial & military machinery of defense with our peaceful methods & goals, so that security & liberty may prosper together". Dwight D.Eisenhower.
I highly recommend that you pay the loan off ASAP, with or without the extension...
You don't want to be 75-years old before you can retire...
The bigger the initial chunk off the principal, the less interest is payed on the remainder...
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"Only an alert & knowledgeable citizenry can compel the proper meshing of the huge industrial & military machinery of defense with our peaceful methods & goals, so that security & liberty may prosper together". Dwight D.Eisenhower.
Honestly Rastus, people in my line of work need to keep moving... if I can work until I'm 75 and still make money and fix cars I'd do it! You can't take the money with you!
But you're right about a speedy pay off... but as mentioned I am keeping my eye on something a little bigger that I hope the loan can be rolled into and attach all the liens to a business property... the way I see it, handing down some property - even if it had a monthly payment attached to it (mortgage) is still better than handing down a rented building! Especially if said building was set up as an auto-repair and had a steady revenue to pay for itself... I don't know why I'm doing this, it's not like the kid is doing me any favors right now... but I'm not really doing it for him anyway...
Currently staying quite busy and these savings are insane... it won't be long before things start to really get moving again once the weather breaks... next year I have to be much better prepared for winter... both at my home and in the gagrage... with any luck I'll finally get the chance to address these issues over the summer... COVID and lack of funding were serious obsticles the past two years, so I'm really looking forward to getting back on track... the SBA got the business back above board, which like the ocean tide rises all boats, my personal credit has drastically improved as well... now that we are shored up, so to speak, there is still lots of work that isn't going to be solved by anything than steady work.
Really with the savings in interest that the SBA EIDL loan provided, and a steady flow of work, I should be able to really pound down that balance in short order. Keep in mind though, that while payments are not due for 30 months, the interest still componds on the balance. But that is what it was set up to do, and honestly it has been an absolute game changer. I cannot stress how much the SBA has lit our darkest hours!
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What is to give light must endure burning -- Viktor Frankl
No doubt you've got some plans, but my concern about debt & loans is finding the approximate $200:00 USD every week for the next 30-years..
Add-in the fact that for 3-4 months a year, you're "snowed-under" by poor weather & little work activity, means little to no $$$ coming-in...
Throw in possible rent-money & it all seems like a tough call to me.
I'd simply sell-out, & move somewhere warmer where 12-months work a year is guaranteed to pay-out the debt.
It's also a long time to go without a holiday.
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"Only an alert & knowledgeable citizenry can compel the proper meshing of the huge industrial & military machinery of defense with our peaceful methods & goals, so that security & liberty may prosper together". Dwight D.Eisenhower.
Ummm... where else am I going to have a House, Car, two garages and fully set up shop for $200 a week? Might I remind you that the business does more than $200 per week, even in the slow winter times... barring pandemic shutdowns and World Wars of course! LOL
Sure, I took in some large jobs this past year due to COVID and uncertanty that I might not have otherwise taken in... however these have all been good paying customers!
May I also remind you that we were paying a whole lot more than $200 per week before we started saving $1,200 per month.
Opening a new location will depend on buying the property at a VERY good price, much like I bought my house after the 2008 crash...
Again, fixing cars is what I do... and while some people might be forgetting the pandemic ever happend, I know that issues related to winter weather can be easily overcome for next year.
I do like warm weather, but not ALL THE TIME... I like it here in Michigan and have no plans to move unless it's business expansion related. That would imply headquarters (home) would be here in Michigan.
But you are right that mechanics make a lot more in places like Los Angeles California, but the cost of living there is also WAY higher than here! And we both know there is only ONE reason I'd even consider going to California, and that is just a silly fantasy.
My holidays are changing Rastus, anymore I don't want to be some tourist getting robbed of $1,500 from the hotel safe... If that was the case I'd be writing you from a hotel right now, rather than the office computer.
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What is to give light must endure burning -- Viktor Frankl
You've done well so far in life !!! Marriage, put the kids through school & now they're nearly on their own...
My POV is aimed at retirement...A long one...And that's what you shoud've been working towards all these years imo, that's all...
Retirement can mean anything from traveling around the country via Winnebago or whatever, & picking-up work where-ever it suits you, until you decide to travel to the next place ! Or doing whatever pleases !
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"Only an alert & knowledgeable citizenry can compel the proper meshing of the huge industrial & military machinery of defense with our peaceful methods & goals, so that security & liberty may prosper together". Dwight D.Eisenhower.
Thank you Rastus, but I'm just one man... It has taken a lot to accept this.
Retirement scares me because of what I have seen with my own family growing old, well into their 90's!
Maybe a few good vacations between then and now...
The thought of having no purpose other than to grow old and die is not something that interests me... so if I set myself up right I can still cling to power in my old age like my heros RBG, Nancy Pelosi, and every other swinging dick politician out there...
But seriously, you are putting off serious gypsy vibes my friend! I don't see myself turning into a gypsy in my old age but you never know...
I suppose if ever there was a time to enjoy life it would be right now! Could it be better? Sure it could! But could it be worse? Oh hell yeah!
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What is to give light must endure burning -- Viktor Frankl
I just wanted to let everyone know that if it weren't for the SBA (Under Joe Biden and the Democrats), Stellar Enterprise and even 'ole SELLC would be in a world of shit right now... Sure, banks should have been able to handle it (home re-fi), but in an emergency (COVID if you will), they stepped in and righted the ship. For this reason, the company and even myself am feeling pretty thankful. And let's not forget the taxpayers who no doubt put the muscle in everything the Government does. Thank you!
All that said, as I dig out of this two year hole I'm feeling most thankful... especially to my forum peeps who put up with me for two years whining and crying.
So, if the far right is looking for another reason to hate Democrats, let it be known that it's only because they wouldn't let Trump drown us. And that's just the way I feel about that...
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What is to give light must endure burning -- Viktor Frankl
Thanks PowerStroker... it really was quite an emotional moment for me, each step of the process even!
I just got word that the SBA EIDL program is now over and all of the money set asside for this program has been loaned out.
I feel very lucky for the oppertunity and this has revived my faith in the Government... something I thought would never happen.
You spoke these words a bit-too-soon...
It seems that POTUS "Sleepy-Joe" may be in just as much shyte as the late POTUS Teflon-Don, if the contents of Ashley Biden's Diary are used in prosecution by someone...
"Only an alert & knowledgeable citizenry can compel the proper meshing of the huge industrial & military machinery of defense with our peaceful methods & goals, so that security & liberty may prosper together". Dwight D.Eisenhower.
The "late" POTUS Teflon Don? LOL, I wasn't aware he had passed...
With regards to the Singapore article about Biden, I'm not buying it... however I've seen some pretty creepy looking photos of Trump with his daughter.
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What is to give light must endure burning -- Viktor Frankl
"All" photo's become creepy when pretexed that way...
There appears to be a common thread happening in the media with every POTUS in modern times & sex scandals...Once elected, let the countdown begin to determine when the shyte starts flowing...
***Apparently your Tucker Carlson ( Fox News ) has ran-this-story in a big way regarding Sleepy-Joe...
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"Only an alert & knowledgeable citizenry can compel the proper meshing of the huge industrial & military machinery of defense with our peaceful methods & goals, so that security & liberty may prosper together". Dwight D.Eisenhower.
"All" photo's become creepy when pretexed that way...
I wasn't buying it with Trump either... I was just saying, basically what you said without saying it.
Although I respect the fact that nothing is more annoying than a dog getting his day, I imagine that is why you took a massive shit on Biden in my thank-you thread...
I get it... I'll let it pass now.
But it was still pretty fucking amazing if you ask me!
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What is to give light must endure burning -- Viktor Frankl
