Frank Murphy and Peter Perez of Green Lawn Landscaping are looking to secure a term loan in the amount of $70,000 from a local lender with whom both Frank and Peter have a long credit history. It is estimated that the duration of the term loan will be 4 years and they think that at an estimated interest rate of 7.25%, the monthly payment of $1,684 should be manageable for the business.
Since both Frank and Peter have excellent credit and a stellar payment history on their other personal loans with this local bank, it is anticipated that they should easily be able to obtain the loan at 7.25% or lower. In the event, that the interest is higher, and the monthly payment begins creeping towards the $2,000 range, both Frank and Peter will also be looking into the possibility of getting a longer term loan if the bank will allow it. They both want to keep the monthly payments low as they start out their new business.
Finally, in the event the bank is only able to approve them for part of the loan, both Frank and Peter will be able to contribute he difference from their own personal savings.
The Foundation Grant Directory is a free listing of sources for grants by state. Why not look if there is some free money out there for your business. Hey - you never know!
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