View Poll Results: Should the US government do more to help people become small business owners?

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  • Yes

    9 8.41%
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    98 91.59%
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Thread: Should the US government do more to help people become small business owners?

  1. #51
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    Re: Should the US government do more to help people become small business owners?

    Quote Originally Posted by ttwtt78640 View Post
    That involves too much power for the gov't to use social justice, social engineering or just plain old pork barrel politics. After all we have "interstate" highways in Hawaii just to be "fair". We tax wages to subsidize out of wedlock childbirth and then express shock at the results of that insane policy Nearly the same thing could be accomplished at the state/local level using tax breaks (like NY is now doing) to encourage business start-ups..
    The problem I have is that currently the private sector, for whatever reason, is simply not making adequate capital available to small business owners. I know that there are problems associated with the government taking such a role, however, there are problems with leaving it totally to the private sector. For instance, we see that now, although the government has gone out of it's way to create the conditions such that private lending institutions will have the confidence to lend, such as assuming bad debt, still they do not lend but rather use such mechanisms to strengthen their balance sheets. The result is a log jam. Since that is the case, the government can and should do more to help, even if it means taking the horse by the reins directly.

  2. #52
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    Re: Should the US government do more to help people become small business owners?

    Quote Originally Posted by gdgyva View Post
    startup loans payback history is atrocious

    most small businesses (well over 50% ) never make it to year 2

    why the loans are hard for banks/credit unions to make is easy

    1. no history of company
    2. usually very little planning documentation
    3. no pro forma
    4. most borrowers have little private equity, so hardly any collateral
    5. poor credit history of owner on personal credit

    those are all valid reasons NOT to give loans for small business

    that is why a lot of people put second mortgages on their house, borrow from friends/family, or try to find investors

    my daughter just got her SBA loan granted....

    it took 8 months.....and a lot of help from me on getting her to do all the planning docs
    With regards to your first item, when I went to the bank and asked about a small business loan, they wanted a history of at least three years before they would consider. IMHO, that is a bit long.

  3. #53
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    Re: Should the US government do more to help people become small business owners?

    Quote Originally Posted by MildSteel View Post
    With regards to your first item, when I went to the bank and asked about a small business loan, they wanted a history of at least three years before they would consider. IMHO, that is a bit long.

    were you personally guaranteeing the loan?

    how much were you asking for, in comparison to the equity of the company? 10%....30%.....50%

    how long has the business been open, and do you have "audited" financial statements?

    did you make up a business plan, including a pro forma on estimated income to show how the loan would be repaid?



    those are just some of the questions i would ask you....

    have you looked into private investors?
    “Most of the shadows of this life are caused by standing in one's own sunshine.”

    Ralph Waldo Emerson

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    Re: Should the US government do more to help people become small business owners?

    Quote Originally Posted by AlbqOwl View Post
    Yep. It should secure our rights, repeal every single regulation, tax, mandate, restriction, and requirement that does not absolutely have to be there to keep the states and corporations who operate across state lines from doing economic, environmental, or cultural violence to each other, and then leave the people strictly alone to live their lives. Oh and it should balance the budget, begin paying down the national debt, and it should do that by stopping all unnecessary spending and not by raising taxes. Do that and it would be the biggest boost to entrepreneurship this nation has ever seen.
    The devil is in the details of determining what taxes, regulations, etc. are necessary.

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    Re: Should the US government do more to help people become small business owners?

    Quote Originally Posted by gdgyva View Post
    were you personally guaranteeing the loan?

    how much were you asking for, in comparison to the equity of the company? 10%....30%.....50%

    how long has the business been open, and do you have "audited" financial statements?

    did you make up a business plan, including a pro forma on estimated income to show how the loan would be repaid?

    those are just some of the questions i would ask you....

    have you looked into private investors?
    That was when I had first started the business and I was really inquiring to get a feel for what it would take. I don't think it's unreasonable to expect some history, I just think a three year minimum is a bit much.

  6. #56
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    Re: Should the US government do more to help people become small business owners?

    Quote Originally Posted by MildSteel View Post
    The devil is in the details of determining what taxes, regulations, etc. are necessary.
    But it's really simple. If it doesn't involve shared air, soil, water etc. or interstate commerce across state lines or borders or involuntary violation of unalienable rights, then it is a state matter and the feds should not be involved and no taxes, regulation, etc. should be imposed..
    "I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it." --Benjamin Franklin 1776

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    Re: Should the US government do more to help people become small business owners?

    Quote Originally Posted by ARTHUR 1976 View Post
    Hell NO, Conservatives scream and bitch about how they want SMALLER GOVERNMENT so be it!!

    If you want to start a business your on your own!! kinda like school loans, don't the conservatives, and tea baggers, Libertarians tell everybody to stand on your own 2 feet, do for yourself, same applies here...
    When you call people "tea baggers" doesn't that make you a "tea baggee"? I bet you like that sack on your head. Just saying.

  8. #58
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    Re: Should the US government do more to help people become small business owners?

    Quote Originally Posted by MildSteel View Post
    That is a shame. It sounds like that is an area that someone should devote some resources to trying to figure out a way to streamline the process. Part of the problem with government bureaucracies is that bureaucrats spend quite a bit of time trying to figure out how to cover their butts, as opposed to the task at hand. I bet a lot of that red tape is a result of that.
    I don't have a huge problem with the government operating a SBA so long as sound lending principles are engaged and sufficient interest is charged so that the taxpayer has a reasonable expectation of the people's money being returned to the treasury. It should be on a first come first served basis, however, with absolutely no favoritism extended to any person, group, or demographic.

    Far more practical and less likely to swallow up precious resources in a huge government bureaucracy, it would be much better to let the banks and private sector handle such financing. If somebody has a proven track record, a solid business plan, and there is an obvious demand for the product or service offered, somebody out there will likely be interested in fronting the money.

    If they don't have the funds in hand, those who go into business should negotiate with whomever and solicit help where they can get it. But the taxpayer should not be on the hook ever for ill advised, risky loans to any business, even a would be small business owner.
    "I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it." --Benjamin Franklin 1776

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    Re: Should the US government do more to help people become small business owners?

    Just one thing--get out of the way and leave them alone.

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