Quote:
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Originally Posted by wolf
Entrepreneurship is not attractive to banks. I have a friend here who is unable to get a loan for his own beginning business venture. He has significant savings. He owns his home. He has plenty of collateral. His business plan is sound.
Why isn't he getting the loan?
He doesn't have a current paycheck.
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I can top that one...
I owned a gaming store back in '94 and I was needing a small, $40,000, loan to do a move and expansion. I had been open for a year, was almost operating in the black already and, here's the kicker,
$16,000 in gold as collateral. They said they weren't sure of the store's long term viability and that they didn't want to have to worry about converting the gold to cash should I default...