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Author Topic: Small business loan - need some information please.  (Read 2865 times)

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Offline QWT

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Small business loan - need some information please.
« on: August 10, 2013, 08:43:55 PM »
I have not lived in T&T for the last 12 years. Is it at all possible to get a loan for a business? Even more concerning is that the business is based in China.

Thanks for any and all pertinent information.


Thought it might be better to edit this post to add this here. Mods please forgive me if I'm going against any rules in doing so.
Thanks for all the replies.

@Dutty: I do have some other material that I think is decent, but none of it is related to football like the soca warriors dedication. Anyway if things with the school miraculously work out there are so many others things I'd like to get into. One thing at a time though, may not even survive the first step.

Luckily it seems as though I will no longer need a loan from a bank in T&T, at least not right now. The CEO of a relatively large company here offered to help me get a loan through one of her subsidiaries.

This isn't anyone's problem here, but whatever I'll write it anyway. The main problem is I urgently need this money otherwise I'm literally facing bankruptcy. Urgent means this week or next week for the latest. This money is to complete the purchase of an English school in China. I've already poured all of my money into the initial deposit, but now I need to come up with the remainder or it's game over for me. If I wait for that loan to go through it will be too late - they need to do some background checks, risk analysis and so on. Not to mention that I still need to find a Chinese cosigner for the application. All of these problems can be solved, but not quickly enough. Why in the world would I put all my money into something without knowing how or if I could come up with the balance? Well, I believe this is the opportunity of a lifetime and for the last few years I have been trying in vain to see how to either open a school here or become affiliated with one. Teaching in China is what I am passionate about, and perhaps none of you can fully fathom just how enormous the market is with respect to English learning. Every student from primary school to high school needs to learn English and most parents are willing to send their children to lessons after school. For these and so many other reasons I really could not pass up this opportunity, it was extremely risky and most might say excessively silly to put everything I have into this, but the way we view things often changes with time and results. I just had no choice.

What's my point of writing all of this? Well, I'm hoping some kind souls here will be willing to lend me some money - any amount you can afford will be appreciated. As soon as my loan is secured I will return the money with interest, but nothing astronomical as the transition period after I enter the school will be a bit difficult. I have loads of experience with this sort of thing because this is more or less what I have been doing and involved in for the last 8 years.

In my desperation I even considered reaching out to some Trinis who have been successful, who seem like genuinely nice people and are possibly accessible. The first two people I thought of were Ato Boldon and Shaka Hislop. Haha, of course the point now is both how to get in touch with them and even if I were to why should they help me out? 

That's enough of me pouring out my soul here… don't know what else to say, don't know what else to do. Everything is beyond my control now and all I can hope for is a second miracle. Thanks in advance to anyone who is willing to help out regardless of the type of assistance offered.


« Last Edit: August 12, 2013, 08:21:45 PM by QWT »

Offline davyjenny1

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Re: Small business loan - need some information please.
« Reply #1 on: August 11, 2013, 09:22:31 AM »
Use yuh common sense nah man..so you want to get a small biz loan from a T&T bank and take that money to run your biz operations in China. Look man/woman...  ??? :cursing: :cursing:  :banginghead: :frustrated:
 :bs:
« Last Edit: August 11, 2013, 02:00:39 PM by davyjenny1 »
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Offline vb

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Re: Small business loan - need some information please.
« Reply #2 on: August 11, 2013, 01:45:01 PM »
Is the business at least going to contribute to the TT GNP, ie. importing from TT?

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Offline QWT

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Re: Small business loan - need some information please.
« Reply #3 on: August 11, 2013, 01:59:00 PM »
@davyjenny1: 
Haha, naive or lacking common sense for sure, but my philosophy is that there is no harm in asking - sometimes the results or answers can surprise you.

@vb
Yes, in the long run it will, because I will arrange student groups who will travel to T&T.

Offline davyjenny1

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Re: Small business loan - need some information please.
« Reply #4 on: August 11, 2013, 02:05:28 PM »
@davyjenny1: 
Haha, naive or lacking common sense for sure, but my philosophy is that there is no harm in asking - sometimes the results or answers can surprise you.

@vb
Yes, in the long run it will, because I will arrange student groups who will travel to T&T.

Hear nah, come up wid a good Proposal and go to a TT bank and hear what they say but it better be a good one eh..
The difference between the possible and
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Your Knowledge is directly related to your potential income.
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Offline morvant

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Re: Small business loan - need some information please.
« Reply #5 on: August 11, 2013, 08:15:47 PM »
4k I just read???
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Offline kounty

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Re: Small business loan - need some information please.
« Reply #6 on: August 11, 2013, 08:42:26 PM »
Absolutely. send me $500 and i arrange everything 4 u  ;D

Offline OutsideMan

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Re: Small business loan - need some information please.
« Reply #7 on: August 11, 2013, 08:43:17 PM »
@QWT:  I don't live in T&T either, but I believe that as with any local bank, the business that you're seeking the loan for will either need to be based in T&T, or benefit T&T --- there must be a link of some sort (exporting T&T goods overseas etc).

Also, a simple business plan (2-4 pages) should be done.  Most people think that they need to have a a 25-50 page business plan prepared, however banks and VC firms typically discard such plans in the trash. 

Have you also considered Venture Capital (VC) funding at all? There are actually a handful of private VC firms in T&T, but I'm not too sure of their particular requirements.  Still something to consider. 

Additionally, the T&T government may also provide some sort of funding if you qualify...but that comes back to the first point, in that the business must most likely be linked to T&T.

 
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Offline weary1969

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Re: Small business loan - need some information please.
« Reply #8 on: August 11, 2013, 09:02:29 PM »
Aunty Kams and d chinee prez just pitch marbles I sure sumting could work out.
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Offline Preacher

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Re: Small business loan - need some information please.
« Reply #9 on: August 11, 2013, 11:55:05 PM »
You'll have to have a an acc with the bank in TT or someone willing to help cover for the loan with an acc at the bank with the money to cover it.  If you are out the country they'll need local collateral to secure their investment. 
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Offline davyjenny1

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Re: Small business loan - need some information please.
« Reply #10 on: August 12, 2013, 01:28:06 AM »
You need to find a commercial bank in TT that do these type of transactions then talk to a commercial loan officer and he will give you the step by step information as to what is needed  to approve this type of loan. Can you get funding somewhere else other than TT for your biz ? it maybe easier.
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Offline fishs

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Re: Small business loan - need some information please.
« Reply #11 on: August 12, 2013, 05:28:46 AM »

 Allyuh mad , banks in TT doh give small business loans. Unless yuh consider over 2mil TT small.

 Go to a government agency for dat wid yuh UNC cards and you will get something.

 As preacher say even if yuh qualify for the loan it still have to be fully secured and if is a good business plan some bad ass syrian going to steal it.
Ah want de woman on de bass

Offline Dutty

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Re: Small business loan - need some information please.
« Reply #12 on: August 12, 2013, 06:49:53 AM »
Absolutely. send me $500 and i arrange everything 4 u  ;D

Ent!!  dat does be like ah official government form these days.

QWT, yuh see da wicked soca warriors video compilation yuh create back in 2006.....allyuh hadda do is create someting so and present it to some rich people like fishs...yuh go bong to get sponsor
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Re: Small business loan - need some information please.
« Reply #13 on: August 12, 2013, 07:10:14 AM »
Absolutely. send me $500 and i arrange everything 4 u  ;D

Ent!!  dat does be like ah official government form these days.

QWT, yuh see da wicked soca warriors video compilation yuh create back in 2006.....allyuh hadda do is create someting so and present it to some rich people like fishs...yuh go bong to get sponsor

Rich  ??? ??? ??? 2 ex wives, 3 daughters in university, drink habit, crash car habit and paying casino workers salaries and u think I rich  ??? ???

 DAT RICH
Ah want de woman on de bass

Offline QWT

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Re: Small business loan - need some information please.
« Reply #14 on: August 12, 2013, 09:35:16 AM »
Thanks for all the replies.

@Dutty: I do have some other material that I think is decent, but none of it is related to football like the soca warriors dedication. Anyway if things with the school miraculously work out there are so many others things I'd like to get into. One thing at a time though, may not even survive the first step.

Luckily it seems as though I will no longer need a loan from a bank in T&T, at least not right now. The CEO of a relatively large company here offered to help me get a loan through one of her subsidiaries.

This isn't anyone's problem here, but whatever I'll write it anyway. The main problem is I urgently need this money otherwise I'm literally facing bankruptcy. Urgent means this week or next week for the latest. This money is to complete the purchase of an English school in China. I've already poured all of my money into the initial deposit, but now I need to come up with the remainder or it's game over for me. If I wait for that loan to go through it will be too late - they need to do some background checks, risk analysis and so on. Not to mention that I still need to find a Chinese cosigner for the application. All of these problems can be solved, but not quickly enough. Why in the world would I put all my money into something without knowing how or if I could come up with the balance? Well, I believe this is the opportunity of a lifetime and for the last few years I have been trying in vain to see how to either open a school here or become affiliated with one. Teaching in China is what I am passionate about, and perhaps none of you can fully fathom just how enormous the market is with respect to English learning. Every student from primary school to high school needs to learn English and most parents are willing to send their children to lessons after school. For these and so many other reasons I really could not pass up this opportunity, it was extremely risky and most might say excessively silly to put everything I have into this, but the way we view things often changes with time and results. I just had no choice.

What's my point of writing all of this? Well, I'm hoping some kind souls here will be willing to lend me some money - any amount you can afford will be appreciated. As soon as my loan is secured I will return the money with interest, but nothing astronomical as the transition period after I enter the school will be a bit difficult. I have loads of experience with this sort of thing because this is more or less what I have been doing and involved in for the last 8 years.

In my desperation I even considered reaching out to some Trinis who have been successful, who seem like genuinely nice people and are possibly accessible. The first two people I thought of were Ato Boldon and Shaka Hislop. Haha, of course the point now is both how to get in touch with them and even if I were to why should they help me out? 

That's enough of me pouring out my soul here… don't know what else to say, don't know what else to do. Everything is beyond my control now and all I can hope for is a second miracle. Thanks in advance to anyone who is willing to help out regardless of the type of assistance offered.


Offline Dutty

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Re: Small business loan - need some information please.
« Reply #15 on: August 12, 2013, 10:05:17 AM »
check yuh pm
Little known fact: The online transportation medium called Uber was pioneered in Trinidad & Tobago in the 1960's. It was originally called pullin bull.

Offline Bakes

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Re: Small business loan - need some information please.
« Reply #16 on: August 12, 2013, 05:51:19 PM »
Good luck... but sounding like ah smartman. 


Just kidding... sounds like a great idea and a worthwile investment, wish I could help but all of my discretional funds tied up in a couple other ventures (and ah do mean woman and drink :D ) right now.

Offline QWT

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Re: Small business loan - need some information please.
« Reply #17 on: August 12, 2013, 08:23:08 PM »
Good luck... but sounding like ah smartman. 


Just kidding... sounds like a great idea and a worthwile investment, wish I could help but all of my discretional funds tied up in a couple other ventures (and ah do mean woman and drink :D ) right now.
Haha, no worries. I'll fight to the bitter end no matter what - have no choice but to make or find a way.

 

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