View Full Version : Loans For Gun Stores
12-10-2009, 1:56 AM
To all of you that own your own gun stores, how did you get your financing? With all of the anti gun banks out there, how did you get started?
12-10-2009, 2:00 AM
GE Capital will do the financing. Turners, Pacific Sporting Arms among others are using them. They'll look only at your credit rating and not what they are financing.
12-10-2009, 4:37 AM
I imagine the Small Business Administration has some money right now.
12-10-2009, 9:55 AM
I was turned down everywhere. I ended up selling a lot of my personal stuff to get started. It would have been nice having a large amount of inventory to start with but it is possible.
I was mostly turned down because my business hadn't been open long enough.
Duh it was started from scratch. Oh well
12-10-2009, 4:48 PM
I was in the same boat, Mike. I started with cash and ran with cash. When I got my second FFL, I sold all my guns except my carry gun. That got spent faster than I thought it would.
Second best thing is investors. You need a rock solid business plan and presentation or they will laugh at you. A lot of them will basically loan shark for 30 day returns. Say you can get a pallet of ammo, you know you can dump it in 30 days, you just need the money to get it since you can't get terms. Call your money man, he puts down the cash, you have 30 days to sell it, and he gets a cut of the profit. Keep doing that until you have a wad of cash. I know of several shops doing that right now.
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