Rancho Cucamonga, CA (PRWEB) September 1, 2007
R & R Finance arranges no collateral business loan for entrepreneur to open new pizza restaurant without previous experience.
The breeze from one door closing always opens up another. The door that opened up for Erik Phillips was one to a pizza restaurant.
Phillips had spent three years in the mortgage industry. In the past few months, thousands of workers in the mortgage industry have had their lives turned upside down.
"I was looking at an uncertain future and began thinking about other career opportunities," states Phillips.
"Being laid off work I consider myself lucky. Under normal circumstances I would not have the nerve to quit my job and start a new business.
"A door opened during a lunchtime meeting at a pizza restaurant. I have always wanted to own a pizza place and it dawned on me that now I have the time to make it happen.
"I turned the placemat over and started making plans right there and then. By the end of lunch I had a great, if not informal, business plan. I had a restaurant name, idea for the location in Corona California, a theme, and where the customers would come from.
"The only item that needed a solution was capital and where was I going to get it from?
"I naturally thought that a small business start up loan from my bank would be the first choice. I thought they would love my idea as much as I do. Was I ever wrong?"
Phillips shopped his plan to several banks for a small business start up loan and each one turned him down with much the same response. He lacked the experience in the restaurant business and did not have enough collateral for the banks to make the loan.
As banks are not the only source of money, Phillips started researching other avenues when he learned about no collateral business lines of credit.
No collateral lines of credit can help small companies and start ups with access to funds for expansion while protecting the personal assets of the business owner.
Keith Hunt Executive Vice President of R and R Finance states "Small businesses fail or never get off the ground for many reasons but one of the biggest is the lack of financing."
R and R Finance, based in Southern California, specializes in arranging small business start up loans by way of unsecured business lines of credit from $300,000 up to $5 million for small and start up companies nationwide including Erik Phillips' pizza restaurant.
"No collateral lines of credit were the answer to Erik's problem. Within six months we obtained $300,000 in credit lines that offered Erik access to funds to acquire the location, build out, and marketing expenses. The credit lines even provided funds to meet payroll during the launch phase of the restaurant," states Hunt.
"We heard a story recently of another entrepreneur that applied for and received a $700,000 SBA loan, but he had to put up his house as collateral. In this scenario if his business fails he loses his home.
"One of the biggest benefits to Erik is that the no collateral business lines of credit do not affect his personal credit, and he does not have to put his house up as collateral unlike the gentleman with the SBA loan," concludes Hunt.
Phillips continues, "The no collateral small business start up loan using lines of credit gave us so much flexibility and allowed us to concentrate on growing the business rather than worry about paying bills or where the next dollar is coming from."
"Partly due to the no collateral lines of credit we exceeded our first year projections of $250,000 in sales so I really do consider my lucky to be laid off from the mortgage industry," concludes Phillips.
For more information on no collateral small business start up loans using unsecured business lines of credit, please contact Keith Hunt 877-515-9148 or visit their website http://www.goldmedalmortgage.com
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