Do black people have problems with business loans???

Le Moor · (#1 (**permalink**))

In a post by Mansamusa elsewherehe touched on an interestingtopic.

That being racism amongst bank managers when its time to splash the cash in the form of a business loan.

Is ita major problem? anyone had their suspicions aroused when refused a loan?

Parris · (#2 (**permalink**))

Peace Le Moor,

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I'm not sure......whish I knew. I do believe that it is racism, and cultural ignorance.

dimoke mentioned something about bruthaz wanting a woman with FIRE....she just might be on to something. (at the right times of course).

Share with you a personal (I know how yall hate that)

My wife and I were looking to get a loan that would consolidate all our properties. Instead of making four different payments, we decided it would be better to my one payment on four differnt prorperties. Shold have done it long time ago (but that's another story...I'm still learning).

I dropped her and my son off at the front of the bank, My wife got out.....and went in while I parked the car (it was raining). I had just come from shooting ball with the fellaz, I wasn't funky or anything, I had taken a shower at the gym, but I was in basketball clothes. I decided I'd take a quick detour and go get a soda...it took about 10 -15 min. When I called her on the phone, she told me the guy was real nice, all our paper worked checked out and everything was cool.......LOL........then she had me GO BACK, to the store and get a snack for her and little Parris (women).

*sigh*

When I finally get to the bank, I park, go in....find her and my son....(he's bouncin' off the walls, but that's another story)...she's pleased. I had spoken to the loan officer on the phone while I rain my "go-get-drinks-erron". Then the guy comes back, sees me, he tries to play it off......and I can tell the look of SHOCK on his face.....One minute he's talking to a beautiful Asian woman and her son, the next he's looking at a 6'1 black man.....here I am, looking bummy and wet, asking for a 780,000 dollar loan.

Ohhhhhhhhhh they it all changes, now its. "Oh I just need to double check your credit" and "Do you think you can supply me with three more references" and "It doesn't look like we will be able to give you 5 ($4,559.80 a month) but how about 7.5. ($5,764.13 a month)"

HUH?

LOL...then comes another guy, and a manager. I tell my wife in Japanese "hakujin kuwaidesu ne" (I think I scared the white guy. She nods, and then out of no where lets the guy have it.

Now my wife who is normally the calm one of us two, but she explodes.... EXPLODES...woooo....(it was great, but that's another story as well). I was just standing there like "Yeah" "Yeah, get him baby!" my son is just looking like "wooooooooooo you in trouble"

She rips the guy up one side of his face and down the other, and destroys of few other people on the way out.

A lof of times we scream racism, when there really sisn't......but if this wasn't, I don't know what is.

PaRrIs

CashMoney · (#3 (**permalink**))

780,000 dollars!!

What the ****!!!!!!!!!!!!!!!!

Hmm, if you can afford to take out that loan you must be pushing pure assets.

You can affrd that, you should tell Bush to **** off and stay at home

Back on topic

What you said was badmind to the extreme!!!!!! Dickheads

free · (#4 (**permalink**))

Le Moor, when I went on a business start up course I was advised not to go to the bank for a loan - in fact all of us black and white were told that...

We were told to apply for a personal loan instead, the reasons being that the fees and APR were less and they were easier to get hold of than a bank loan...

In addition Banks are more and more reluctant to hand out money for large projects... the most that you will get from the average bank manager is about £30K maximum for business start up...

So the days of seeing the bank manager and tappping him for large amounts of money in the uk are over... it is probably easier to raise the money via remortgage or personal loan...

Le Moor · (#5 (**permalink**))

Free - good point and thanks for mentioning it as i wasnt aware of that. Guess that solves the problems if anyone does have their doubts.

lastwhitemanstanding · (#6 (**permalink**))

it has nothing to do with being black, Once the bank see a business plan which is good and they can see a return THEY WILL GIVE YOU THE MONEY NO MATTER YOUR COLOR!!

stop using color if you dont get your WAY

free · (#7 (**permalink**))

Le Moor · (#8 (**permalink**))

Lastwhitemanstanding it has nothing to do with being black, Once the bank see a business plan which is good and they can see a return THEY WILL GIVE YOU THE MONEY NO MATTER YOUR COLOR!!

stop using color if you dont get your WAY

I take it you're white then.........................................

Saida.M · (#9 (**permalink**))

lol!

and American?

Parris · (#10 (**permalink**))

CashMoney wrote:

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780,000 dollars!!

What the f**k!!!!!!!!!!!!!!!!

Hmm, if you can afford to take out that loan you must be pushing pure assets.

You can affrd that, you should tell Bush to f**k off and stay at home

Back on topic

What you said was badmind to the extreme!!!!!! Dickheads

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Man I aint rich, I ain't even a lil rich. I drive a Mazada LOL....That's the problem....LOL....

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People will tell you that a home is an asset, in the business since, its not.........property ownership is a liablity UNITL you begin to build equity in the property. What I did and what most business do is gambled on future earnings.

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buy one property.........and based on the POTENTIAL income from that property buy another.....and based on the POTENTIAL income from that property buy another.......and based on the POTENTIAL income from that property buy another. See what I'm saying?

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So as long as you manage both properties in the begining, which are really liabilities...youwill develop them into assets in the future. The loan was to consalidate the properties. The rule of thumb is to try to keep payments on loans/bills/etc. under 25% of your GROSS income.....anything under 5% keeps us were we need to be, anything over 5% makes us have to stretch......they didn't give us that loan based on how I looked, and not on my income........oh he was PLEASED when he saw the cute lil Japanese woman, but appauled when "Guess Who's Coming To Dinner", walked through the door.

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On military -

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In any event..........LOL.........I haven't met anyone that STAYS in the military because of the pay check. Fourse years (the length of the shortest contract) and you are already one level ahead of the civilians you will be competeting against for jobs. We stay because we believe in service to our country. For me, I'm going to retire at 40 years old....thanks to ole Uncle Samantha.

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Its not about money......when I'm called up LOL my income drops 35%! (Which angers my wife to no end)....its never about the money.

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PaRrIs

Parris · (#11 (**permalink**))

athaba wrote:

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lol!

and American?

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Nahh he couldn't be American, because then he would know the US department of Agriculture were just sued by black farmers because of unfair and racial motivated leaning pratcices......I'm sure he'd know that, so he can't be American.

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PaRrIs

Le Moor · (#12 (**permalink**))

Hes Americancos he spelt 'Colour'as 'Color'.

Maybe he dont give a shit about the US department of Agriculture -LOL