Business loans

I live in California and am looking to buy an existing business in the DR. Any insight on getting a business loan?

First welcome to the forums. It is almost impossible for an expat to get loans here,  let alone a business loan.

There is some /!\ I AM A STUPID SPAMMER /!\ available at times but the interest rates are likely to be over 30% per year and UP. 

I assumed living in California you are not Dominican.  If you are then it will change the probabilities somewhat. 

Will you move here?   IF you can borrow the money there the interest rates will be far less.

Let me add my welcome.

Have you traveled to or lived in the DR before?  Operating any business from afar can be a very risky deal

Bob K

Let me share an experience from this past weekend.  I do business consulting and I am working with a young man who is really  trying hard to get his small business off the ground. He is smart and he is a hard worker.

He has several loans. It started out as only  1 or 2 but quickly grew to 8 different loans as he cannot keep up with the interest payments and falls behind. He made some basic business errors but he will learn and I will help him.

His loan interest rates range from a low of 3% per month to  6 % per month.  That is HUGE.  From a simple rate of  36% per year to  72 % per year!!!!  Two of these loans are from the bank,  they are the 3% loans.

This industry is basically unregulated.  So it is clearly  buyer beware!

Sounds right to me. :D


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