Wealth Matters By Alpesh Parmar
Business:Investing
Starting from nothing, Joshua Kim had a desire to purchase a small business, even at a young age. He discovered the world of SBA financing and after much trial and error, was able to finance his first business purchase with an SBA loan of $1.2M at 19 without family money, connections or an ‘insider’ at the bank approving the loan. Subsequently, he was able to get 2 more loans totaling another $1.3M+ to purchase 2 more businesses. He realized that many business owners either never apply for SBA financing because they hear commonly perpetuated myths, or just have bad experiences with unsuitable SBA lenders and started his latest business, 7a Accelerator, where he and his team help educate, consult with and assist small business owners in securing SBA financing. By cracking the credit matrix and demystifying the process, they save business owners time and money by making sure they get paired with the right bank for their business.
(00:01-03:02) Opening Segment
- Introduction of the host into the show
- Alpesh introduces the guest of the show, Joshua
- Joshua shares something interesting about himself and explains what kind of business he does
(03:02 - 26:34) SBA Loans Misconceptions
-Definition of SBA
-Myths of SBA
-Airbnb and SBA
-Guarantee requirement for an SBA loan
-Using other rental properties as a collateral
-Acquiring an E-Commerce business
-Incentives for getting an SBA loan between now and October
-Installment payments on interest
(26:41 - 26:58) Break
(26:58 - 27:14) Second Segment
- Welcoming listeners and guest back to the show
(27:14 - 32:05) Fire Round
- Will Joshua change the business strategy after Coronavirus?
– Joshua’s favorite real estate, finance, or other related books
– Tool or website Joshua recommends
– Joshua’s advice to beginner investors
– How does Joshua give back?
– How can Wealth Matters Podcast listeners reach out to Joshua?
(32:05 - 32:36) Closing Segment
If you want to learn more about the discussion, you can watch the podcast on Wealth Matter’s YouTube channel and you can reach out to Alpesh using this link
Facebook: @wealthmatrs
IG: @wealthmatters.ig
Tiktok: @wealthmatrs
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