How can you explain your change of employment while in process of obtaining a business loan?

I have a major dilema! the company i have worked for 9 years is talking about downsizing in a major way! We have offices around the company and they are merging. I am in a management skills however i came to this job on the last recession skittles and now looks like we are back to square one with all the signs of downsizing. My own manager looks nervous. The problem is we are cleaning our credit and in the process of trying to open a franchise that is recession proof we have worked on for over a year. I am wondering if it is best to try to stay here until the december or january ( I don't know how much longer for credit to update ) or to hurry up and find another job. How do you explain to the lenders especially at this time of a recession why you left a job of 9 years. Of course i am going to look for a job in the same field but the reason we are pushing to open the franchise is because this particular industry is really slow. We are looking for startup capital in additon to our deposit and decent credit so i am really worried with a business plan that the lenders will see a change of job even in the same field will be risky. I am really trying to make sure we don't place the franchise on the backburner and with the financial fiasco if we have to wait really how long before we attempt to apply for a business loan. ** sorry i mean how long to wait to apply for a business loan if the criteria is stricter with the economy bad if i have to change jobs. I would love to stay and ride it out but it really is writing on the wall to be downsized (even if you are valuable I make a decent amount) or run and find something else to be employed.

Asked By: dablack2004 - 10/7/2008
Best Answer - Chosen by Asker
If you are interested in starting a small business, then you have to know about small business loans. There are many different ways to get funding for your new enterprise, as well as many different kinds of loans. Finding the one that is best for your enterprise can be a daunting task, but with the right information... More
Answered By: Miriam - 10/7/2008
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