My business partner took a loan out in her name (well, technically it was in the name of her business she had started to teach ballet before she partnered up with me) to help cover the costs of starting up our dance academy (which I believed I've mentioned in the past).
We've run into a little dilemma. Things with the Academy are going fantastic, no problems paying the loan or anything like that. It's just that her husband is feel a little frustrated because they don't qualify for a home because of their debt-to-income ratio (because of the aforementioned loan).
Anyway, I have two questions, seeing if anyone out there may be able to respond:
1. Would my friend be able to include the Academy's income as part of their household income? (The Academy is set up as a 501(c)(3) nonprofit corporation, and we presently aren't paying ourselves a salary so that the Academy can grow the most quickly.)
2. Is there anyone out there with (or who knows someone with) the appropriate resources willing to offer my Academy a private loan while we start looking for our sponsors? Banks are weird about loans to nonprofits (a for-profit corporation with the success we've been having would get a great loan while we qualify for nothing). Things are looking great for the Academy; we aren't having any problems paying the loan we have now, I'd just like to get it out of my friend's name so her family can buy a house.
We're still a few months away from seeking out sponsors and grants as I (the grant writer) am focusing on the IT stuff (i.e. website with online user accounts for the parents to pay and track their tuition and the students their choreography) right now.