Home: Message List - Options for Start-Up to Finance Inventory

Re: Options for Start-Up to Finance Inventory

ITDLLC — Tue, 17 Jun 2008 13:38:09 GMT

Hi LUCKIEST,

Thanks for your reply. I do have an EIN, and a lawyer and accountant I use in my current sourcing business that could just as easily work with me on this, too.

I'm expecting orders to come in the next month. I'm about to move on my most promising customers next week. So, you're saying that I can use my orders to back up the loan. Is this commonly done? How quickly do you think I could get to disbursement under this kind of strategy?

I've check out SCORE and I share your high regard of them. They have been very helpful.

Thanks again for your help.

Mike

Re: Options for Start-Up to Finance Inventory

LUCKIEST — Tue, 17 Jun 2008 12:55:20 GMT

Options for Start-Up to Finance Inventory, Welcome

You recently started a business to design and sell an original line of plush toys. Great
Do you have a Federal I D Number?? A Lawyer?? An Accountant??

How soon will it be before you secure orders?? Once you have orders, then you can factor
the orders or use them as security for a loan.

Do you know about SCORE?? SCORE is FREE and can help you succeed. You can
contact SCORE in person or online

*We love to visit Virginia Beach,
Virginia, Good luck, LUCKIEST*

Options for Start-Up to Finance Inventory

ITDLLC — Tue, 17 Jun 2008 11:28:26 GMT

Hello All,

Looking over this forum I see everyone here is very helpful. I hope you might be able to help me as well.

I recently started a business to design and sell an original line of plush toys. Before establishing this project, I worked as a sourcing and logistics consultant for American companies looking to offshore manufacturing to China.

So far I have sourced manufacturing (working with a terrific factory in Southern China, where I am now), designed packaging, established a firm and competitive price and developed marketing materials to go along with samples I plan to ship to prospective customers I indentified working with a former client of mine in the plush toy field.

Right now my biggest concern is how to finance the first series of shipments once I secure orders. I am planning for an approximate window of three months between the time when I must pay manufacturing and shipping costs and when I could expect payment from customers.

I would very much appreciate any advice you might have on how to navigate my short-term financing needs. I would be looking for a loan between USD20,000 and USD30,000. My particular experience (I am 24-years-old and have no collateral to speak of) leads me to believe this will be a daunting task despite my excellent (FICO over 750) credit score.

I thank you for any time and consideration you expend on my behalf.