Home: Message List - Money Hungry

Re: Money Hungry

WarrenD — Wed, 06 Aug 2008 19:40:07 GMT

Did you find funding? Warren

Re: Money Hungry

Iwrite — Wed, 09 Jul 2008 21:46:10 GMT

I thought the same thing. But what if you brought them together and presented your business plan, answered questions and let them tell you if they could do something and how much? They might surprise you. And even if you only got a little, wouldn't that be more than nothing?

Here are the ideas that I have heard of:

Websites where people have gotten folks to pay-off their debt
Movie directors financing movies off of family/friends and credit cards (Spike Lee, Robert Townsend and the brothers who produced Warriors of Virtue)
The church on the East coast that put together a fund to get members out of debt
A group of friends who formed a micro-lending group to help revitalize part of the inner city

Surely, we can adapt a version of one of these ideas to generate some fund? Or come up with our own solutions.

Re: Money Hungry

LWill78 — Wed, 09 Jul 2008 21:03:04 GMT

lol..... well that guy must know 70 ppl that have 143 to invest. with the way economic times are I will barely ask for $10 lol. most of my family are living check to check or even worse... so I decided to step out on my own.

Re: Money Hungry

Iwrite — Wed, 09 Jul 2008 20:55:04 GMT

Lighthouse,

This was a great response!

I still believe that if a guy can convince 70 friends and family members to provide him with the $10,000+(that's roughly $143 per person) to enter the World Series of Poker (saw that last night), then we should be able to get more creative in finding ways to generate the capital we need.

I applaud folks for being brave enough to ask. I hope they are getting the help they need.

That number for the amount of requests is amazing!

Re: Money Hungry

readytohelp — Wed, 09 Jul 2008 17:44:12 GMT

sorry forgot to tell you how to get in touch. i do have real resources that can fund just about any deal you might have. email me at atlnrgroup@gmail.com

Re: Money Hungry

readytohelp — Wed, 09 Jul 2008 17:41:25 GMT

ok, here you go. i have several resources to help you with your money issues. these guys range from private lenders, hard money lenders, to smaller banks and credit unions. if you are interested in an introduction email me back. they are real easy to work with.

Re: Money Hungry

Lighthouse24 — Wed, 09 Jul 2008 17:27:22 GMT

There's a difference between walking into your local private airport and saying, "Give me an airplane!" versus saying, "I'd like to learn to fly."

To me, your post (LWill78) says, "I'd like to learn to fly" -- i.e., you seem to be looking for connections, resources, insight, and help from people who already have planes and are flying them successfully. I think almost everyone in this community who owns a business is excited when a new member joins with that approach, and most truly try to assist with information and answers.

A lot of so-called "money hungry" posts, however, are the equivalent of "Give me an airplane!" The person acts as though the only thing between them and flying is the lack of a plane -- as opposed to the fact that they don't know the first things about how to fly one. They insist on having the airplane first, then they'll think about getting a pilot's license -- which is exactly why so many new businesses "crash."

Just as a person can't borrow (rent/lease) an airplane without a pilot's license, legitimate lenders and investors won't give someone money unless that person can demonstrate that he or she has the knowledge, skill, and experience to manage a business operation, responsibly handle the finances, and bring in a substantial profit. There are a lot of posts where people tell you outright that they can't do any of that. So while the message or advice may sound harsh at times, it's realistic -- learn to fly (i.e., get a job, control spending, pay off bills, gain relevant experience, fix what's "broken" in life) -- and THEN ask for the airplane.

P.S. $759,045,600 -- as of today, that's the total amount of money requested in the 549 posts on this site that are seeking loans or outside investments to start or expand small businesses. Just to put those numbers in perspective, Bank of America was the leading 7(a) small business lender in 2007 (source: NAGGL), and they loaned $335,728,500 to 10,878 small business owners last year under the program (source: Annual Report).

Re: Money Hungry

Iwrite — Wed, 09 Jul 2008 15:54:30 GMT

I think Deb has said everything that I would have said. I posted my comments to start a discussion about how best to deal with the sheer volume of funding requests, not attack folks.

You don't sound bitter, but I was hoping I didn't either.

Re: Money Hungry

LWill78 — Wed, 09 Jul 2008 15:10:05 GMT

Deb L.... Thank you very much.. I most definitely appreciate it

Re: Money Hungry

MnlyTechnlgy — Wed, 09 Jul 2008 15:05:44 GMT

LWill78 - you didn't sound bitter, at least not to me. We want to make this resource work to its fullest capacity for you and your business. I'm glad there have been some that have stepped up to offer alternative resources for you. Good luck - I hope they work out for you.

Deb L