2.
Re: finance Aug 18, 2008 9:37 AM
You have not given us much to go on, but following are a few thoughts for your consideration.
A) What do you need the $10,000 for?
If it is to fund additional operating losses you need to revisit the viability of the business. Will the additional money be used to create a profitable company or just keep it alive for now?
If it is for inventory, how fast will you sell the inventory and be able to reinvest on more
If it is to fund Accounts receivable, make sure you are not borrowing to fund bad debt or slow payer. Get customers to pay on time
B) Sources of funds can be from several sources
If you have strong personal credit, Bank of America has strong credit card programs with cash advances that could easily fund the $10,000
Family and Friends are a great source for small amounts as they know you personally and trust you to be successful. They know your work ethic, values, and they may even have a similar passion to have an interest in a business.
Banks and other traditional lenders will be reticent to loan money to a company that is not profitable. But if you have collateral, they may be able to secure a loan against that particularly real estate that is owner occupied and has equity. Most lenders will require personal guarantees.
Asset based lenders can be a source if you have receivable and inventory to use as collateral.
Good luck in your venture and attracting capital to move your business forward
