ForumsFinancing Tips

I have written a decent business plan/proposal but it would need to be modified. Is there anyone that has experience with pitching a loan to a direct lender?

I like the idea of contacting SCORE. I've had an awesome mentor from SCORE. I didn't seek a loan at the time, but the advice was priceless. I would also contact an attorney and I wouldn't just freely give my "idea" away without doing that. My attorney helped me immensely when it came to funding, and I know that came from getting the right one. Most people on your "team" should be well networked, well that's my belief.

I guess my only question is are you pitching your idea to say a bank etc to be bought or you want to start your own loan/funding business? You don't have to answer, but depending on what you're goal is that should help point you in the right direction. Also do you belong to any networking groups? Sometimes the help we need is well within our reach, just need to brainstorm a little. My doctor has been a great source of leads, believe it or not and so has my dentist. People who are already in business that you know and have met can be a great resource. Just throwing out a few ideas.

Thank you for the advice. I think that it would serve me best to find a bank to sell the idea to. It would be nearly impossible to provide the appropriate infrastructure for this idea and be able to compete with the "big banks" once they catch on. Jemappelle, if you have any insight for me to sell the idea, or where, it would be much appreciated!

Any chance you're french?

Hi Mike - I got your email. I honestly don't know if its realistic to sell an idea for a loan product to a bank, sorry if I gave the impression that I could help you do that. I was just offering to look over your idea and give you my opinion as to whether a bank would even have an interest in offering their customers such a product. I completely understand you desire to keep it close to the vest, but I'd find a banker you feel like you can trust before you go spending money on lawyers. A banker may poke holes in it that you may not have thought of.

Best of luck!