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5 Replies Last post: Dec 21, 2007 1:09 AM by barbnett

Getting started financially with new business

Nov 13, 2007 12:39 PM

nel1214 2 posts since
Nov 13, 2007

I am starting a new business in pack and ship. I am starting out using personal credit of $2500. I am looking for financing from a bank. My credit is stable and I can continue to get personal credit but would like to seek a bank that will give me a credit line or a loan. I do not know whether to go for a SBA or personal loan? As I said I do have stable credit history and can get credit cards. I do not have property to place for collateral only my credit history and business plan. Can anyone offer some sound advice please.

Tags: cash, flow, working, capital, business, loan, credit Report as inappropriate

LUCKIEST 7,912 posts since
Aug 6, 2007

1. Re: Getting started financially with new business Dec 20, 2007 5:37 PM

You will get a lot of sound advice on this website. How soon do you plan on starting this business.
Have you spoke to a SCORE Counselor (on line or in person), SCORE can also offer you a lot of
sound advice, including a Business and Marketing plan.
Starting out using personal credit cards can get very expensive.

Good luck, LUCKIEST

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Ed O'Gee 215 posts since
Oct 25, 2007

2. Re: Getting started financially with new business Nov 13, 2007 3:15 PM

If $2500 is what you need, you'd be better off getting a personal loan or credit option from a bank.

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nel1214 2 posts since
Nov 13, 2007

3. Re: Getting started financially with new business Nov 13, 2007 6:00 PM

in response to: Ed O'Gee

I need about 25,000. Would you recommend a personal loan?

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CorpCons08 1,128 posts since
Nov 14, 2007

4. Re: Getting started financially with new business Dec 20, 2007 5:37 PM

in response to: nel1214

I see this is still not answered. I'm not even sure if this user still reviews the board.
An amount of $5,000 or less, typically would be a personal loan for the consumer.
Anything over $5,000 would be eligible to become a business loan or line of credit.
If you have not received the financing you are looking for, feel free to contact me at d.skolnick@skolnick-associates.com.
I would be more than happy to assist you in getting the financing.

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barbnett 6 posts since
Dec 19, 2007

5. Re: Getting started financially with new business Dec 21, 2007 1:09 AM

Since you have good credit it shouldn't be a problem for you to get a line of credit. Don't be afraid call or go to the banks and loans companies and apply for what you need. It's sounds as if your afraid and if this is true don't be. Your in a good position go for it and much success to you. I read some good things about Fifth Third Bank.

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ForumsFinancing Tips

Getting started financially with new business

Nov 13, 2007 12:39 PM

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