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7 Replies Last post: Feb 3, 2009 2:03 PM by gegrus

Looking for cash to expand

Jan 30, 2009 5:51 PM

Click to view cmingo's profile Professional cmingo 6 posts since
Oct 21, 2008
I'm looking for $75,000 to expand my catering business. I would like to lease an historical home in the Phoenix metro area to hold weddings and other events. The old house used to be a restaurant, so no major changes are needed. I have already been in contact with the representing party and have come to a leasing rate of $3500 per month with them. I currently provide the catering for another facility and the food alone comes to $4000 an event. Can't get a bank to talk to me until 2yrs.

A little info about myself and my current business. A have been a chef for more than 10 yrs. My catering business is almost 2yrs old. We have no debt in the business. We funded the catering business through our savings. I own my home. We wife still works a full time job. Our credit score is mid to hi 700. The only problem is we have about $5000 in our personal account.

If some could let me know of any options or need further info, I would appreciate it.
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Click to view barterbroker's profile Mogul barterbroker 47 posts since
Oct 2, 2008
1. Re: Looking for cash to expand Jan 30, 2009 8:58 PM
please call or email me with your contact info.

David butts 1-866-546-8737
dbutts@tradebartermutual.com

www.tradeandbartermutual.com

We wont waste you time!
Click to view bmt2008's profile Mogul bmt2008 305 posts since
Jul 30, 2008
2. Re: Looking for cash to expand Feb 1, 2009 6:12 AM
We can help. Go to www.businessmoneytoday.com and search under Business Loans and Lines of Credit for the money you need. No cost or obligation to you. Just information about different loan products and sources. Can also find this site through my profile.

Business Money Today
www.businessmoneytoday.com
Click to view LUCKIEST's profile SCORE LUCKIEST 7,933 posts since
Aug 6, 2007
3. Re: Looking for cash to expand Feb 2, 2009 10:54 AM
Looking for cash to expand

If you are looking to raise money to expand your business, you need a Business Plan.

Do you have an Accountant?? Can I see prior year tax returns??

LUCKIEST
Click to view amspcs's profile Mogul amspcs 515 posts since
Oct 18, 2007
4. Re: Looking for cash to expand Feb 2, 2009 1:03 PM
If your business accepts credit card payments (and it certainly should--we process many very
successful catering businesses), an advance or your cc receivables might be a very easy and cost effective
solution for you. If interested, please contact me and we'll discuss.

AMSPCS
amspcs@juno.com
Click to view ilyab0dner's profile Mogul ilyab0dner 63 posts since
Aug 27, 2008
5. Re: Looking for cash to expand Feb 2, 2009 3:58 PM
CASH - that word makes every lender shake in their boots. Why would any business need cash? All legit business transactions are done via credit cards and/or checks, not cash. You don't see thick envelopes anymore.

My advice is to avoid using the word "cash" because to anyone else that is more like "I want to pay for my meals" - which is not a business expense.

Try to build business credit instead.


Sincerely,


Ilya Bodner
Small Business Owner
Initial Underwriting Group

Click to view cmingo's profile Professional cmingo 6 posts since
Oct 21, 2008
6. Re: Looking for cash to expand Feb 3, 2009 2:05 PM
Hello Everyone,

To answer a few of your questions.

Maybe cash is the wrong would to use. What I need is working capital, that could be with a line of credit or a term loan. I need funds to pay for utilities, inventory etc. I do have a business plan, previous year tax returns and an accountant. cmingo2009@hotmail.com
Click to view gegrus's profile Mogul gegrus 95 posts since
Jan 9, 2009
7. Re: Looking for cash to expand Feb 3, 2009 2:03 PM