bmt2008
305 posts since
Jul 30, 2008
1.
Re: Obtaining Funds to obtain a dog training facility Mar 5, 2009 8:22 AM
First, while making $100K, is your business cash flow positive? Most traditional lenders require several years in business (usually 2 for amounts under $100,000 and 3 year plus for amounts over $100K) as well as positive cash flow. Even with an SBA loan, a bank must underwrite the loan to their quidelines as the SBA only guarantees part of the loan amount.
However, there may be some non-traditioanl funding sources that you could use. You do not state how much you are seeking:
If you only need a small amount like under $25K - there are a few sources that you could use like Micro-Credit or peer-to-peer social lending.
For larger amounts, there are:
Business Cash Advances if your business accepts credit cards as payment for your services.
Unsecured business and personal loans for amoutns usually up to $125K provided your credit is strong and you can demonstrate an ability to repay the loan - shown by either personal disposable income or positive business cash flow.
Just some thoughts
