I have an appointment with my SCORE office tomorrow.
I am curious what all my options might be to raise start up capital? I have raised about 7,000 dollars in cash and I have a business plan in place and good credit.
I want to purchase a home that is zoned commercial and open a small consignment shop and thrift store. The building is for sale for 100,000 has an apartment upstairs that I already have tentatively leased for 425 per month. The place gets 15000 cars per day past it and it has very easy access.. In addition there are no other thrift or consignment stores in town, but the average income in town is slightly below state average. (Im in Illinois) I am hoping that the building itself will bring value to the business. The challenge so far has been finding a bank that will even talk to me yet alone look at my business plan without me having 20% down in cash.
My question is how difficult is it going to be to get SBA backing? I have a business plan. I have extensive experience related to running this type of a business. Will the fact that I have a renter lined up help me plead my case for an SBA loan or should I start looking for alternative funding?
I am needing to move rather quickly as the lady who is selling this home is working with me to a point but she also wants to sell the place and she won't wait forever... so time is kind of not on my side here. This location is IDEAL and I know my business will grow here. I have consigners lined up already and my doors haven't even opened yet because I have been a flea market vendor for a few years I know a lot of other merchants.
Any ideas on potential funding sources, how to improve my odds, etc are much appreciated. I meet with the SCORE people tomorrow....
Thanks for reading!
Christin
I am curious what all my options might be to raise start up capital? I have raised about 7,000 dollars in cash and I have a business plan in place and good credit.
I want to purchase a home that is zoned commercial and open a small consignment shop and thrift store. The building is for sale for 100,000 has an apartment upstairs that I already have tentatively leased for 425 per month. The place gets 15000 cars per day past it and it has very easy access.. In addition there are no other thrift or consignment stores in town, but the average income in town is slightly below state average. (Im in Illinois) I am hoping that the building itself will bring value to the business. The challenge so far has been finding a bank that will even talk to me yet alone look at my business plan without me having 20% down in cash.
My question is how difficult is it going to be to get SBA backing? I have a business plan. I have extensive experience related to running this type of a business. Will the fact that I have a renter lined up help me plead my case for an SBA loan or should I start looking for alternative funding?
I am needing to move rather quickly as the lady who is selling this home is working with me to a point but she also wants to sell the place and she won't wait forever... so time is kind of not on my side here. This location is IDEAL and I know my business will grow here. I have consigners lined up already and my doors haven't even opened yet because I have been a flea market vendor for a few years I know a lot of other merchants.
Any ideas on potential funding sources, how to improve my odds, etc are much appreciated. I meet with the SCORE people tomorrow....
Thanks for reading!
Christin
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