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3 Replies Last post: Jun 25, 2009 11:27 AM by Justice.

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Starting a Clothing Line. Financing Tips

Jun 25, 2009 5:27 AM

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Justice. 3 posts since
Jun 25, 2009

Hello,

I have been working on finding ways to finance my startup business. I live in NYC,which is one of the many places to launch a clothing line, but my main obstacle is finding a loan that can help make samples for my collection, and also a lookbook (catalogue), which will roughly cost $10,000-$15,000. I have my basic sources which are clothing Manufacturer, photographer, and fabric wholesaler, but its just the money that keep my hopes and dreams in fantasy mode. My plan is to get samples of my clothing and make a lookbook for I can send it to several the retail buyers. I plan to sell to boutiques within the US and major cities in Europe. I have a bit of opportunities with selling to one of NYC high end boutiques, but they cant buy from me with no clothing.

I have done searched on loans but it hasn't gotten me any further. I am currently writing a business plan. Is it better to get a loan from a banker, angel investor?What are my other options? How can a find a lender that is dependable? I am young, and I've notice most loans require collateral, or credit. Honestly, speaking I dont have either or. Where can I go from this point?

Any help with be greatly appreciated.
Thanks

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Mogul

phanio 461 posts since
Apr 7, 2009

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1. Re: Starting a Clothing Line. Financing Tips Jun 25, 2009 8:20 AM

There are a few options for you given no credit history and no collateral.

There are peer-to-peer social lending sites that can help. There are micro-credit lenders that can help. There are also purchase order financiers - this is where you get an order from a buyer (retail store). Then with order in hand, you can get financing to complete the order - meaning getting funds for materials, labor, etc. Once the order is completed and you are paid from your customer - then you repay the advance plus a small fee. There are also credit cards (personal and business) that you can use even with no credit history.

Business Money Today
www.BusinessMoneyToday.com

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SCORE

LUCKIEST 7,912 posts since
Aug 6, 2007

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2. Re: Starting a Clothing Line. Financing Tips Jun 25, 2009 8:21 AM

Starting a Clothing Line, Welcome

Who are you?? Go to Members page and share some info.

I am a SCORE counselor and also live in N Y. SCORE and I can help you with your business plan (FREE)

Good luck

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Justice. 3 posts since
Jun 25, 2009

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3. Re: Starting a Clothing Line. Financing Tips Jun 25, 2009 12:59 PM

in response to: LUCKIEST

Hey Luckiest,

I have heard of Score. It is great that Score can help with business plans. I definitely would be interested in attending. Does SCORE also give advice on financial help? Where and how can I get involved?

Thanks

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