Please sign in to post in this forum.

ForumsFinancing Tips

Up to All Forums

This Question is Possibly Answered

1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)
Post a new topic
11 Replies Last post: May 4, 2008 1:32 AM by TJMorehead

New Immigrant, New Business

Jul 25, 2009 7:57 PM

Click to view geepod's profile Start-up geepod 1 posts since
Jul 25, 2009
Hi everyone,

I am a new immigrant here from the UK, married to a US citizen and so am a Green Card Holder.

I am currently in full time employment but wish to venture into my own business.

I have a wealth of experience in the area to which i wish to focus and i would be providing a service and not a product.

The service is already a well established service and in great demand, what i wish to offer is a unique way of making that service that available to the customer, currently after some research there doesn not seem to be a anyone providing the same.

I havent as yet figured out my exact startup costs but once i have where is the best place to go for Business startup loans. I am a Bank of America customer.

I have only been in the US full time for one year and only obtained my SSN in December 2008 and so my credit is fair and around 680 to 700 depending on the report agency. I only have onc revolving account as i had no history to obtain credit to eb able to improve. My history is now showing 6 months of revolving history and no defaults.

Would a small business start up loan be an option for me ?

Also in the UK i had a Ltd company, but i am no unsure of how to set myself up over here and the best options. Any directions to reliable advice would be great.

Kind Regards
Tags: Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
1. Re: New Immigrant, New Business Jul 25, 2009 9:30 PM
in response to: geepod
New Immigrant, New Business,

Hi and welcome. two suggestions. One: Go to Members page and add some info.

Two: Contact SCORE. SCORE is FREE
Report as inappropriate
Click to view phanio's profile Mogul phanio 483 posts since
Apr 7, 2009
2. Re: New Immigrant, New Business Jul 27, 2009 12:56 PM
in response to: geepod
Could of things: First, work on your credit. Take some money down to your bank - put it into a savings account or CD - then request a loan for that amount - secured by the savings or CD account. This will report to your credit as a term loan - in a few months - use the funds you received from the laon and pay it off (do make the monthly payments in the mean time). You can also do this to get a credit card (secured credit card by your cash). The goal is to get a few trade lines on your credit history. Also, getting a cell phone account can help.

If seeking a loan - how much? Knowing that will determine the best resources for you. If a small amount - try micro-credit loans or peer-to-peer social lending (orginiated in the UK). If larger amounts - your can try your local bank - ask about SBA loans - may need your spouce to co-sign - or non-bank lenders that would love to work with you.

Business Money Today
www.BusinessMoneyToday.com
Report as inappropriate

Legend

  • Open Question
  • Answered Question
  • New content since your last visit
  • Updated content since your last visit
  • Content you have read