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3 Replies Last post: Sep 2, 2009 11:20 AM by phanio

Want to open coffee shop but unsure about financing

Aug 30, 2009 12:29 PM

Click to view tamcamp's profile Start-up tamcamp 1 posts since
Aug 30, 2009

I am wanting to open a coffee shop but my credit isn't all that great. I don't have any bad debts on my credit but my debt to income ratio is high because my husband makes the money since im in school full time and his credit has bad debt on it. Is there any options for me or would I be wasting my time to apply for a loan. I don't want to run my credit if I'm wasting my time.
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Click to view EZbizCredit's profile Professional EZbizCredit 2 posts since
Aug 29, 2009
1. Re: Want to open coffee shop but unsure about financing Aug 30, 2009 3:16 PM
Unfortunatley, there is no quick solution. The good news is it can be done. My recommandation is; setup everything the right way, A corporation is like a legal person with all the benefits plus has more advantages, such as a lot more credit, much faster, many lines of credit, unscured and a whole lot more. Start a C-corporation and build credit to it as fast as you can. When the corporation has established credit, you can do just about everything you need.. To get to supply credit, it takes 6-9 months. it can be done much faster, if you get an existing corporation that is over 2 years old. Or a corporation that already has perfect score and ready for credit building. You can build hundreds of thousands of corporate credit in a 18-24 months or less, depending on the circumstances. there are so many misconceptions about corporations. If you know what you are doing or you have an expert by your side, you can benefit so much from having a corporation or two.
You should start a corporation as soon as you can. there is no downside. it is all good.If you know anyone who has or had a corporation that they have no use for, there is a good chance you can take over, with proper paperwork and build credit to it. I hope this information is helpfull. if you have any questions you can send me an email

good luck

sha noveen
sha.noveen@yahoo.com
949-201-6042
Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
2. Re: Want to open coffee shop but unsure about financing Aug 30, 2009 8:08 PM
Want to open coffee shop, Welcome

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

Have you developed a business plan that I can read??

LUCKIEST

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Click to view phanio's profile Mogul phanio 483 posts since
Apr 7, 2009
3. Re: Want to open coffee shop but unsure about financing Sep 2, 2009 12:40 PM
There are many options for your business but they depend on how much you are seeking and the use of the funds. If you are seeking unsecured funding - your only option would be to improve your credit histories - either bulk your score up or fix or consolidate your husbands credit.

If you are seeking equipment - there are many non-bank equipment lenders that do not look very hard at your credit - but focus more on the equipment and the potential.

There are also micro-lenders that (while they do look at credit) may be in more of a position to work with you in starting your business.

But, a lot of it depends on how much you are seeking and what the funds will be used for. Plus, keep in mind that it might be easier to get several loans for different needs then trying to seek a single all inclusive loan.

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