Hello everyone, my name is John, I'd like to apologize in advance if I sound like a moron, I have a learning disorder and I have trouble getting my point across in certain cases (well, I'm not particularly sure on that, although I've been fired and ridiculed enough times for it to make anyone believe maybe I have a few screws loose).
Anyways, I've been trying to get my business up off the ground for quite sometime. I've been applying for loans all over the place (all banks) but alot are very iffy, anyways.
I have no income, ish credit (about 578 I believe), I own nothing (that can be used as collateral).
I've spent countless hours getting my business set up. We are a pretty small time game design company. So far I have a completed business plan (which has everything, target markets, list of products, exit strategies and a detailed finance expectancy chart for the first two years), I have a list of employees ready to work for me as soon as we get funding, and the complete design document of our first project (as well as partially completed documents on later projects). I aslo have a partial prototype game set up for our first project. The only thing we need is payroll and money for equipment, as well as some extra money set aside for marketting purposes. All that, plus a few extra for loan repayment for the first year we need a loan of about $250,000.00.
The two banks that have gotten back to me so far are Wells Fargo and Associated Bank. Wells Fargo told me that they require 30% of the loan (not sure if they meant that I need to put that money down [which is illiegal I think?] or if they meant that I needed to have that in my total assets). And they would not allow any work arounds (or what I creativly suggested a series of smaller loans to cover each other all down the the $3.50 that I could problably put down, he told me he didn't think that was funny though.) Associated Bank didn't even ask for anything from me other than credit stuff, how long I was in business and what I'd be selling, and didn't even bother looking at my business plan, and they said it was "too high-risk because I didn't know what I was doing". I've been designing games since I was 12, but of cource that doesn't matter since I haven't been on anyone else's payroll.
In my financial analysis, if I even move 150 units a month (I can do that in my sleep), our business will be making a pure profit of $4,000, which is a very realistic number based on our advertising campaign. Like I said, all we need is the money, I've set aside an entire year just to get the game up and running and we'll still have plenty of funds left over to cover the company in case of failure.
If anyone here can give me some good advice on where I should try, what else should I produce (other than capital) for them, and just anything else. Thanks alot for listening.
Anyways, I've been trying to get my business up off the ground for quite sometime. I've been applying for loans all over the place (all banks) but alot are very iffy, anyways.
I have no income, ish credit (about 578 I believe), I own nothing (that can be used as collateral).
I've spent countless hours getting my business set up. We are a pretty small time game design company. So far I have a completed business plan (which has everything, target markets, list of products, exit strategies and a detailed finance expectancy chart for the first two years), I have a list of employees ready to work for me as soon as we get funding, and the complete design document of our first project (as well as partially completed documents on later projects). I aslo have a partial prototype game set up for our first project. The only thing we need is payroll and money for equipment, as well as some extra money set aside for marketting purposes. All that, plus a few extra for loan repayment for the first year we need a loan of about $250,000.00.
The two banks that have gotten back to me so far are Wells Fargo and Associated Bank. Wells Fargo told me that they require 30% of the loan (not sure if they meant that I need to put that money down [which is illiegal I think?] or if they meant that I needed to have that in my total assets). And they would not allow any work arounds (or what I creativly suggested a series of smaller loans to cover each other all down the the $3.50 that I could problably put down, he told me he didn't think that was funny though.) Associated Bank didn't even ask for anything from me other than credit stuff, how long I was in business and what I'd be selling, and didn't even bother looking at my business plan, and they said it was "too high-risk because I didn't know what I was doing". I've been designing games since I was 12, but of cource that doesn't matter since I haven't been on anyone else's payroll.
In my financial analysis, if I even move 150 units a month (I can do that in my sleep), our business will be making a pure profit of $4,000, which is a very realistic number based on our advertising campaign. Like I said, all we need is the money, I've set aside an entire year just to get the game up and running and we'll still have plenty of funds left over to cover the company in case of failure.
If anyone here can give me some good advice on where I should try, what else should I produce (other than capital) for them, and just anything else. Thanks alot for listening.
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