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    4 Replies Latest reply on Nov 8, 2008 5:58 AM by TryTLC

    Advice/Reality check

    elc1225 Newbie
      I have been in the childcare business for 17 years. I recently came across a childcare facility that closed. I have crunched the numbers and can make it work but I have no capital to get started. It will take about 40 to 50K to stock the building with supplies, fix up the building, purchase a van and open the doors to start filling up the center. What are the possibilities of getting funding for this. I can run the business and make work. I just need to get started. Thanks.
        • Re: Advice/Reality check
          NoBullFunding Scout
          Realistically, if you have no cash of your own to put in, a bank loan will be very difficult. Aside from that, if the business was not profitable before, it will be hard to convince a banker that you can do better.
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          • Re: Advice/Reality check
            Building on what NoBullFunding had said about loans,
            I would not recommend jumping into a business without a small buffer fund of your own, at least 20% of your own cash. Realistically, give it a little time and plan out financing this venture, and coming up with an 'escape plan' just incase things begin to falter. I hate to think negativly, but it would be horrible for you to get into this and then get stuck. Have you calculated all of your overhead and potential hurdles?
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            • Re: Advice/Reality check
              TryTLC Newbie
              I would talk to B of A about a small business loan and I would
              talk to some parents that have been with your for decades
              and ask them to invest into thier childrens future with
              a day care center.

              Fund raisers and yard sales etc,. ask for help.

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