This content has been marked as final. Show 4 replies
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.1 of 1 people found this helpful
Building on what NoBullFunding had said about loans,1 of 1 people found this helpful
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?
I would talk to B of A about a small business loan and I would1 of 1 people found this helpful
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.
All of these responses are very good and just the kind of advice I am looking for. I have prepared my overhead and run the traps. It just a matter of determing how to get started. Thanks again for the advice.
Go to original post
Reply to original post
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.