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    4 Replies Latest reply on Jan 17, 2009 6:01 AM by Adducent

    Business Financing

    rapidokicks Newbie
      I would like to open a Retail Sneaker Store in the Area of the South Bronx by July 2009. I have finished my Business Plan and would like to start shopping it around. I think it would be best to try and apply for a micro loan or a 7a Loan, the only thing is I have bad credit (a few cellphones here and there), nothing to invest (currently a student and mother). What are my other options when it comes down to finind the capital. 80,000 would get me through 6 months including start up, inventory and renovation. 50,000 would get me inventory and equipment. What are my options with in my time limit.
        • Re: Business Financing
          LUCKIEST Guide
          Business Financing, Welcome

          Great that you finished your business report.

          I would love to read it. After I read the plan I would have a better understanding and be able to give you a more realistic answer to what your options are.

          You can email me at " pdeig@juno.com " LUCKIEST
          • Re: Business Financing
            tomgaz Wayfarer
            Hi Kenya,

            I would be interested in seeing business plan, exec. summary and anything you can share. My company specializes in helping new and established business owners with low-cost financing solutions. We are also experts in understanding the credit scoring system so we may be able to provide you some ideas and solutions with your credit as well.

            Drop me an email or call our office if you would like to look at some options for your start-up capital.

            Tom Gazaway, CMPS®, XCO
            Hawkeye Management

             

            1873 Rt. 70 East

             

            Ste. 207

             

            Cherry Hill, NJ 08003

             

            tom@hawkeyemgmt.com

             

            856-433-8134 phone

             

            856-581-7979 efax
            • Re: Business Financing
              Creditbuilder Scout

              We might be able to help. As a former employee of Dun and Bradstreet, I would like to first assess if your business plan is lender compliant and if your meeting minutes meet that compliance as well. Secondly have you worked on your business credit portfolio yet?

              For more info visit www.businessformationgroup.com or give us a call at 800-270-5960
              • Re: Business Financing
                Tracker

                Unless you have credit and collateral to secure a conventional bank loan or funding; you're only viable alternative may be to find someone to partner with you as an investor or financial partner. A retail store is not the type of thing that will appeal to most angel investors (who usually seek higher growth businesses) so for seed capital to launch the business, your best hope is to do what is called a "friends & family" capital raise. That means pitching your family, friends and connections on your business plan and see if they will invest with or loan you the money to get your business started. That will probably be the surest way to raise money for a start up business of this type.

                There are a number of online resources designed to help you find investors and are worth trying. But I've invested in, raised funding, bought and sold a number businesses. In my experience, it works much better if you first try developing interest through off-line contact with friends, family and your current business contacts to get a feel for how your venture is perceived. That way you can see if there is some initial interest in the business from prospective financial partners who know you.

                 


                But before you do that you should first have a well-crafted business plan that fully covers the things of interest most to investors. When you have your plan in place, in addition to looking for a financial partner, you may want to explore lending sites like:

                 


                http://www.accionusa.org/

                 


                http://www.lendingclub.com/

                 


                https://us.zopa.com/

                 


                http://www.prosper.com/

                 


                Should you begin to work with the above or other sources of funding for your start-up, keep this in mind:

                With either starting or buying a business there are a many things to look into and discuss to make sure that everyone is on the same page - sometimes lenders, brokers, investors and others that may be involved don't get in synch and much time (and sometimes money) can be wasted. In my business I talk with a lot of entrepreneurs who want to start/buy a business and one of things I stress to them is to be sure that everything is understood about "who needs what, from who and what is it for?" Sometimes there are a lot of "moving parts" even to a small transaction. You have to know how the parts should work together ... so make that a priority so that you get a much better start and hopefully a much better result.

                There is a lot of good information and "business start-up" help to be found on this site from some of the professionals that participate in the community. Do a search for that and read more to get additional feedback that will help you.

                I hope the above helps you in some way. Good luck with your business start up plans.

                 


                Dennis Lowery

                 

                Adducent, Inc.