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    4 Replies Latest reply on Jan 20, 2009 5:44 AM by Creditbuilder

    need business start up funding asap

    emowdee Newbie
      I have been developping a brilliant business idea in the advertising industry but more precisely in the new media technology. i have completed a business plan and been turned down by a local bank and SBA mainly because of my personal credit. the funds i am seeking should not exceed 100k where 50 to 60% of it needs to go to equipment purchase. Any suggestions? i know my next hope will be in meeting an angel investor but many of those don't like to invest in companies that are start ups; they rather prefer companies in stage 1 or 2. any suggestions are greatly appreciated.
      J.R-
      Orlando, FL
        • Re: need business start up funding asap
          BizSolutions Adventurer
          I may be able to help. Please email me so I may offer some solutions.

          Monique@accuratefinancial.info
          • Re: need business start up funding asap
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            • Re: need business start up funding asap
              bmt2008 Adventurer

              Without good to excellent personal credit, you are probably out of luck. Think about taking on a partner that can compensate for your weaknesses in securing credit.

               

              Or, network in your community. You may be able to find investors (not traditional angels) that will take a chance on your idea.

               

              Seems like a lot of money for an unproven idea. Might want to think about starting smaller and building the business up.

              Regarding equipment: there are equipment leasing companies that will fund start-ups and only require credit scores around 630 - 640. These are expensive. But, can usually get you the equipment you need. Further, some of these companies will also provide working capital business loans in addition to the equipment lease. But, these lines do require higher credit rating.
              • Re: need business start up funding asap
                Creditbuilder Scout
                That is exactly our line of business, to help companies like you qualify. Visit www.businessformationgroup.com/newsletter for more info and give us a call.

                Best of luck.