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    0 Replies Latest reply on Feb 15, 2009 12:26 PM by AceMan

    Need Startup loan for new franchise business

    AceMan Newbie
      My wife and I are planning on opening an Ace Hardware store. We have been approved for the SBA loan, but we are having problems coming up with the $150,000 capital upfront to first put into the project.

      We have great credit and the proforma and business plan shows the business will be very successful, but I just don't have equity in my home and I don't want to touch my 401K right now. The lease for the location is all worked out (at a great rate!) and they are just waiting for us to come up with this upfront money. I also have a sucessful career and will be keeping it, my wife will be managing the store. So we are not dependant on the income from the business at all.

      So any ideas of how to get a loan for this money would be greatly appreciated!