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    6 Replies Latest reply on Mar 7, 2009 3:02 PM by vlakh01

    Business Operating Capital

    Ryan524 Wayfarer
      I formed a corporation in August of 2008 and have been working on getting my business off the ground. I ended 2008 with a horrible $100 in total sales and about $1,500 in credit card charges. I am looking for 40-50k in operating capital to pay off my high-intrest credit card, hire a sales rep for my company, adverising, marketing, and basic business expenses.

      I got a small business credit application from Bank of America but I wounder what my chances of approval are with such a bad start to my business. Last I checked my personal credit was in the low to mid 700's.

      If I can get the money I feel that the ability to advertise and market my company will be a great help to get me off the ground.

      Does anyone have an recommendations? Is their a grant I could apply for? Should I even bother applying for the line of credit?
        • Re: Business Operating Capital
          LUCKIEST Guide
          Business Operating Capital, Welcome

          Have you developed a Business Plan that I can read??

          As an investor, I will not even consider providing money to you or your business unless you have a plan.

          Talk to me, LUCKIEST
            • Re: Business Operating Capital
              Ryan524 Wayfarer
              Well yes and no. I do not have a full business plan yet, but as part of the process of working with a local state-funded orginization to help small businesses I have answered 5 key questions, not exactly a true business plan but it is a start, the full business plan is not complete yet, I cam currently working on contacting 100 local businesses in my area that might find use of my services and get feedback from them.
            • Re: Business Operating Capital
              amspcs Ranger
              There are options I'd be happy to refer you to. Drop me a line to and
              provide your contact info.
              • Re: Business Operating Capital
                bmt2008 Adventurer
                There are two sources that I can think of:

                1) Micro-credit - like ACCION USA - up to $25K - they are there for people and companies just like you (yours) - companies needing a little help to get the ball rolling.
                2) Peer-to-peer lending - we work with one of the few remaining social lending groups that are still taking applications. Peer-to-peer lending is where members lend and borrow from each other - usually in amounts up to $25K

                Put these two together and you might be able to get the funds you need.

                Just some thoughts
                • Re: Business Operating Capital
                  vlakh01 Wayfarer

                  Hi There,


                  Bank of America is still lending money to small businesses. Make sure you have a well thought out business plan or a website that can give the credit officer an understanding of what your business. Applying for a line of credit that pays off your credit card is a good idea.


                  Also, today the banks that are still lending are local and regional banks. Also we find that credit unions are fairly active in the small business and personal loan area. I am going to recommend that you try this excellent forum and also check out our website for the most detailed listing of bank in your state with small business ranks. Also don't forget to get a good understanding of how a business loan application works.


                  Good luck.


                  Vivek L | Business Plans, Business Loans, Free Credit Report and Credit Score analysis and much more..




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