This content has been marked as final. Show 2 replies
First, while making $100K, is your business cash flow positive? Most traditional lenders require several years in business (usually 2 for amounts under $100,000 and 3 year plus for amounts over $100K) as well as positive cash flow. Even with an SBA loan, a bank must underwrite the loan to their quidelines as the SBA only guarantees part of the loan amount.
However, there may be some non-traditioanl funding sources that you could use. You do not state how much you are seeking:
If you only need a small amount like under $25K - there are a few sources that you could use like Micro-Credit or peer-to-peer social lending.
For larger amounts, there are:
Business Cash Advances if your business accepts credit cards as payment for your services.
Unsecured business and personal loans for amoutns usually up to $125K provided your credit is strong and you can demonstrate an ability to repay the loan - shown by either personal disposable income or positive business cash flow.
Just some thoughts
Go to original post
Reply to original post
I started a Dog Training business ayear ago and had very good responses from new customers..I have a web site and it gets pretty good hits..I generated about $100,000 my first year and believe the sky is the limit, even in this economy..the commitment people have to their pets(dogs) transalates to a 40 billion plus industry..I need to get a bigger facility to offer training , obedience, protection, security, socialization classes, boarding and in kennel programs..my credit is excellent and my partner has been a dog trainer for over 35 years, I have been doing his for 2 years..any suggestions to get to the next level?..