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    3 Replies Latest reply on Mar 19, 2009 12:49 AM by cougar369

    Am I too young for a small business loan?

    amarpatel12 Newbie
      I am a 19 year old college student with an internet business. I am designing and developing an online community for schools and I have a propriortary system in place that will make it the safest social network available. I have proposed my business to Gwinnett County Public Schools, Fulton County Public Schools and Cobb County Public Schools. Collectively they will bring over 1,000,000 student, parent and teacher users.

      I am looking for between $20,000-$40,000 to refine my product to a level where it can support such a large user base without falling apart. I have a clear plan with numbers, details, strategies and a solid business model.

      Am I eligible for education technology grants if I am a for-profit business?

      Am I eligible for a small business loan if I am only 19 with almost no credit history?

      Am I angel investor worthy?
        • Re: Am I too young for a small business loan?
          terra_cotta Newbie
          Your age is going to be an issue, if only because you probably don't have much of a personal credit history. Have you considered teaming up with an older partner?
          • Re: Am I too young for a small business loan?
            bmt2008 Adventurer
            Legal answer - over 18 can enter into a contract. non-legal answer - work on your weaknesses. How much time do you have - is you need immeidate?

            You can quickly build your personal credit - all you need is three solid credit lines (with at least one being a term loan). But, lenders look at more than credit. They also look at your income and your debts. If you are in college - probably have student loans and no steady income. It is not just your credit.

            As stated above - look for a partner - either one with money and experience or one with credit - or, look for someone (friends and family) that is willing to co-sign. You could even look at friends and family for the money.

            Other options for you would be:

            Peer-to-peer lending or micro-credit - both can provide amounts up to $25K - and will look at your credit but will also look at your story.

            Have you asked the schools if they were willing to fund some of your expenses as you take your product out of beta?

            Apply for evey credit card deal you get in the mail.

            There are also equity investors that play in this space - look at Union Square Ventures.

            Hope some of this helps
            • Re: Am I too young for a small business loan?
              cougar369 Newbie
              you can email me at would love to discuss...