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    3 Replies Latest reply on Mar 21, 2009 10:49 AM by bmt2008

    Start Up Funds

    onyxclothing Newbie
      I'm inneed of help.

      I am looking to start an ecommerce site selling men's premium denim as my staple product. I need to secure $25,000 to get out of the gate(plus about $5,000 in a line of credit for working capital) but I've ran into several brick walls.

      The SBA will not back a loan for me because I am a former felon. A conventional loan is all but out seeing that my credit score is only "fair" according to the banks. I have a promising looking deal with a micro lender but don't have the collateral to secure the loan($12,000). Can anyone offer any suggestions. I'm on the verge of giving up and going back to corporate America.......oh wait, they won't hire me either because I'm a felon.

      I have a solid business and marketing plan, but can't find anyone willing to work with me.

      If anyone can point me in the right direction I would appreciate it.
        • Re: Start Up Funds
          LUCKIEST Guide
          Start Up Funds

          Otis, I would like to read your business and marketing plan.

          Then we can talk, LUCKIEST at " "
          • Re: Start Up Funds
            A lot of startups make the mistake of mixing personal credit with business credit. Here's an article I wrote about this issue.....


            A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own.


            Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.


            Good luck,


            Ilya Bodner


            Small Business Owner


            Initial Underwriting Group
            • Re: Start Up Funds
              bmt2008 Adventurer

              We can help - just go to our website - - Or, search "Business Money Today" in your favorite search engine - Fast, Easy And Free.


              Business Money Today