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    5 Replies Latest reply on Apr 21, 2009 8:01 AM by phanio

    Information needed - Lines of Credit...

    Mr.Miller Newbie

      Hello all,

      I am a new Web Design business that is starting its first project in the world of Online Gaming. I need startup money but I am having trouble finding it. I have talked to V.C.'s, Angel Investors, Sponsorships from companies and yet no one wants to get on board. I have a strong business plan and I am determined to get this project going.

      Its been 5 months since I have started looking for investment help and now I'm wondering should I just get a Business Line of Credit? A Business Loan? What should I do? I do not have good credit so would this hurt me if I'm looking for funding for my Business?

      All help is welcome. Thanks again,

      -Mr. Miller
        • Re: Information needed - Lines of Credit...
          LUCKIEST Guide
          Information needed, Welcome Stacey

          As you know to get a line of credit or start up money you need a business plan.

          I would like to read your "strong" business plan and then we can talk.

          LUCKIEST at " pdeig@juno.com "
          • Re: Information needed - Lines of Credit...
            Wayfarer

            Maybe this will be helpful....

             

            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: Information needed - Lines of Credit...
              money4u Wayfarer
              I may be able to help you. Please email me at dawnbergeron@hotmail.com
              • Re: Information needed - Lines of Credit...
                phanio Pioneer
                Have you had any success raising money? Equity capital is very hard in this market - not impossible, but hard. Have you tried - businessmoneytoday.com - ? Information and resources designed to help you find the capital you need to start, buy, or grow your business.

                Business Money Today