Post a new topic
    7 Replies Latest reply on Apr 23, 2009 3:38 PM by fundme

    Where should I go to seek working capital?

    YellowRose64 Newbie
      Hi, I tried to post this question 3 days ago, but I don't see it anywhere. I have a small franchise which I bought 7 months ago and the business is about 6 years old. I maxed out credit cards, and have borrowed from friends and family, but need to know how to go about finding working capital to continue the growth of my business. I am still having to pay some of the bills above and beyond what it makes in revenue. I am incorporated. I have found no bank, etc, which will give me a loan since I've been the owner such a short time. My credit history shows excellent credit, only with credit cards maxed out, and 1 late payment to our mortgage company, which we've been in contact with since before it happened, and have been given a plan to use to pay it. Can anyone suggest where I should go to seek working capital?? I'd like to get a loan to pay off all other loans/credit cards, and have enough left to cover the next couple years, if necessary. You can email LindaS at FirmlyEstablishd@aol.com. Thanks!
        • Re: Where should I go to seek working capital?
          DuffyDuck Newbie
          You should try www.CorporateSensei.com They specialize in helping business owners getting financing. I spoke with Alex the Funding Manager over there, and that guy is CRAZY Smart when it comes to that stuff! Helped me get a few business loans to help move the debt over to the business and away from my personal credit, which totally boosted my scores back to normal.

          They worked with me, and taught me How to Build the Business Credit. Which was cool because now I have the know how, and can help my friends and families with their businesses. It was a blessing finding these guys, they really helped steer me in the right direction!

          Check Em' Out, and if you talk to Alex tell him Duffy says Hi!
          1 of 1 people found this helpful
          • Re: Where should I go to seek working capital?
            LUCKIEST Guide
            Where should I go to seek working capital, Welcome

            To seek working capital, you need a Business and marketing Plan.

            I would go to SCORE on line or in person. SCORE is FREE.

            I am also going to check out Duffy Duck suggestion of Corporate Sensei.

            Good luck, LUCKIEST
            1 of 1 people found this helpful
              • Re: Where should I go to seek working capital?
                YellowRose64 Newbie
                Thanks to you too, Luckiest. I will check with SCORE. I saw you had recommended them to somone else who had questions about financing their business, and had already intended to check with them!
                Blessings!
                LindaS
                  • Re: Where should I go to seek working capital?
                    intechspecial Ranger
                    Obviously banks will offer a small business loan as well, but you will need to have a business plan as mentioned by Luckiest, and as well you will need to have good to great credit score to even be considered.

                    Best to you in your venture.
                    1 of 1 people found this helpful
                      • Re: Where should I go to seek working capital?
                        YellowRose64 Newbie
                        Thanks for your tip. I have only been in business myself for 8 months now, and most of the banks I've spoken to won't consider a business loan until I've been in business for 2 years. But one has said that if I had the tax returns of the former owner, that they might be able to do a loan. I have 2006 and 2007 now, but 2008 is not completed, just the same as my own for 2008. So, I'll see what they say. I don't have a business plan on paper though, either, but I've gathered that I might be able to get help from SCORE for that. My credit is excellent, except for the fact that our credit cards are maxed out, and the credit report shows one mortgage payment as late. We made 1/2 payments to them for two months, having been in contact with them since before we did it, but they said it would show up on it. So, the bottomline score is a little low, but if everything is taken into account, it doesn't look bad. Anyway....I'm continuing to check on things. Thanks again!
                        LindaS