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Community Banks will often be more flexible, perhaps you should start there. The only thing you should be aware of is that community banks are usually interested in an abundance of collateral, which could mean putting up your house or anything else that has value (like your first born!).
If your business is profitable, you could always use credit cards to finance the business until you can demonstrate some historical cash flow. If you desperately need the money, perhaps you should revisit the investor. 60% of something HUGE is better then 100% of something little, right?
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What JasonTees said about considering that owning part of something with the potential to be huge is better than not reaching your potential because you don't have the capital you need to execute your business plan and grow the business. I just posted a topic in this forum titled "Turning Down Money From An Angel Investor" it is a real account of what a client prospect told me about turning away an angel investor. You might find it interesting food for thought.
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Let our team know if you have any questions or need any help in posting your deal on the online platform. Thanks and good luck with your business.
First, know that you are not alone - all small businesses face financing hurdles. Banks, like business owners, want to reduce their risk. New businesses under two years of profitable operations is just too risky for banks.
As stated here - there are community banks and credit unions that might provide personal loans to your business.
There are also non-bank lenders that work with new businesses - they are only interested in credit histories and cash flow. If you have cash flow to service the debt, you might try some of these companies.
There are also bank and non-bank companies that can provide asset based funding - based on business financial assets like accounts receivables, credit card recipts or purchase orders and letter of credit. Since you already have the business in hand (order from overseas) - these may be your best options.
Lastly, there are non-profit lenders like micro-credit lenders that work with new businesses that have been turned down by banks.
So, don't let your bank stand in your way!
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I am looking for a loan to expand my business and every time I talk to loan specialist they turn me down. As long as the business is less than two years since you started nobody wants to listen to you. I want to start building the credit right away from the beginning. which banks that really helps small businesses to start building credit right from the beginning? I have approached couple of investors and since my business is profitable they want to take 60% of the business. I import green coffee beans from Africa and I distribute to coffee roasters all across the country.