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    1 Reply Latest reply on Feb 21, 2011 9:34 AM by phanio

    How do we build up our business?

    Newbie

         Hi, I am new here and would like to know if anyone can help with an answer to the following. My new wife and i own a fireworks company in miford pa witch is on the pa, nj, ny tristate area. great location. She has been here for 23 yrs. we rent our building witch costs approx 30k for the yr and we pay it in full for 1 yr after the 4th of july.So here is our problem. The man she was married to was empting their bank account because he has a gambling problem. So to keep him from the money she brought here brother into the business. All monies went to an account in his name. In order to keep him away from it. They all live in arizona and she flew in every year from april till july. Well now that she is with me her brother got jealous because he wants her all to himself so he told her that since she was staying in pa and not comming back to arizona he was out.30 min later he emptied the bank account. That left us in a jam because that was our start up for the year and all our money. Approx 45k. So now we have to find it. I am busting my but working but its just covering bills and feeding the family. We can even pull a loan because we cant show last 2 years of income because he was in control of all that and he hid alot. And he wont talk to her now. Go figure.Well im taking control now. As it sits we have approx 50k in inventory now witch is retail value. I need to get ne registers that will pull from inventory in order to do some sort of inventory control. We need at least 25k to 35k to refill inventory and  to better keep an inventory control situation. The season starts in beginning of april. And we need to prder inventory now. If we have to roll over as we sell then we only stand to make approx 30k this year. But if we pull the money to restock then we stand to pull approx 150k. So do you understand my delema? Were can i find the funds.

        • How do we build up our business?
          phanio Pioneer

          Even if the brother handled the business - there must be some sort of tax returns to show on the business.  Thus, your bank or lender can use those returns to finance a loan.

           

          There are other sources like micro loans (which may take more than a few months to qualify for) or unsecured business loans if your current cash flow and credit are decent.

           

          You might even be able to use your retirement accounts to invest in your business temporarily - then, after the season, repay those funds back.  Not a loan so no interest payments.

           

          We provide information about all these sources and more on our website.