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    1 Reply Latest reply on Aug 17, 2011 6:19 PM by twalters

    New Business, getting capital

    twalters Newbie

      Hi Everyone -

       

      Not sure if this is the right forum for this, but my background is that I work full-time in a secure job, earning > 100k a year and in the past few months - I've been working on a side venture involving the new bitcoin currency which I predict can yield 72k in revenue the first year after it's launch, assuming we get to the market first.

       

      After crunching the numbers - I'd need about 60k to get started, which would include labor, hosting, development, etc.I've completed a business plan and submitted it to two banks (BOA and TD BANK) for a small business loan. but both did not approve the loan because the business is too new and there is no collateral.

       

      My credit is around 700 - and I earn a decent living... How can I get the capital needed to get started? Has anyone had success getting a loan for their small business start up at traditional or un-traditional banks?

       

       

      Please don't respond with SPAM, I'm not looking for a pay day loan nor am I looking at getting an unsecured personal loan with a 29.99% APR!

       

      Thanks !

        • Re: New Business, getting capital
          Tracker

          Hello twalters,

           

          I think the issue with getting a loan isn't that you would be a small business, it's what your business is in.  Bitcoin is still very new since it started in 2009 and because of that, most banks probably don't see it as going anywhere.  It's hard to start an new currency when no major retailer wants to accept it as payment.  To get funding for a new business based on Bitcoin, it will take a lot of work to convince a bank it's actually real just to start.  You would also have to prove it isn't going to disappear and that you will make some cold hard USD on this project an not just bitcoins.

           

          At this point I would say you would have an easier time convincing individual, tech-savvy investors, instead of banks.  It's a unique idea for a small business though, I applaud you for that.

           

          Good luck, I hope you find what you need.

           

          ~Paul