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    2 Replies Latest reply on Jan 23, 2012 9:07 PM by ctsmiami

    Home based IT business ready for retail

    Ace Wayfarer

      I started my company towards the end of 2010 as a home based part time business. I could not work for a company because i was discharged from the Air Force for medical issues and making my own schedule is all i could do.


      Things have gone very well, i now have 2 paid interns and am full time with many contracts and customers. We also do wholesaling online and via ebay shipping tons of packages worldwide. We have a wonderful satisfaction rate.


      There are a few contracts we have with retail business already where we pretty much do the work for them. They provide a steady flow and we have set up an agreement and basically we charge 50% less than we normally would.


      We recently purchased a new Ford for our company. I have registered the business name, recently formed the LLC, got an EIN and less than 2 hrs ago applied for our DUNS #. I personally have a decent credit score 700s according to Credit Karma and Credit Sesame.


      I am working with a Score Counselor who is helping with my business plan. It is almost done, i was pre approved for $7500 from Superior Financial, but i need $50k to start, they said with the business plan completed and send out they MAY be able to increase the amount.


      As research shows loans in this time are hard to get or start ups. Technically we are expanding but since only recently things were formed and filed, this a start up still.


      How are my chances of getting $50k? I want to remain the sole owner and not do a partnership. I dont want to get involved in selling part of the company as again the company is sucessful, fair and honest under my ownership and i want to keep it that way.

        • Re: Home based IT business ready for retail
          ctsmiami Adventurer

          my advise is think out of the box

          • Re: Home based IT business ready for retail
            Erik Salmon Scout



            If your company is under $1M in revenue your chances are about 36% for getting approved for a bank loan. Typically it will take you applying to at least 2 bank and an average of 7 days of work on the loan process.


            Since you just requested your Duns then you will have nothing on your business credit profile with D&B unless you paid for them to list your current vendors on your business credit report. But here is the down side to D&B, Bankers do not use D&B in evaluating a business loan. They pull from Experian & Equifax, and since you just started your business you will be personally guaranteeing in addition to paying higher rates.


            Bottom line is just like personal credit, you are going to have to work up your credit lines and prove to the lender that you can debt service $50k.


            You would have a higher approval rate with your personal credit being what it is by going to a peer to peer lending website like Prosper.


            Good luck to you,