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    11 Replies Latest reply on Jun 29, 2013 6:16 PM by pandoraj

    Hello Everyone!

    pandoraj Adventurer


      I found the Bank of America community forum to see if I can find some information. I am trying to open a thrift store in a small town in Idaho. However, I have already "hit the wall" three times in the process of trying to find funding to open the store. So, I thought I would have a looky on these forums to see if others are going through the same problems I am going through and to see if anyone myy have some advice to share.

       

      Thank you for reading and have a good day!

        • Re: Hello Everyone!
          Guide

          Hi Pandoraj,

           

          Welcome to the forum!

           

          As a business owner, we all go through our own brick walls at many stages of the game. So in that sense you are not alone. Funding is especially hard to come by these days. Could you please tell us what kind of funding you were turned away from and why?

           

          Melinda

            • Re: Hello Everyone!
              pandoraj Adventurer

              Hello Melinda and Db3,

              The first road block I ran into was asking family members to loan me some money to start my thrift store. I drew up a contract stating when they will be paid back and how much interest they will receive. I knew my family wont not aid me but, I asked any ways. Which they didn't. I then used my income taxes to purchase most of the items needed for a thrift store. I still have money left and went to the bank to ask for a business loan. They didn't say yes and they didn't say no either. I have put most of my belongs and the business belongs up for collateral.  However, they told me that I would need to find a co-singer with a better credit score then me. At this time, I don't know anyone with a better credit score then myself. However, I have obtained one investor which I was overly joyed about because I just mentioned the thrift store idea and she just jumped right in without thinking about it. But, my third road block is what do I do? Keep on chugging away hoping that the first month will bring in enough to keep the store going or sell what I have obtained so far to get some my money back.

              Thank you two for your time.

                • Re: Hello Everyone!
                  Guide

                  Pandoraj,

                   

                  My first thought on the family funding situation is, you decided to draw up a contract before you approached them to even initially ask. I do realize that family is a tough one and you know them the best, but could have something in the contract rubbed them the wrong way?

                   

                  The bank loan confuses me a little. If they told you that you need a co-signer because of bad credit, then that is a NO. I would work on making your bad credit better. Ask the bank specifically what it was that they flagged you for.

                   

                  If you have an investor, why is the thought of packing it in crossing your mind before you even start?  Just a few things to think about. 

                    • Re: Hello Everyone!
                      pandoraj Adventurer

                      Hello Melinda,

                      I rubbed my family the wrong way by talking to them..lol. Very long hurtful story. Any was, I have been working on my credit for over a year now and I am getting there slowly.

                      The reason why I was wondering if I should pack it in is because I have been working so hard on getting my business going it seemed like I was not getting anywhere. However, I have toke a "mini-vacation" and I am back at it again. Oh! I also recieved some great news and I feel like I am gaining ground..slowly..lol.

                       

                      Thank you for your time Melinda.

                • Re: Hello Everyone!
                  db3 Adventurer

                  Hello, Pandoraj,

                  Welcome!  Can you describe further what you mean by, "hit the wall three times in the process of trying to find funding"? 

                   

                  DB3

                  • Re: Hello Everyone!
                    db3 Adventurer

                    Hello Pandoraj,

                    I know that you are working very, very hard to make your business successful in spite of a few set backs.  That is admirable.  I would suggest that you contact your local Small Business Association.  Their website address is:  www.sba.gov.  When you go there, click on the tab, "Local Assistance" at the top of the page.  Follow the instructions provided.  Whomever you choose is your decision. However, I suggest the SBA because there services are either free or at a low cost.

                     

                    I wish you well in your endeavors!

                     

                    DB3

                      • Re: Hello Everyone!
                        pandoraj Adventurer

                        Thank you DB3. I had already contacted the SBA and had a mentor. However, either the mentor got busy or something came up but, I haven't heard anything for the male mentor in over a month now. I will take your advice and ask for another one.

                         

                        Thank you again DB3 for your wisdom.

                          • Re: Hello Everyone!
                            Guide

                            Pandoraj,

                             

                            I am glad that you have finally gotten good news and that you were able to break away from the craziness for a short while to regain your sanity and continue on with your project. That is important. When you feel the pressure is too much take a time out and start again. It will seem like you are getting nowhere in the beginning, but truth be told if you just pay attention to the details and how far you have gotten, you will begin to see that you are making ground.  I am glad you stuck with it. My thoughts were that it is too early to pack it in. Good luck!

                             

                            Melinda

                            • Re: Hello Everyone!
                              db3 Adventurer

                              Hello Pandoraj,

                              I am glad to see that you are gaining ground.  Having had a respite seems to have done you a lot of good!  I'm sorry that your first stab at getting a mentor at the SBA didn't work out for you.  Hopefully, the second time will be the charm!  You say that you are working on your credit.  That is a good thing.  Have you thought about building a business credit profile for yourself as well?

                               

                              Sincerely,

                              DB3

                              • Re: Hello Everyone!
                                Guide

                                Hi Pandoraj,

                                 

                                Just wondering how things are going for you. Did everything work out in the finance department?