Post a new topic
    10 Replies Latest reply on Apr 18, 2008 1:18 PM by brinat0318

    Need Start up Cash Now

    mtpstudio Newbie
      Hey,

      I'm trying to get start up cash for the studio business that I'm starting and I'm trying to see how I can do that without having to use my personal credit to gaurentee the loan. Is that possible?
        • Re: Need Start up Cash Now
          LUCKIEST Guide
          Need Start up Cash Now. Tell us MORE
          How soon will you be starting this studio??
          Do you have a Business name??
          How much?? For how long?? and How will you pay it back??
          Do you have a Business and Marketing Plan??
          LUCKIEST
            • Re: Need Start up Cash Now
              UltrasoundMom Newbie
              I am in the process of starting a Franchise Business of StorkVision. StorkVision is a business where you do 3D and 4D ultrasounds for pregnant women and her family in a relaxed, nonclinical setting. It allows the Mother and her family to bond with there expected child. My partner and I are looking to take out a $100,000 business loan that we look to hopefully pay back in a 5-10year period. This is a proven business, we would be the 12 franchise business to open for StorkVision. There are currently 11 other sights between Florida, Georgia, Virginia and Texas. This is something that we are hoping to accomplish within the next three months if we can get financed. Our next step is to fly to Texas and have a meeting with the owners of Storkvision. They will advise us on writting our business plan and talk to us about advertising and everything that this business entales. The benefit of a Franchise is that it is tried and true. The owners have established that best forms of advertising, know where the best place to set up would be and will help us along the whole process to assure sucess. They are also SBA approved so that once we have signed a contract we can use there successful credit information in order to secure a business loan. If you can help we would greatly appreciate it.

              Thank you so much for your time,
              Amanda
              • Re: Need Start up Cash Now
                mtpstudio Newbie

                The projected opening date of the studio is May 1, 2008. The Business name is Mellinnium N Tyme Prodcution. The amount that I'm trying to borrow is 50,000. I have a business plan and martketing strategies to promote more business. I'm currently producing and engeneering out of someone else studio so I already have a lot of clientel. I can submit my information to you. I would like to converse with you. You can reach me at 704-891-1546. Look forward to hearing from you.
                  • Re: Need Start up Cash Now
                    brinat0318 Newbie
                    Have you considered a business line of credit? If you have good credit you can apply for a BLOC & get funding that way. If that is the route you choose to go with, I may be able to assist you with funding. My company acquires BLOC's with a credit score of 700+. Funding ranges from $25k to $1M and we can usually close within 1 - 3 weeks (with proper documentation).

                    If your credit is not great, we can also assist with credit restoration.

                    Reply to the post if you are interested and I will forward further details to you.
                • Re: Need Start up Cash Now
                  seanstumbo Newbie
                  That i totaly agree about that and that i am in the process of getting all that information completed right now so that i can summite it to a bank
                  • Re: Need Start up Cash Now
                    designer Tracker
                    Any bank is definitely going to want to know what you will put up for collateral against the loan. If you don't want any of your personal assets to be cosidered, there might be some banks that will accept pledges or guarantees from a 3rd party. The perception out there is that loans are casually given out by a personal banker in a branch trying to make a quota based on a really, really great idea, the way a person looks, credit history, a family name or reputation, etc. but everyone is equally treated fairly and in reality, all the applications have to go through a very strict process to ensure the business is valid and ethical with background checks and and they are analayzed by an expert financial analyst to see if it is credit-worthy and then it is written up further and if passes the number-test, it has to get credit approval based on the amount and risk. You can say there is a lot of red tape and it is not up to one person but a whole team. You always have to keep in mind that the shareholders of the bank won't allow money to be given out with a lot of risk. The less risk involved to pay back the loan the better the rating of the loan and the quicker it can get approved. The industry of your intended business also has a lot to do with whether or not a bank will loan you money. Some industries are considered solid and others are too risky. Good Luck with your idea and getting financial backing. If business were so easy.....everyone would be doing it!
                    • Re: Need Start up Cash Now
                      TJMorehead Adventurer

                      Hello mtpstudio,

                      To answer your question, unless you have business credit established, there is really no other way around not using your credit. The lender has no way of looking at your track record to determine stewardship. A vendor of my company offers a 7 month credit builder program that progresses you to higher levels of credit each month throughout the course of the 7 month period. Send me an email moreheadsconnections@gmail.com, if you are interested in establishing your business credit.

                      Warm regards,
                      TJ Morehead
                      1 of 1 people found this helpful
                      • Re: Need Start up Cash Now
                        fordwreck Newbie
                        i wish i could help, i do know that you will need more money than you think.borrow more than you need
                        • Re: Need Start up Cash Now
                          TJMorehead Adventurer
                          Hello mpstudio,

                          I failed to mention, I can assist you with securing financing and developing a strategic plan of action to transition from using your personal credit to access more capital.

                          Take care,
                          TJ Morehead
                          1 of 1 people found this helpful
                          • Re: Need Start up Cash Now
                            UltrasoundMom Newbie
                            I have a question. If you are starting a Franchise and the Frachisor is SBA approved, do they still look at your personal credit when you apply for a business loan?