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    8 Replies Latest reply on Apr 28, 2009 3:21 PM by bizcreditfan

    Start up & Financing

    partybiz Wayfarer
      My husband & I are starting up our business which is a liquor store. We're Incorporated. We have our duns & bradstreet number. We have the location and the funds for the building lease but unfortunately, not enough funds to purchase inventory for the liquor store. That is the where frustration occurs. We have applied for different personal loans and business credit cards but so far there has not been any success. Does anyone know of any other ways to receive funding, whether it be loans or grants? Any advice would be greatly appreciated.
        • Re: Start up & Financing
          LUCKIEST Guide
          Start up & Financing, Welcome and Good Luck

          Tell us more. Where are you, like City and State.
          You do have a liquor license?? right??
          How soon do you plan on opening??
          Any lender or investor will want to see a Business Plan.
          You will get many offers for funding on this site.

          Good luck, LUCKIEST
          1 of 1 people found this helpful
            • Re: Start up & Financing
              partybiz Wayfarer
              We're located in houston, texas. We are at the end of the process of obtaining our liquor license, just need the rest of the funding for the inventory. We want to open by Labor Day.....We just need help with this business plan....where is Score located?
            • Re: Start up & Financing
              Tracker

              Without credit or collateral to get debt based funding, the only avenue you may have is to try to raise capital by selling equity. Do you have an investor-ready business plan with 3 years financial projections that can be presented to equity investor prospects to gage their interest? If your plan is solid and the business a viable opportunity you you may be able to find a local "Angel" investor who would provide some funding for you.

              If you need a large amount of funding you should look at using your plan for the basis to have your attorney prepare a Private Placement Memorandum. Also known as a PPM this is the document that covers all the legal aspects of raising capital from from private investors by selling them stock (and sometimes bonds, which are often convertible to equity). if you are interested in raising capital that way then check with your attorney about a Reg D PPM filing; the costs etc.

              Another thing you might want to consider is to buy a liquor store rather than start one. Funding and financing is usually much easier to get on existing businesses than start-ups. And you might be able to find structure a deal where you have minimal out of pocket expense to you to buy the business.

              I hope that gives you some directions to explore. Best of luck to you.

              Dennis Lowery
              Adducent, Inc.
              1 of 1 people found this helpful
              • Re: Start up & Financing
                bizcreditfan Wayfarer
                It isn't too late to start building strong business credit. If you had business credit in place getting a $25k line of credit would be much easier to attain.

                You've already taken the first step by getting your DNB number now you just have to know how to use it!

                For tips on how to build strong business credit and utilize it check out www.strongbusinesscredit.com or www.initialunderwriting.org . I found both of these sites helpful when I started my process of building business credit.