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    2 Replies Latest reply on Aug 14, 2008 12:04 PM by Milleisen

    Getting a loan, or grant, at young age (under 20)

    alpvicep Newbie
      My friend and I have recently gone through some critical steps to begin a business. Our work is in video production services (commercial, industry, web, small bus., film, etc.) We've paid for this certificate here, and license there. We've sat down and discussed what we need, where to facilitate it, and how much start up funds we would need.

      But we have a major concern as to acquiring a loan. We know that it's near impossible to walk into a bank with no established credit and walk out, loan in hand. We are both 18, and have assembled a pretty legitimate case for what assets we need, and its relative cost.

      My question: How can we acquire loans or grants, whether a co-signer is needed or not, for start up businesses, with owners in the under 21 crowd, and no credit history?
        • Re: Getting a loan, or grant, at young age (under 20)
          LUCKIEST Guide
          Getting a loan, or grant, Welcome

          If I was in your shoes and wanted to start a business, I would do TWO things.

          One, I would develop a Business and Marketing Plan.

          Two, I would visit SCORE. SCORE is FREE both in person and online.

          Tell us more about yourself and your friend besides being from Delaware

          Good luck, LUCKIEST
          • Re: Getting a loan, or grant, at young age (under 20)
            Milleisen Scout

            Congrats on your venture. By starting at your age, you'll have great experience by the time you reach the age that most people even start thinking about their own business.

            So, how much do you need? If its not a really exorbitant amount, maybe a parent would be willing to co-sign a loan for you? Banks will give a personal loan if there is a co-signer with good credit and income. It's important to remember that if you miss payments or default, this will hurt your co-signers credit severely so its important to keep that in mind. The worst thing that can happen is have money come between friends or family.