1011, What kind of funding/loan is right for me?|
Posted by KellyRates, Tue Dec-18-12 11:03 AM
I am hoping for some advice on business funding - my situation is pretty unique and I'm not sure which route to go.
I own an LLC 33% with 2 partners. Under our LLC we have 3 registered trade names or "DBA"s which we use pretty much as our own businesses. My part, Blacktop Consulting, is all I work on and they don't attempt to take any of the profits I'm bringing in myself and vice-versa with their businesses.
We do, however, all set aside 20% in our LLC business account. 10% specifically for taxes and 10% for the business itself. We have that covered. I'm trying to look at financing options and I'm not sure what would be the best way to go if I just need a micro-loan of say, $5,000.
Even though I have partners, I feel like I'm in business on my own because Blacktop is my baby and they don't contribute. They have money in the bank, I don't. They also have other income, I don't. I've brought up the idea of treating them like clients and them funding me but it hasn't been explored yet. I'm considering going to my credit union, as I do have good credit and good history with them. What I would like to do with the loan is consolidate my personal debt and keep reserve funds, as well as have some money for marketing. When I look at business loans, they usually have restrictions on paying for personal debts. Plus we are in an LLC, so I don't want to do something wrong that takes away the limited liability part.
Should I be looking for merely a personal loan? Some kind of business loan that can cover past debt?