Hello all,
I have a small outdoor recreation and archery business in a very rural part of the southern USA. I started this business on a idea and funded its start-up out of my pocket and it still remains a debt free business. I started this venture while still employed full time and am currently employed full time. Due to the economy I was laid off for a period of 6 months. During this time I attended college to finish up my degree in order to get my teachers certification. Being a single parent also, funds were tight so I had to use my business as my source of income during this time, this caused me to use a lot of my operating capital that had been generated to help get me through finishing my degree and becoming a full time teacher. My business has now exploded on me and I have limited funds that is not allowing me to capitalize on this growth. I never dreamed some opportunities would develop as they have, not just from the walk in growth but opportunities to now export products and market them in other countries has developed and I haven't the capital to grow inventory for these opportunities. I would like some advice on what some options are. I talked to several SBA people but because the amount I am looking to get isn't large enough for the lenders to want to deal with the paperwork. But because I don't have perfect credit the banks won't do a personal loan for my business. I have also been told that because I have 0 debt and pay cash for everything, that I don't qualify for a lot of the programs out there. Any info on what to do about this situation would be appreciated.
Thanks