173, RE: Not sure what to do now...|
Posted by bizdev, Tue Feb-20-07 11:27 AM
Move on to the next bank.
It is quite normal for someone to go to several different banks before they find one that will back them.
However, they will likely all require that you have at least 20% of your start up costs funded by yourself. I don't think they will count what you have already spent as part of that 20%.
Have you tried for a microloan? Look through the SBA website and look for microloan intermediaries. They are a little more flexible. Intermediaries work only with local businesses, but they are located in many parts of the country and cover a pretty wide territory.
Don't give up! You've come so far already.