Okay, here is my predicament: My father and I are trying to start something along the lines of a snack shop. My father has pretty fair credit, and my credit is pretty good. My father has experience in this field, as he opened this shop in New York in the 80's, but had to close it, due to lack of money. He was basically funding the shop with his day job, because the location of the shop was not ideal. He got great reviews from fans, and was written up in a few papers. Fast forward to now. We are looking to start over in Georgia, and are looking for financing. Neither of us own our own homes, or have retirement funds to take money out of, or against. I was looking into an SBA backed loan, but I understand that you need at least 20% of the money to bring to the table. There is absolutely no family that we can ask for the money, and we have no other options that I know of to get the money. Anyone have any suggestions, or ideas for us?
#1. "RE: New Business Funding" In response to Reply # 0
I've said it before and I'll say it again...... (LOL)
Contact your local Small Business Development Center and get your business plan written.
Allow them to point you in the right directions. They may even be able to put you in contact with a few bankers who would be more willing to give you a business loan --- it doesn't HAVE to be with the SBA.
I know that my SBDC has been most invaluable and have pointed me to three local banks --- all of which are friendly to small business AND to small business in the area that I want to be in.
BUT you MUST have a clear and concise business plan. (They can help with that too) NO BANKER is going to even talk to you without it.
#2. "RE: New Business Funding" In response to Reply # 0
Hi, What Lisa said is very good sound advice. Do not ignore it.
But here is another option to get your business off the ground or do an expansion, try BEDZZZ INN, Inc. They have raised $92,867 online in 90 days. They will show you how to do the same methods. I am doing the same methods right now, and I am starting to raise capital.