Hi all,
I would like to tell you a little about whats going on before I ask my question. I have been working on a plan to open a Indoor Flea Market now for about 6 months. I have been a Flea Market vendor myself for over 15 years. So, I pretty much know about how a market is run.
First! I have a building that the owner is willing to do a 10 year lease purchase with nothing down but the first payment.(Yahoo) Second! I have been visiting outdoor Flea Markets in our area for the past 4 months and have found alot of vendors are wanting a Indoor Market. So vendor wise Im set.
Thrid! I am in need of $7500.00 dollars to get started. But I cant seem to find any place that is loaning money due to our ecomony. I even went to the bank we have done business with for 5 years and they are not loaning. My problem I think is because all my life I have paid cash for everything I have done. Even paid cash to buy my home. So my credit score is low. I have tried to get a creditcard but have been turned down.
My question is...... Does anyone know where I can go to get a loan for $7500.00 without getting hasseled over what may credit score is?
This is so sad that I have my life dream right at my finger tips and cant seem to get a complete hold onto it.

Thanks I'll keep praying and Hoping that someone can help me start my life dream.

Mountaineer

There are a number of alternative lending sources available outside of traditional banking. There is additional money out there, however the cost of capital is much higher. It really depends on if the cost benefit is worth it. If you want you can email me at rhanley@randolphstreetllc.com and I may be able to give you a few directions to explore.

>Hi all,
>I would like to tell you a little about whats going on before
>I ask my question. I have been working on a plan to open a
>Indoor Flea Market now for about 6 months. I have been a Flea
>Market vendor myself for over 15 years. So, I pretty much know
>about how a market is run.
>First! I have a building that the owner is willing to do a 10
>year lease purchase with nothing down but the first
>payment.(Yahoo) Second! I have been visiting outdoor Flea
>Markets in our area for the past 4 months and have found alot
>of vendors are wanting a Indoor Market. So vendor wise Im set.
>
>Thrid! I am in need of $7500.00 dollars to get started. But I
>cant seem to find any place that is loaning money due to our
>ecomony. I even went to the bank we have done business with
>for 5 years and they are not loaning. My problem I think is
>because all my life I have paid cash for everything I have
>done. Even paid cash to buy my home. So my credit score is
>low. I have tried to get a creditcard but have been turned
>down.
>My question is...... Does anyone know where I can go to get a
>loan for $7500.00 without getting hasseled over what may
>credit score is?
>This is so sad that I have my life dream right at my finger
>tips and cant seem to get a complete hold onto it.
>
>Thanks I'll keep praying and Hoping that someone can help me
>start my life dream.
>

What gets people the money that they want is the viability of their business. Whether its a loan, an investor or a grant you have to show why you should be given the money.

There are plenty of loan programs, investors and grants that are still out there ready and willing to give you money IF you can prove why your business idea / plan is viable.

I read in your original post that you "shopped around" for loan programs and unfortunately just because you haven't found any yet doesn't mean that they aren't out there because they are and I know they are because that is the kind of work that I do.

Unfortunately you are still going to have to "shop" around if you want to find a program that is going to help you out financially but they are out there - and some of them don't even care what your credit score is - as long as your idea is viable!

Since the dollar amount you need is relatively small, you could try a peer to peer lending group like prosper.com. Yes, a good credit score still helps, but a low score does not put you out of the running like a bank loan would.

You could also try Accion. Again the credit score does factor in, but they might be able to help with a microloan.

Sylvia
http://smallbusinessstartup.biz
Startup & Biz Plan Help
http://smallbusinessstartup.biz/blog

I understand your frustration. I work with clients everyday that are in the same situation that you are into. The key to what you want to do is to build your Business Credit so that you no longer have to rely on your personal credit.

The money you want to get is for your business so why not let the business have it's own credit. This can take awhile to build but you will be much better off in the long run.

Do a google search on "Strong Business Credit" and you will find several ways on how you can be able to get the business financing that you are looking for.

Good Luck!

Well you need to work on building "strong Business Credit" I was under the impression that I would be able to start building business credit Easily just the same as building credit on my own but I heard that you have to be incorporated and registered with Dun and Bradstreet. Then the question of paying bills on time and having positive revenue would come into play. Seems kind of odd, can anyone validate this? Once you have "strong business credit" you can Get a business loan for what your looking to do..

Mountaineer,

You are in a bit of a pickle. First of I want to commend you for being debt free. That is an admirable thing even if the world says it?s not. You can increase your credit score and still maintain your cash only lifestyle.

The fastest way to increase your personal credit score is to get a secured credit card. Secured credit cards are regular credit cards but you secure it with a savings account or CD deposit. After about six months they usually will increase your credit limit without requiring additional deposits. I would suggest if possible to deposit at least $1,000 and purchase something for about $200-400. Pay it off in 3- 6 months and do not purchase anything else on the card until that is paid off. Always pay more than the minimum due. Keep doing this until you see an increase in the credit score. You need to get up to 675 at least. Try and get one with a special promotion with zero to low interest rate for the first 6-12 month. This should keep your expense down.

Everyone else raised some serious issues to consider - the 10 year lease is a problem for me as well especially since this is a new business and you currently do not have experience running a full-fledged business. Also with this economy anything could happen. Before you do anything develop your business plan. A good plan will tell you how much you need to start the business including payroll needs, build-out on the property, utilities and other expenses for the first 6 months of the launch. Be prepared to have to pay these and other expenses out of pocket for the first 6-12 months.

Try raising money from the vendors who would rent space from you. You can collect fees up front and that will get you started. A loan program may look on that favorably. Try friends and family don?t ask for the full amount needed but for a smaller amount that they feel comfortable with.

Good Luck.

Greetings Mountaineer,

First and for most is the old knowledge of:
Location, Location, Location.
We have a Fles market that started just 6 years ago on the other side of U.S.33 from us. He started with a few tables out side, now has six large buildings and a few years latter millions in the bank.
So if you are absolutely sure you have more than enough traffic throughout the year, then give it a try.

Having trouble locating money? Been turned down by 3 banks even with a logically laid out business plan? Then go to the nearest Small Business Administration office and speak with them.
First though I would go on the "internet" and look them up: sba.gov
it is absoutely loaded with valuable inmformation.

Remember the big boys are the ones that were greedy and trying to take advantage of the average Family and now are Failing. The little Mom and Pop business built this mighty country and are the ones starting to rebuild it; this could be a great time to start if you practice the "Golden Rule".

Sincerely,
Pastor Brady

Come visit with us enjoying poetry created for the whole Family from 3 to 93 years of age.

Your Family or Social Group can sell "Wishful Tinkering From My Front Porch" in discounted Bulk Purchases to raise funds.

www.amusingpoetry.com

:-) I want to thank everyone who has replied. Just a update. We think we came up with a way to do this. We have someone who has a 40500 sq ft building and we are try to work a deal with them. Something on a precentage of the profits and they put up the building.

Thanks again all:-)

Mountaineer