Im 18 and have be doing digital art and programming for around 6 years now. I am looking into starting a game company but I made a list of all the money that would be needed for success and came to the conclusion that i need somewhere around 45k. What im wondering is if its possible to get this amount of funding and what would be the best way to go about getting it? thanks alot for your help.
2006-06-13 12:12:27 · 2 answers · asked by Evan P 1 in Business & Finance ➔ Small Business
If you are talking about a small business loan from financial institutions, you stand very little chance of getting a loan without any capital and collateral. Collateral can be personal and business assets such as house, receivables, stocks and bonds, furniture and fixtures, among others -- that can be sold to pay back the loan.
Collateral provide banks with the assurance that they can get their money (or at least parts of it) back, even if you cannot pay. Even SBA-guaranteed loans as well as micro loan programs require some form of collateral to secure a loan.
Banks, including the Small Business Administration will not give you 100% of the financing you need. You can read here the requirements of Small Business Administration for the small business loans that they guarantee http://www.sba.gov/financing/preparation...
1. Equity investment
2. Earnings Requirement
3. Working Capital
4. Collateral
5. Resource Management
They need to see that you are invested in your business -- which means they need to see you have money before they give you money. Otherwise, it's an extremely tough deal.
If you do not have collateral or capital, you will need to have a co-signer who has collateral and can pledge to cover your loan in case you default on payment.
Or you can go and pitch your ideas where investors gather. Here are some places where angel investors come and those looking for funding can come and pitch their business plans. Be sure to have a strong business plan and describe what makes your business idea stand apart:
Angel Capital Association http://www.angelcapitalassociation.org
Angel's Forum http://www.angelsforum.com
Band of Angels http://www.bandangels.com
Common Angels http://www.commonangels.com
Keiretsu Forum http://www.k4forum.com
Launchpad Venture Group http://www.launchpadventuregroup.com
New World Angels http://www.newworldangels.com
New York Angels http://www.newyorkangels.com
Prairie Angels http://www.prairieangels.org (charges $125 to submit idea)
Robin Hood Ventures http://www.robinhoodventures.com (charges $250)
2006-06-13 14:35:10 · answer #1 · answered by imisidro 7 · 0⤊ 0⤋
Yes, You can get small business funding of 45k for starting a game company.
They're many private and govt companies which provide funding solution. Startups seeking money from any bank or company need a good business plan. For getting small business funding, You prepare your business information paper and then agreement sign from both site companies as well business investor. Before taking business funding, 1st research many companies which give best funding solution with low-interest loans.
I can suggest you contact at The Ideas Factory (UK) Limited consultant for getting funding solution.
2014-09-23 22:42:42 · answer #2 · answered by Jacob Singh 3 · 0⤊ 0⤋
Yes but at 18 it will be tough without a proven product. You need to look for Angel investors, which can be found by googling for angel investors in your area
2006-06-13 12:20:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋