I am a 16 year old who has started my own cell phone company. as far as getting a loan, how could I do so?

Question

I started Cells Wholesale Inc, and after a year of business, incorporated it in the state of california. We are looking to expand our operations on the web, and we also want to invest in a distribution center in Hong Kong. However, I am having a tough time securing a loan, because of my age...

How do you suggest we get funding?

Answer 1

How much do you need? Where should I send the money? Is cash O-K?

Answer 2

Initially i am shocked that your even fascinated about a cell for a three 12 months historical. To begin with 99.9% of preschools wont let him have it at tuition anyways. And if there was an emergency the college can be competent to contact you manner before your three 12 months old would have the deductive reasoning to believe to name you. As a mother of three i absolutely comprehend your reluctance at leaving him by myself however its no longer liek your sending him out to get a job, its preschool he'll be monitored every minute he's there. I'd recomend to aid your nerves and to make him consider extra relaxed (given that he'll feel your reluctance and it is going to make it tougher for him) that you go to college with him the primary day. I'm going with my son as soon as a month its fun you get to see what he does while you can not be there spend a day with him and his buddies and if nothing else it give you a excellent seem at how the teachers control things and how good supervised he is or isint then in case you relatively feel he wishes a cell i have heard the firefly is a best little mobilephone numerous my eight yr olds friends have them. I'd nonetheless ask the instructor if its something he may have at tuition in view that most kid mobilephone phones are highly-priced to buy and the carrier is more than a regular cell.

Answer 3

initially i am stunned that your even considering a mobile for a three year historical. First of all ninety nine.nine% of preschools wont permit him have it at college anyhow. and if there was once an emergency the college could be competent to touch you manner earlier than your three year historical could have the deductive reasoning to suppose to name you. As a mom of 3 i entirely recognize your reluctance at leaving him on my own however its now not liek your sending him out to get a role, its preschool he's going to be monitored each and every minute he is there. I could recomend to aid your nerves and to make him suppose extra at ease (considering that he's going to feel your reluctance and it'll make it more difficult for him) that you just move to college with him the primary day. I move with my son as soon as a month its amusing you get to peer what he does while you are not able to be there spend an afternoon with him and his peers and if not anything else it provide you a well seem at how the academics manage matters and the way good supervised he's or isint then in the event you quite suppose he demands a mobile I have heard the firefly is a high-quality little mobile plenty of my eight year olds peers have them. I could nonetheless ask the instructor if its some thing he may even have at college considering that such a lot child mobile telephones are steeply-priced to shop for and the carrier is greater than a constant mobile.

Answer 4

I wanted to share this with anyone who is in need of start up capital. If you have bad credit this company will still give you a loan. The catch? Your looking at an interest rate of about 20%. However, once you start paying off the loan your interest rate can drop and your monthly payments will go down. They also report to all 3 credit agencies. I borrowed $15,000.00 ffrom them last year and have had nothing but a positive experience with them.

This is not some "fly by night" company and I do not work for this company nor do I get paid to pass on any info about this company. I am simply doing this to help others who are having the same problems getting a start up loan.

You still have to work,(I put in about 50 hours a week on my webstore), and you still have to be honest. I do not know ANYONE who works 4 hours a day and makes thousands in a week. That's bull****!

I put my heart and soul into my webstore and I simply needed extra funds for inventory to sell. By getting this loan I was able to buy inventory and my sales went up because I had better items to offer and a lot more to choose from.

If your interested please email me at [e-mail].

I cannot give this company name out on here. I do not have their permission.

One more thing....I DO NOT MAKE MONEY FROM GIVING THEM REFERRALS! I make my money the old fashion way.....WORKING FOR IT.

Answer 5

First, are you certain your age is the reason you are having trouble getting a loan? If it is, you will probably need someone 18 or older to sign with you on a loan. Maybe you could name one of your parents as an officer in your corporation and have them apply on the corporations behalf?

Answer 6

Go to Junior Achievement's Finances page and take a look at their funding-related info/resources; if you can't find specifically what you need, you can probably email a JA advisor/mentor for more in-depth help. Here's the link:
http://studentcenter.ja.org/aspx/PlanFinances/CountOnIt.aspx

You rock! I wish I'd had a great idea like that when I was 16 - or even now!

Answer 7

If you're incorporated, apply for a loan as the corporation. You'll need an adult officer of the corp to sign the paperwork.

Answer 8

Wow.....Any pointers for the rest of us???

Sell shares in your corporation and forget about the loan.( this is what I did in my first corporation, and then bought back the shares as I made the money) These shares can be used along with the corporation's assets; ie, accounts receivable and equipment of the corporation such as phones, bands, office equipment, etc., if you still want a loan
.
...jj

Answer 9

Apply for the loan through a program for junior entrepreneurs.

Answer 10

You may need an adult to co-sign for you.

I hope your business is doing okay, because the person who co-signs assumes responsibility in cas eof default.

Answer 11

Have your parents, or someone with good credit, cosign the loan.