We are trying to start a retail business with a great idea. We are both under 30 and have retail management experience. We know we would ideally need about $30,000 to comfortably get this off the ground. However we bothhave bd credit. Does anyone have experience with finding a lending angel or accessing government loan programs that are hidden from plain view? We have no equity to present, and are beginning to think it may be a hopeless cause. We dont want to regret missing this oppourtunity later. We have been best friends for almost 18 years, and are currently stay-at-home moms.
2006-09-28 09:58:54 · 5 answers · asked by kchlmom 1 in Business & Finance ➔ Small Business
To be very honest there are not any government grants out there. My husband and I started our business while we both had full time jobs. You might want to look into doing your business part time at first. It is very unlikely anyone much less a bank will loan you money with bad credit. Another thing to consider is what entity is our business going to operate under, such as sole proprietor , LLC or INC. This matters when taking on financial obligations. A sole proprietor or partnership is personally obligated for al the business losses or gains. I would also look at insurance if you are sole proprietor. Just in case anyone decides to sue you. Last is look into credit cards if you are unable to get a loan this is how we operate because I am not willing to take on a huge financial obligation. It allows you time to see where the business is going and to build credit .
2006-09-28 10:08:44 · answer #1 · answered by CiCI 2 · 0⤊ 0⤋
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2006-09-29 01:36:58 · answer #2 · answered by Ron 2 · 0⤊ 1⤋
The place to start looking for advice is your local SCORE office.
Please give them a call.
2006-09-28 17:07:02 · answer #3 · answered by kearneyconsulting 6 · 0⤊ 0⤋
Try the links in http://www.thequickinfo.com/loans/
2006-10-01 13:20:00 · answer #4 · answered by prakunna 3 · 0⤊ 0⤋
have you tried to apply for state and federal grants
http://www.sba.gov/expanding/grants.html
http://www.sba.gov/
http://www.sba.gov/financing/basics/lenders.html
try doing part time work from home also to earn extra cash www.79ways.com request more information
2006-09-28 17:12:06 · answer #5 · answered by Lady 1 · 0⤊ 0⤋