Where can I get working capital to open a resale store in Hamtramack, MI? About $6,000 to $10,000.?

Question

Also need to know about permits, license and or inspection fees /requirements. Utilities and sign license as well as taxes. Also any hidden pit falls you know of.

Answer 1

Cash rules.

Answer 2

Hi,
Six to ten thousand is not that much money and should be fairly easy to get through a bank as a personal loan and even through a credit card.

The first thing you will need with a physical storefront is a corporate structure (ie. LLC, Inc., or S-corp. - as you don't want to be personally liable should someone fall down in your store.)

Next you will need a State of MI tax resale certificate in order to charge taxes.

Check with the Hamtramack City Hall about other permits and licenses - they will tell you all you need to know to get started. Utilities are just like your personal residence - call them up and they will turn on the electricity, gas, and water for you.

As for pitfalls, don't skimp on marketing. - before your grand opening. You need to let people know you are there!! Don't count on walk in traffic!! Hold some sort of event or charity auction to get the ball rolling.

Hope that helps!

Answer 3

Small business administration can help you with most of the financing. Or go to your local financial institution and inquire to a commercial loan officer.

As far as the permits, license etc your state should have a website to answer most questions or a phone number to talk to someone live

Good luck with the endeavor!!!

Answer 4

There are many finance companies out there who can help with equipment financing and/or working capital, business cash advances, etc. for both start-up and existing businesses. My company specializes in all of these financing options. I'm more than happy to answer any questions. Thanks!

Answer 5

You'd have to check with your local zoning board, because every place is different.