I have collateral but I cannot seem to get approved anywhere. I have been in business for 3 years and now that my business has grown, I need more working capital to one up my competitors. I feel so desperate because if I dont get some working captial i am going to loose out on some major opportunities and no longer be ahead of my competitors. Even though my company is doing fine now, it could put me out of business.
2007-11-07 12:23:38 · 7 answers · asked by customizedride75 1 in Business & Finance ➔ Small Business
Hi, you should try a merchant account cash advance. It's like a loan but it's actually NOT a loan.
You don't need good credit OR collateral. Basically, you can borrow up to $200k and your pay back by a portion of your future credit card receivables.
Check out http://www.groupbankcard.com and click on the cash advance tab for more details. Or you can contact me for a number to call. Hope this helps.
2007-11-08 08:42:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
How big of a loan? If it is under $30k you can try Prosper - an online lending community...
http://www.prosper.com/join/lunyc
They are not some shady loan shop- and they have been featured in the New York Times, Money Magazine, etc.
I first read about them in Money magazine - pretty cool idea, people get together and combine their money as a community into making a single loan.
I have used them for a loan to start a small website (and pay down some high paying interest)- you will have a much better chance of getting a loan than with a bank - and probably at a much lower interest rate.
Right now I am paying 10.5% on a 15k loan- not too bad IMO. You can take loans out for up to $30k I believe.
Make sure you make out a nice profile, and come up with a fun/interesting/sob story background to make yourself look trustworthy - it will help you improve the chance that people will bid on you (oh and a photo always helps :-) )!
Try to join a group as well - it can help lower your interest rate. Don't forget Prosper checks out your credit history, so you won't be eligable for lower interest loans unless you have a great background - but you can always take a higher % rate, it will probably still be lower than a bank loan (if you could get one...).
Even if you have bad credit what you will get from the Prosper community will likely be much lower than you
will get elsewhere - and it will be a secure, safe loan - not some underhanded 'get hit with 50% suddenly' loan shop!
You can also loan out money to help others on the site. Not only will you make a pretty good return, but your risk is fairly limited- and you can screen each applicant and choose which people you want to lend to- I have not done this yet, but I like the idea..
Good luck!
2007-11-08 09:55:25 · answer #2 · answered by Brett M 1 · 0⤊ 0⤋
Try the Small Business Administration. The SBA gives loans especially to small businesses, usually through a bank. But they are a bit more leinient. The govenrment back the majority of the loan so the banks risk is little. Maybe a local economic and development program in your town. Try your local chamber of commerce, they can usually help. If not, they can point you in the right direction. Good luck!
2007-11-07 12:33:29 · answer #3 · answered by goaldielocks 2 · 0⤊ 0⤋
I found this to be a good quick source. Just fill out the one page application (no fee) and they will get back to you in 24-48 hours. They will not run any credit checks until after your interview and they have resources to lenders all over the US.
They mainly make home loans but business and personal loans as well. I'll list them in the source box. They're worth a try.
Best of luck,
Tim
2007-11-07 12:46:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There are a few options in the "creative financing" you may want to use like credit cards. You get credit cards and use the money to get the equipment and other things you need just be sure to pay them on time and whenever you can make double payments to reduce your interest. There are SBA loans tailored to small women owned business check with a large bank like Citibank or BofA for a realistic quote. Good Luck!
2007-11-07 12:33:57 · answer #5 · answered by Walking on Sunshine 7 · 0⤊ 0⤋
well it depends on the amouth of loan u need, i think i can help u with a loan with low interest rate.
2007-11-09 01:23:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can try Prosper.com. Depends on how much your trying for. Good Luck
2007-11-07 13:02:49 · answer #7 · answered by la45309 2 · 0⤊ 0⤋