Starting a small business. How do I get financing? Does anyone know of a good resource for good information?
I’m looking into starting a small business but apparently banks don’t loan to startups and there aren’t gov’t grants available for startups either. How do i go about getting the financing together? Are there any good resources? I am writing the business plan now.
July 21st, 2010 at 2:41 pm
u may collect the details from https://paydotcom.com/r/44985/ARUNMUTHU/23812505/
July 21st, 2010 at 3:41 pm
A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer “business” credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.
Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for “strong business credit” (just like that in quotes) to find services that sell the information.
Good luck,
Ilya Bodner
Small BusinessOwner
Initial Underwriting Group
July 21st, 2010 at 3:46 pm
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July 21st, 2010 at 5:00 pm
The posts above are a scam.
Banks Do lend money to start ups, but it is harder now than normal and you are likely to have to shop banks to get a loan and get decent terms. Try to find on with a designated Small Business Banker. They will likely be able to help you better and have more experience than most branch managers.
It would really help to get a little more information.
(1) What kind of business are you starting?
(2) Do you have anything for collateral
(3) Is there a secondary source of income (are you still going to work is your souse or partner going to still work)?
(4) What area of the country do you live in?
(5) How much are you looking to borrow?
If you can not get bank financing there are a couple of options.
(1) Find outside investors
(2) Home equity loan
(3) Find a partner
(4) start small and work your way up.