Need Financing for Business

Hi L.,

I read the responses so far and am sorry to say that I don't have any better options to offer. I was curious to know what type of business you are looking at as I may another option for you to consider if this one does not pan out. Good Luck to you!

C.

What is the franchise and what is the dollar figure you need?There are micro loans available as well as larger loans.Everyone will ask you to personally guarantee the note but the micro loans are not as stingent on credit.
private email me- I have a lot of sources but I woul dhave to know more in order to know what to recommend.
C.

I don't know about your credit history but if you can't get help through lending services, try a private equity group.

You would have to have a thorough business plan with a lot of back up information but someone might be interested. Keep in mind, with private equity, the private partner would more than likely retain majority of ownership for a specific time until it was proven that you could do it.

Try the Small Business Administration. They have a website, but I'm not sure what it is.
I know they have loans and I think some grants availale.

C.

I heard this is a horrible time to try to get financing for a new business b/c of everything else that is going on. I would try to find a private investor. Stay away from the banks. They aren't likely to be of much help right now.

Hello L.,

It sounds like you really want this business and franchises cost a lot of money. May I make a suggestion to you? I have a DVD that I can send to you. I have been self-employeed for almost 13 years and my previous job was IBM for almost 15 years. IBM paid me a great salary/benefits, etc. But I now make 5 times (at least) what IBM paid me after 15 years there. It is an extremely low investment. I can give you the website and you can think about it. www.berichforgood.com It saved my life. T.

I am in the mortgage business (and, yes, my family can still afford to eat right now). Most of the commercial funding sources are all but dried up. Unless you have a business that would retain majority ownership and purchasing this other franchise in that name, there's no way around personal guarantee. Business credit underwriters require 2 years of tax returns, all schedules, asset documentation, and typically (even in the good ole days) require at LEAST 10% down - now it can be much more. They also, require loss mitigation planning documentation, business plans, etc. So, it's not like qualifying for a home mortgage.

It's not to say that there isn't money being lent right now, it's just very stingy.

Good luck - PM me if you have questions,
C.