Discussion in 'Making Money' started by Ste Fishkin, Jun 21, 2011.
Very little in my opinion. You need (1) a track record, (2) collateral/security for the loan and (3) a good idea.
Your post doesn't really say anything about (1) and (3), but if all you have is $5k I doubt you have (2) either...
To be honest. The Banks and lenders aren't taking any risks unless you have capital
as security. Not even to established businesses.
I would search very hard for a business angel, they would review your plan and would
want a stake in your business. Most probably control all the finances until you break even.
But even those are just trying to clean dirty money nowadays.
you wont get a loan, if you think you have a solid business plan than you should have no problem getting investors to fund your business, go speak to some business angels.
I don't want investors
My business is solid. it is as solid as can be! I would put my money on it but I am not asking my parents to do that but they would. I know.
I have a track record as a web designer but nothing else......
I would literally be willing to have my balls cut off if this failed. it just wont
Depending on where you are located you might qualify for a business grant. Some governments offer them, but probably not in the amount you are looking for.
Given that you don't have a track record you will have an extremely difficult time getting a business loan in the present economy. Even those with good track records are having a hard time getting financing since so many businesses are failing.
Maybe talk to your parents about your financing options (they might be able to co-sign) and work to save more money. The more you are willing/able to invest, the more serious a lender will take you.
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