Loan for a 16 year old entrepreneur?

**aa2202** · 08-22-2009 05:40 PM

Hi guys I'm new to this forum. So I need your guys' help. I am seeking a $150,000 loan as start up capital for my business. I have already finished my business plan, gone over it with my business consultant several times and now I just need that loan. The only way I can think of is through a private investor. I do have one wealthy friend but he is expecting two kids and is renovating his house. I'm going to present it to him anyways because I know that if I don't ask, I will regret it later because I will never know what he will say! So how do you guys think I should go about this dilemma?

-Andrew

**Gaulkin** · 08-22-2009 06:02 PM

Lololololololololol

**armenh** · 08-22-2009 06:21 PM

I think for a 16 year old you have done plenty, maybe you should try to get some media attention. You are right that going to a bank would be pointless because you must have a good track record and anyway you need to be at least 18 and have plenty of qualifications in order to get a loan. I will not question the validity of the reason you need the loan but considering you have a good idea I would suggest asking one of your parents to help you out with the process.

**myfayt** · 08-22-2009 07:52 PM

It is great to get started at a young age, many high school drop out millionaires have started at 16 and 17. What you first need to do is have a less expensive business as a starter business for yourself. Do something simple like make greeting cards, web design, photography, hot dog vendor, something like that and build it up to what you consider successful and sell it, that will give you a little money, but now you've proven you can be successful and investors will like that and consider giving you a loan.

@Gaulkin, That was real unprofessional of you.

**aa2202** · 08-22-2009 10:54 PM

Yeah I see what both of you guys are saying. Thanks for the help. I get comments like gaulkins all the time so it doesn't really phase me anymore. Well the least I can do is ask people to finance my business and if that doesn't work, at least I can say I tried. Anybody else have suggestions?

**PhilHogan** · 08-22-2009 11:05 PM

Originally Posted by aa2202

Yeah I see what both of you guys are saying. Thanks for the help. I get comments like gaulkins all the time so it doesn't really phase me anymore. Well the least I can do is ask people to finance my business and if that doesn't work, at least I can say I tried. Anybody else have suggestions?

It's always helpful to have some experiences entrepreneurs review your business plan. It's always prudent to have them signs a confidentiality agreement as well, however that doesn't necessarily protect you 100%.

Keep you head up and good luck with the project.

Phil

**Gaulkin** · 08-22-2009 11:29 PM

Originally Posted by aa2202

Yeah I see what both of you guys are saying. Thanks for the help. I get comments like gaulkins all the time so it doesn't really phase me anymore. Well the least I can do is ask people to finance my business and if that doesn't work, at least I can say I tried. Anybody else have suggestions?

You get comments like mine all the time because you dream to much. People that made it started with nothing and if you want to then you will have to do the same. No one is going to hand a 16 year old 150k for some idea he has.

**Colourfulla** · 08-23-2009 03:44 AM

Originally Posted by Gaulkin

You get comments like mine all the time because you dream to much. People that made it started with nothing and if you want to then you will have to do the same. No one is going to hand a 16 year old 150k for some idea he has.

Your kind of narrow minded and not everyone who has made a successfull business has started with nothing.

**fobanginvtek** · 08-23-2009 04:44 AM

So what is your business your starting up?

**myfayt** · 08-23-2009 07:34 AM

Originally Posted by Colourfulla

Your kind of narrow minded and not everyone who has made a successfull business has started with nothing.

I Agree with you

**Rodest** · 08-23-2009 10:14 AM

Originally Posted by aa2202

Yeah I see what both of you guys are saying. Thanks for the help. I get comments like gaulkins all the time so it doesn't really phase me anymore. Well the least I can do is ask people to finance my business and if that doesn't work, at least I can say I tried. Anybody else have suggestions?

Trust me. You have done enough...I'm 16 as well, plenty of ideas, just not enough to make them yet. You have done good well done, I am envious

Anyway back to the subject, over here in Britain, and I hear in the US you have a show called "Dragon's Den", you could always fancy your chances on there. It will not only give you the chance of getting invested in but also gets you known. Just as long you have the right idea, and a good pitch, you will be OK. Dragons like younger people and aren't as harsh on them as they are with older people. Just don't bullshit them.

There are also lots of other investment businesses out there, contact them, if they like your idea, then you're in. If not, keep trying

Good luck!

**Rodest** · 08-23-2009 10:16 AM

Originally Posted by Gaulkin

You get comments like mine all the time because you dream to much. People that made it started with nothing and if you want to then you will have to do the same. No one is going to hand a 16 year old 150k for some idea he has.

Wow, give him a chance...you haven't even seen what he's proposed...

It's not just an idea is it? It has a business plan like he said and has gone over it with a business consultant. Wait to see it before you make such comments please.

**aa2202** · 08-23-2009 02:21 PM

Originally Posted by Gaulkin

You get comments like mine all the time because you dream to much. People that made it started with nothing and if you want to then you will have to do the same. No one is going to hand a 16 year old 150k for some idea he has.

When I said I get comments like yours, I meant over the internet. You clearly couldn't judge me based on a five sentence post. And I agree with you that the probability of getting a 150k loan is zero to none but at least I'm trying. And I'm not asking someone to hand me $150,000 dollars. I'm asking for a $150,000 loan to be paid over seven years at 15% apr leaving the investor with a ROI of 62%.

**ZingerIntl** · 08-23-2009 02:50 PM

aa2202... Where do you live? Trust me, there are ways to go about raising capital. I am willing to bet tho, you will be taking on that investor as a partner so they can have a hand in the biz for security. Your chances of success are only 0 if you plan on quitting. AT LEAST YOU ARE WILLING TO OFFER A GOOD ROI. Do not listen to someone that says start out way smaller and sell it in the future. He is actually looking for the same amount of money. So keep moving forward. The worst thing that can happen is, you will learn a hell of a lot. Good luck.

If you want, I can tell you a few different ways of raising money that does not require credit or income. PM me.

**Rodest** · 08-23-2009 02:53 PM

Originally Posted by ZingerIntl

aa2202... Where do you live? Trust me, there are ways to go about raising capital. I am willing to bet tho, you will be taking on that investor as a partner so they can have a hand in the biz for security. Your chances of success are only 0 if you plan on quitting. AT LEAST YOU ARE WILLING TO OFFER A GOOD ROI. Do not listen to someone that says start out way smaller and sell it in the future. He is actually looking for the same amount of money. So keep moving forward. The worst thing that can happen is, you will learn a hell of a lot. Good luck.

If you want, I can tell you a few different ways of raising money that does not require credit or income. PM me.

I would also like to know please. Do you mind?