Member
So I am starting up my business and I applied for a small business loan and was denied because I have new credit. So how can I get money to fund my business startup. I basically just need it for advertising, some materials. Anyone have any ideas? Thanks guys!
YE Veteran
Yeah. Banks will not loan you $$ unless your business has been in business for 2 or more years, with all accounting info etc.
I would ask akula on here, he knows his stuff better than me about getting finance.
Member
Ya that is correct, that is exactly what happend? So how is anyone sapose to startup a business? I know that the SBA is helpful to businesses, but what about new ones?
YE Veteran
Young Entrepreneur Forums - Search Results
Do a search. Been answered alot in the forum.
Moderator
from customers!Originally Posted by dtechm
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Senior Member
Partner up!
YE Veteran
Prosper: The online marketplace for people-to-people lending - Prosper will give you a loan. It's a community that gives and takes loans to people that can't get one from the bank. Go check it out. I loan money there all the time.
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YE Veteran
Won't get a loan on prosper with no credit history. At least not at any reasonable rate.
Member
Yes, thankyou for your great response.
I have credit history for personal credit, not business credit. I just opened my company.
Thankyou to those of you with ideas not smart comments.
Member
How do I partner up, I need someone to guide me through this...
Moderator
Ryan, take this advice; the most tried, true and dependable form of finance, is customer finance. You need to be able to pitch people, get their prepayments (offer discounts in exchange) and use this money are the cornerstone of your financing package. That's where you need to start - picking up the phone and extracting cash from customers...everything else is secondary. You need to be able to do this 1st step. Get your head out of shithouse, stop thinking about all these magical joint ventures, or benevolent lenders and start thinking about financing your business using customers.
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Member
Thankyou!!! That was exactly the response I wanted, great advice. What do you mean prepayments?
Moderator
Prepayments...it's taking money from customers in return for a promise of future delivery.
What is your business, what are you selling?
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You can get an SBA loan, but you'll need to sign on personally. If you're willing to do that, you'll be able to build credit for the company.
Junior Member
what about buying already made corporation that is few years old? is that okay/ in order to acquire loans?
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