I only have one suggestion. There are certain microloan programs in every state that have YouthWorks, Disability, and Minority classes that are designed to assist people who cannot otherwise qualify. You can take individual classes without being affiliated at $20.oo per class for most. They have group loans in small amounts where you are tested on paying them back, while they prepare you for acquiring loans from banks using their recommendations based on relaxed criteria. I am starting classes through an affiliated program in December. I can only say farther that the name here in Denver,Co. is MicroBusinessDevelopment. I heard there have been funding cutbacks and their drive is for more awareness and more business contributions. The process takes months but starting now might help you increase your chances to secure the loan you seek. And I believe that 50,000 is not the limit since matching loans is the name of the game. Okay That`s all I know. And the instructors are nice, yes. And they have free coffee. But that`s all I know. ~daniel~
Some comments related to getting funding:
1. Debt funding - lenders (especially banks) loan money on assets based upon the borrowers ability to repay. Your personal credit score is one part of their decision process. A person with little assets and limited income will have a challenge borrowing from a traditional source.
2. While I think it’s useful to acknowledge that your personal circumstances may make it more difficult to acquire capital – I would suggest that you concentrate on those things you can affect.
3. Before committing $50,000 (yours or others) you should validate not only the feasibility - but also the viability of your intended business. Part of the viability process is to understand how the business will provide an adequate return to your funding source.
4. In the process of developing the above and then analyzing the results – you may discover that “borrowing” $50K is not the optimum approach for your situation. There are many ways to acquire business capital.
Sound like you got a great idea.
Gosh you got a major advantage on your side - AGE
And you got time to make it a reality.
Knowledge is power.
I am assuming you have a business plan and marketing plan in place already?
Are you trying to launch a product or is this a service type business?
If it a product - you should defintely read the Sloan`s brother books. They have a great idea but it took a while to make their vision a reality.
If it is a service. Is anyone else doing what you are seeking the funds for? Look into getting internships or if you are creative enough set up an appointment with the CEO of the company and seek a partnership. Remember you are not trying reinvent the wheel but to improve it.
Angel investors are a possibility of your money - but you will have to give up a stake in the company in return for their money. They want a ROI on whatever they invest.