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College graduate looking for funding...

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justinboyd101

posts: 22

Dec 09, 2008 2:54 PM ET Quote Report Abuse

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Greetings,

I`m a college graduate looking to open up a video game retail store. Right now I`m looking for funding and I`m guessing I`m going to need to take a loan out. But now that I`ve graduated from college I`m 100k in debt from student loans! This business is between me and two other friends who are also college graduates, and are in debt from student loans. This venture is going to cost about $150k. Will a bank even give me a chance let alone the loan we need?

Thanks,

College Grad

robertj

posts: 1458

Dec 09, 2008 4:15 PM ET Quote Report Abuse

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Some lenders treat student loans a bit differently, but without collateral and/or other income sources, this could be a challenge.

What will the capital be used for?

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danielcim

posts: 77

Dec 09, 2008 9:13 PM ET Quote Report Abuse

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I feel the bank will be a hard sell for you. I would try to see how you can cut back your starting costs and see if you can get some friends or family to invest.

If you feel that you have a sound business plan and done all your homework I would look to find an Angel Investor.

Best of Luck

mrpaulthomas123

posts: 8

Dec 11, 2008 4:21 PM ET Quote Report Abuse

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Good day,

Am Mr. Paul Thomas, a London base business man and an Investor. Am presently looking for a good business idea to invest on before coming in contact with yours so I will like to know more about your business and what percentage of interest can you offer if I do consider investing in your business.

You can email me or Fax.

Mr. Paul Thomas

154 Deptford High Street
Deptford, London
SE8 3NU
United Kingdom

Call: +44 (0) 7024080980

Fax:+44 (0) 8704909305

Mr_paulthomas@yahoo.co.uk

justinboyd101

posts: 22

Dec 17, 2008 4:30 PM ET Quote Report Abuse

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Thank you,

I think we are going to go with an Angel Investor.

robertj

posts: 1458

Dec 17, 2008 4:56 PM ET Quote Report Abuse

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Have you found the investor(s)?

justinboyd101

posts: 22

Dec 30, 2008 6:10 PM ET Quote Report Abuse

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No not yet. I still need to develop the business plan. I know exactly what I want to do I just have to get it organized. Right now I`m working towards a business retail certificate. Once I have that I can talk to distributors about prices so I can finally develop a more accurate margin for necessary funds.

beheron

posts: 2

Dec 30, 2008 9:00 PM ET Quote Report Abuse

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Check out some peer-to-peer lending sites such as http://www.lendingclub.com/

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startuphelper

posts: 106

Jan 02, 2009 2:42 PM ET Quote Report Abuse

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Justin, you are correct to be concentrating on writing your business plan. That should be your first order of business. The business plan will help you determine if your idea is viable. It will also help you determine how much funding will be required. $150K might be low if you are going to need to purchase inventory.

A loan will probably be out of the question. SBA loans require collateral, 20% of the start up cash coming from you, excellent credit history and industry experience. Since you and your college buddies are recent graduates I would assume you don`t meet the requirements.

In order to attract angel funding you will need a great business plan. You`re on the right track, just keep your expectations realistic and keep researching. Check out my website below for detailed start up help.

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Sylvia Freelance Business Plan Writer

adamc

posts: 37

Jan 04, 2009 8:15 PM ET Quote Report Abuse

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This is funny I am actually going to be in the same boat as you in two or three years. I am a senior right now in highschool and will be graduating this spring and then going for business management for two years.

I would say if I were after reading what Startuphelper said that you need 20 percent of the total funds needed if you could get get a 30 thousand dollar loan from either a few family members or the bank then you could look at the SBA.

Good luck and please tell us how the progress goes.

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