Forums: Discussions for entrepreneurs and small business.

So I`m ready to get rolling but I`m having a hard time finding financing due to my bad credit. My business is small enough to where I don`t think I want to go with any type of equity financing.

So here`s my situation. I`m thinking, if I can just get started and do some business, I`d be okay to go slow and use the money I make over time to slowly acquire the things I think I need at startup. However, I`m puzzled about the need for a bank account.

As I understand, most business bank accounts will require a certain balance to even be opened. Is there any way I can open one against these requirements? Are there any banks out there that let you open a smaller, free account that doesn`t require such a balance?

Also, because you all are entrepreneurs.. I`d like to know. What are you banking experiences? What are some of the best banks out there for small businesses?


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Collin Cummings
President, Drop Box, LLC
dropboxmail@gmail.com

If you are confident that your business will take off and be profitable, here are some suggested sources for financing a startup:

1. Mortgage the house and get some of your equity out in cash. Interest rates are low enough these days that it is manageable as long as you have an income coming in.

2. Pitch and recruit silent partners for your business. Silent partners only provide funds in return for a % interest in your company. You want them silent so you don`t have to get their agreement to use the money anyway you deem necessary.

3. Use a cah advance from a credit card. Expensive but if you can turn it around within 30 days you pay them back and keep working with what is left.

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Hernando E. Arauco, CEO Electronic Packaging Specialists Corporation P.O. Box 13895 Torrance, CA 90505, USA (800) 495-0665

I can`t speak for everyone, but I opened my first merchant account with Washington Mutual with a $100 starting amount for free checking.  It works for me and the price is right.  Of course you`ll need all the legal info on your company when you open it...

Hope it helps.

Jerik

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Cu Gelert - The Legend ... If you`d like to know the value of money, go and borrow some... It is especially hard to work for money that you`ve already spent, on things that you never needed... Whatever you can do, or dream you can, begin it. Boldness has genius, power, and magic in it!

Hi kamolahy,

I’ll tell you my experience with PNC Bank, it may help you. I opened a checking account with them for my Delaware LLC about 6 years ago. I don’t think there was any specific requirement of initial deposit; my agent just deposited just $100 initially. The bank issued checks & a Visa Debit Card (for online use & ATM withdrawal). The account had online banking facility, too. There was a small monthly maintenance fee (I think it was $10), if the average monthly balance fell below $2500. My experience with this bank was very good. But, I don’t know how their services are now, as I closed the account in 2004.

Regards
Nat

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www.TeleBoost.com
Let Us Cut Your Costs & Boost Your Profits!

I know most of you are looking at start up financing, but if you`re considering financing that includes commercial real estate or SBA financing, we have a free report on our website that shows you how to beat your bank`s rates with 6 specialty lenders that you may not have heard of. You can get the report at www.mycommercialquote.com, or emailing FreeReport@mycommercialquote.com. Hope this helps!

...washington mutual is great for when you are starting a small business...
lisa

lisa@theideaanalyst.com


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lisa@theideaanalyst.com