Forums: Discussions for entrepreneurs and small business.

I am currently looking for $260,000 in order to start a liquor store.. Most banks won't  even consider me, since a liquor store is considered high risk. I really like the idea of paying back the loan thru a portion of credit card sales, but it seems that nobody wont extend that option to a startup company. I have recently been laid off from my full-time job and am activley trying to get the liquor store up and running, so speedy funding is crucial... Can anyone offer some suggestions or solutions?

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Simi

Funding Available For Any Business!

Very in an original way.

gaelicstorm,

As you discovered, credit card advance programs are for existing business with a track record of credit card transactions.

Since your post indicates that you are starting a new store rather than buying an existing one, you might want to look at different sources for specific portions(such as inventory, facility, and initial operating expenses).

Putting together a potentially successful capital strategy will be a bit more challenging since you aren't currently employed. You may need to find a source for some cash (typically 20%) in order to make the business more attractive to lending sources. One possible source of this cash is from investors.

While I agree with a previous comment  that being visible in your community is a way to connect with potential investors - I've also learned that being fully prepared (I call it being Capital Ready) before you start can actually save a lot of time, be less frustrating and provide a greater probability of success.

If you'd like to discuss the specifics of your situation, feel free to contact me directly.

would be great to have that amount for a start up in business

$260,000 is a big money for me.

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Shingles Contagious

$260K is indeed big for me. I would consider either a secured on unsecured loan for your business needs. I hope that helps