I`m opening a retail store next month through my business after more than 2 years of marketing and building websites for other retail stores and small businesses. I have retail space, computers, point of sale terminal, display fixtures and shelves, and some product inventory. I need to purchase additional product inventory and have enough cash left to replenish my stock before items sell out. Any ideas on where to go for funding within 1-2 weeks?
Here`s what I have going for me. I already have most of what I need for the grand opening. My products will fill a currently unmet demand and is so unique, it is all but guaranteed to be featured on the local news. Our goal is to be featured on the national news. Even if that doesn`t happen, we have a series of humorous videos prepared for distribution in a large scale grass roots campaign. I have a 15 page business plan that explains the marketing plan in greater detail.
Here`s my problem. Banks look at past performance more than they do a future business plan. My tax records don`t show much business income because I was employed by someone else at the same time as I was consulting through my business. Also my credit report shows a higher debt ratio than banks would like to see with a credit score in the mid 640`s. I am currently wading through paperwork for a couple of banks but I`m wondering if there is a better way to obtain short term financing. The overhead is cheap. We expect a profit by the end of December. Should I try to explain this to banks or should I seek funding elsewhere?