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Question about funding?

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memphis10

posts: 5

Mar 03, 2009 8:48 AM ET Quote Report Abuse

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Hi i was wondering if someone could give me some advice.

If i was looking to buy a website from a friend and they were willing to finance me with 10k down what option should i choose?

Im wanting a loan for overall amount of 14k. Its not that big of amount so not sure what to do.

Should i try and get sba loan or since its not that much should i just go for personal loan? Im not really sure what the difference or better option i should choose for this amount.

Any advice would be appreciated.

Thanks

robertj

posts: 1458

Mar 03, 2009 10:36 AM ET Quote Report Abuse

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Without more details, I can`t offer any specific suggestions, but consider:

1. I assume the 10K is all your cash. Is it valuable for you to keep some of that cash in "reserve"? That might be possible if you borrow from a traditional lender

2. Is your personal credit in good enough condition for a "traditional" lender?

3 Depending upon how you established the "value" of the web site - having the seller finance some portion can be a good thing -if you agree that the "continued" performance of the business will dictate how much they ultimately receive.

4. The terms of the loan and flexability of the lender would play into my choice - all else being equal.

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menexis

posts: 50

Mar 03, 2009 3:16 PM ET Quote Report Abuse

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For that amount, you shoud just get a loan from your local bank as the rate will be lower. For most of these online companies, they are looking for startups and establish businesses seeking 100K+ in startup funds.

Your bank should be able to loan you money if your credit is not bad. All you will need is ligit business registration and a business plan to show them.

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