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One of the hardest parts of starting your business is where you go to get the money. There are tons of ways, so it's not necessarily trying to find a place, but deciding where you get it. Whether it is friends, banks, your own money, it is tough to decide. One thing many people haven't thought of is getting money through online investing, or personal loans online.
Peer-to-peer loans are a great source of a personal loan that can also be used for business. Up to $25K - if there are enough investors to fund your deal. There are also micro loan programs - up to $35K for new businesses and $50K for established businesses.
There are other personal loan sources where a business owner can get a personal loan to fund a business or there are many non-bank lenders that work with start up companies. Most lenders (business loan lenders) are purpose driven - meaning they fund with the purpose of your request. Thus, if you are seeking to purchase equipment - look to an equipment lender or if you are searching for working capital, look to an unsecured provider or factor.
Also, you could do what we call "putting the cart before the horse" - which means go out and get the business - then, use those contracts or orders to obtain the funding to complete them - great article here about this very topic: http://www.businessmoneytoday.com/Articles/Financing/Article_Putting-the-Cart-Before-the-Horse-Financing-Your-Business.html
I am new to the startupnation site and am really enjoying reading all the post. When your talking about peer-to-peer loans, I know a close friend that found some information on using a self-directed IRA. She found the information at www.getmyra.com. I am looking more into this as a financing option for my start up.
Anyone have any experience with this type of funding?
Sara81,
I have all the experience in business funding that you will need. I am the President and CEO of GetMyra. I have been involved with commercial banking for over 20 years and have been very active in small business lending. We built My Retirement Account Services around the idea of recapitalizing our countries business sector. As we know, the banking sector is not as aggressive as they once were with small business investing.
I am more than happy to work with you or your friend when it comes to capitalizing your small business. Let me know how I can help. Feel free to call me at 888-753-6972 or an email at dlawson@getmyra.com.
Thanks,
Doug Lawson
BizCapitalGuy
I am new to the startupnation site and am really enjoying reading all the post. When your talking about peer-to-peer loans, I know a close friend that found some information on using a self-directed IRA. She found the information at www.getmyra.com. I am looking more into this as a financing option for my start up.
Anyone have any experience with this type of funding?
Sara81,
The funds in your IRA cannot be invested in your company. You can invest them in other companies - both public and private.
while there is a strategy which can make your IRA funds available to your company, the self-directed IRA is not the vehicle to use.
If you want to discuss your specific situation, feel free to drop me a Pm or contact me directly.
Incubators like TechStars and Y-Combinator are becoming more and more popular these days. All of the creative entrepreneurs I've interviewed that have participated in these programs speak very highly of the experience and the resources/knowledge they gained from them.
Incubators like TechStars and Y-Combinator are becoming more and more popular these days. All of the creative entrepreneurs I've interviewed that have participated in these programs speak very highly of the experience and the resources/knowledge they gained from them.
Could not agree more. I ran a small business incubator in Texas - great program for the right business needing a helping hand. Just know that being in an incubator does not mean success in and of itself - you still have to work hard in your business. But, the incubator can help reduce some of your start up costs as well as prodive onsite mentoring.
If nothing else, being in an incubator give the entrepreneur access to mentors and other individuals who have “been there, done that” and gives you the ability to learn from their mistakes.
Ed Baloga, CPA / MBA
Principal CFO
Baloga Associates
ebaloga@baloga-associates.com
www.twitter.com/edbaloga
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