Forums: Discussions for entrepreneurs and small business.

Roblue, your approach should be different.  One is providing D, the other is providing E.  As a lender (D) I`ll want historical data that shows you can service the debt.  In absense of this I want collateral to cover the amount I lent to you.  I want to minimize/eliminate my risk

As an investor (E) I want to understand the financials and the buissness plan.  I need to believe the mgmt. team can meet stated goals.  I want to obtain the highest % of your company for my money.  I am assuming much risk and should be rewarded for doing as such.  I want to maximize my ROI.

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Travis Tschepen
Hibachi Bros. LLC

--My goal in life is to be as good of a person my dog already thinks I am.--

Try Prosper.com

I understand what you are saying your posts.  That may just be my problem.  Perhaps, everyone I approach can`t see pass the obvious risk of lending money to someone with no or not enough collateral.

I am currently dissecting my business plan to identify any potential weak points and reinforce it with information that will prove more convincing to the investor, no matter what form.

Thank you for your suggestion.

Thanks for the suggestion.  I will look into it.

First off, I want to personally thank everyone who took the time to provide me with suggestions, links, and advice.

I have tried most, and, as you probably guessed on your own, most viewed my situation as too much of a risk.

However, Sidney recommended www.snaploan.com. 

Fortunately for me, I have started working with this website.  It is looking pretty positive so far. 

I let everyone know if I am successful in turning my home business into a legitimate commercial building offering professional services.

I remain grateful to this thread of information and those who participated.

Each and every suggestion I received had substantial value and knowledge I can use now and in the future.

roblue,

Their site doesn`t give much information except that you need a credit score of 675 or better. So I will be looking forward to hearing more about your experience with them.

 

Good luck and all the best,

 

 

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Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

Rob, MNGrillguy is correct.  Individuals with money to invest will consider the risks involved in lending or investing money, just like any bank or lending institution.

Mathematically, you cannot be seen as a risk.

One of the biggest hurdles I faced as I tried to make my business a reality was how to convince a lending institution that my business would make enough money to repay the requested loan amount.  The bottom line is that I found out, in each attempt I made to acquire a small business loan, that collateral is one of the biggest setbacks most entrepreneurs and small business owner have to face and overcome.

I found it very difficult to convince any bank that my home-based business could be a tremendous success, if I could acquire the resources I so desperately needed to get things on stream.  The fact remained that my efforts were fruitless.

I discover an online lending resource, www.thesnaploan.com.  Based on my experience with this site, I was able to successfully acquire a start up loan for $100,000.  What’s event better is that I was able to apply online, and I got my approval pretty fast, about two weeks.  It sounds like this website could be right up your alley.

 

 

Hi,

I have noted your responses in several threads as I have been researching solutions for my situation and have come to view you as quite a guru on the business aspect of this forum.

I am most certainly not as enlightened business-wise as you are and have appreciated your interest in my situation.

As I mentioned in a previous posting that I contacted the www.thesnaploan.com site and discovered that all I needed to apply for a small business loan was a credit score of 675.

However, I have started my application process, and I am just waiting for the results.  In the meantime, this is what I`ve been able to muster so far.  The information is indeed on a general level because they seem to deal with each application on an individual basis, at least so I`m told.

Anyway, this is what I have found out so far:
-with this credit score an applicant is eligible for up to $500,000;
-as far as start up business are concernred, they extend a $100,000 credit line.
-they do not require collateral;
-they offer a revolving line of credit; I`ve asked what this entails.  A revolving credit from thesnaploan.com means that you can burrow they specified amount, pay it off, and use it again.
-they don`t appear to limit the applicant on the way the funded cash can be spent;
-They claim to be fast, I tell you how long it takes me to find out if I am approved or not.
-It is also totally online--as far as the application process.

Rob.

Rob,

Thanks for the compliments and for the update on your snaploan experience.

 

-------------------------

Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com