Forums: Discussions for entrepreneurs and small business.

Robertj, do you know what they ask on that short form.  I`ve seen advertisements of 100-500K unsecured no collateral. How true or realistic is this for startups or those companies in early stage of seeking capital.

i think getting 100-500k with no collateral unsecured is very unlikely. if i`m a bank - why would i do that.
there are banks that specialize in soho loans of less than 25k. i`ve got experience with one bank - but check with a local score.org office. what i had to do was open up a business checking account - they then deposit the money and then do automatic withdrawals for the length of the loan period.

• No Collateral Required
• No Financial Records Required
• No Tax Returns Required
• Fast-Track Approval & Funding
• No Pre-Payment Penalty
• 10-Year Payback

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No Eternal Reward Will Forgive Us Now for Wasting the Dawn.

The one`s I`ve seen pretty much ask for the basic stuff. Some essential personal info along with some basic financial data. Generally, they will pull your personal credit info.

 

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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

txbassguy which bank are you referring to

Lisa,

Thank you for suggesting Prosper.com. I think the site is a great idea in general! People loaning other people money, that is how the world should work! I was able to secure a loan at a very good interest rate. I would suggest it to anyone... well to anyone who could pay it back that is.

Innovative Bank - look for Soho Loan Information

http://www.innovativebank.com/site/soho.html


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No Eternal Reward Will Forgive Us Now for Wasting the Dawn.

txbassguy, thanks for this info.

If you are starting a business and all you will need to be "profitable" is $10-$20K, borrowing on an unsecured note or line of credit may be a plausible solution. However, if the business will require significantly larger sums of capital to be self-sustaining, then I don`t recommend this method as the first source of funds because it usually puts an immediate "payback burden on both the business and the individual.

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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

Hi Lisa,

I have terrible credit after going through a chapter 13 which I`m still currently making payments. I like to start a business with business credit. Am I dreaming or what? Help

Your not dreaming but it will be a long and difficult path.  It has been my experience that as a start-up most places will expect a personal garauntee.  You can start the process of setting up your business credit file now in hopes of being able to get funding using business credit.

I have a old post from another SuN member on the steps it takes to do this. I`ll post it once I find it among the millino saved emails I have.