My husband and I are looking to start a franchise business. We have thoroughly researched the franchise, applied and have been approved. We are very excited to move forward with our new business.
We were approved because of our business experience, our excellent credit scores, and low debt to income ratio. However, we are weak financially and do not have the 20-50% injection that the SBA is looking for to give us a loan for our business.
Do you have any advice on how to secure that money? We were thinking we should try and find an investor that would perhaps give us a year or so to get our business up and running before starting re-payment.
We know we could go out and get a loan or line of credit for what we need, which is approximately $40,000, but we are concerned about having to repay a loan so quickly with our business just getting off the ground.
Thank you for any advice you may have.