A small business loan with a twist
Catch 22.
You have a terrific idea for a profitable small business. You need some startup cash to get it rolling. Or maybe you’ve started your business and an influx of cash will take it to the next level.
Problem is, you haven’t been in business 2 years yet so banks aren’t likely to give you a loan. Or maybe your credit history isn’t strong – you’d gladly pay a higher interest rate, but none are available.
You’ve dug in to all the StartupNation articles and radio shows about finding funding for your business, so you know all the options. Maybe your business isn’t potentially high-return enough for angel investors and maybe your friends & family just aren’t a realistic option that you’d like to explore.
We have another idea for you to check out. We’ve created a group at Prosper.com strictly for StartupNation members. If you’re looking for a cash infusion to start and/or grow your business, this provides another option.
It’s basically peer to peer lending. A pretty cool idea. Which means if you have some cash you’re looking to invest & potentially get a stronger return than a bank, money market or CD generally offers, this may be an additional investment tool for you.
Either way, check it out.
Let’s get some businesses to Start It Up !!
June 6th, 2006 at 12:34 pm
This is excellent. I have read about it in Europe. It it makes it to US that will be an excellent service for startups.
June 25th, 2008 at 2:10 am
Working with bankers in today’s credit environment, it may even be tougher to get financing. Some banks will do a 50% SBA and 50% bank financing deals. However they are small (up to 25k) but just enough to get you started
http://blendelicious.com
July 24th, 2008 at 7:55 am
I’m slightly surprised none of you have touched on small business grants. Although I appreciate that you can’t usually get a great deal of capital out of them, they are a great starting point for many entrepreneurs.
Then of course there is also the Prince’s Trust…