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Second round of funding in bad economy

    • 12 posts
    December 16, 2012 8:19 PM EST

    You can look for funds from finance department of the bank, there you can find ways to come back on track, it is important to look at different aspects of business as you have to return that money on a regular basis.


    • 6 posts
    March 6, 2013 1:49 AM EST

    Presently, there are many lending institution to finance and I think this is the best way so that you will continue of what you have now in your business. Always make positive thing on your business and learn some important techniques on how you going to succeed. Moreover, lending institution is on your way to achieve your dream for business.

    • 37 posts
    July 25, 2012 11:21 PM EDT

    You can look for funds from the finance department of bank, there you can find ways to come back on track, it is important to look on different aspects of business as you have to return that money on regular basis.


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    • 4 posts
    March 21, 2013 4:24 AM EDT

    If you are interested in starting a business, but not sure how you'll find funding, you can try franchising opportunities. Now days many franchisers offer financial payment plans or already have established connections with lenders


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    • 3 posts
    February 14, 2013 4:50 PM EST

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    • 8 posts
    December 17, 2012 1:20 AM EST


    You can look for funds from the finance department of bank, there you can find ways to come back on track, it is important to look on different aspects of business as you have to return that money on regular basis.


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     Before starting a funds , Business planning is must after that search different aspect.

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    • 27 posts
    July 18, 2012 2:47 AM EDT

    I'm having a hard time finding a source of funding for a growing business, here's the background:

    I have a small business in Florida, I began working from home as a tech consultant / doing onsite work for businesses after the company I was with went under, and within the first year picked up a couple businesses on monthly contracts.  After the second year things were looking optimistic, and although my personal credit was poor my parents were willing to help me get started with finding a storefront and moving into the next stage for the business.  All together we had about 25,000 between cash, credit cards and a 15,000 personal line of credit my Mother opened to help get started.  With this we found a small storefront in a good location, got starting inventory, and did the legal work to make the business work, changing to an LLC, doing all the city and county business taxes, the state sales tax certificate, registering on the state business site, and getting setup with a few major vendors including ingram micro, and synnex.

    Things went fairly well with the storefront, continued steady growth, while mostly seasonal (like most towns in Florida our business is nearly tripled while the northerners are down for winter) all around things were going OK, I admittedly made several mistakes in the first 2 years that were learning experiences for me, things like I tried to test the pc gaming market with a small amount of gaming accessories / video cards, etc but pretty quickly realized that most of the people interested in pc gaming would opt to order anything online much cheaper than I could offer it.  I also spent a lot of these 2 years fine tuning our service plans, adding a residential service plan, and fine tuning what I was including and how much I charged.

    This last year is where we have ran into a road block, my mother wanted to move and needed better access to her credit to look for a new house and car.  At this point things were going ok with the business so while I knew that loosing access to the line of credit would be painful especially during the summer, I understood she needed her credit back to go on with her life.  So we paid off one of the larger credit cards that we had opened jointly under the business name, and paid off the line of credit so that she could show better marks on her credit.

    at this point things were still ok, but within about 3 months I began running into situations were I was needing access to more capital, both for larger customer orders, and for looking forward into getting through the oncoming summer.  my first reaction was to go back to the bank that we had opened the business credit card with.  I thought that having opened the card under the business name with both myself and my mother on it, having the card for about 2 years and then paying the card off in full should have left me with some good standing, so I went to try to re-open or get a new business credit card, but had no success, my personal credit was still poor and even with the history i had there they wouldn't do anything.

    after some frustrating other attempts to get some small amount of capital and a couple months of very very conservative inventory orders I began having half empty shelves and bills that were struggling to get paid on time, so I began going the other route and looking for what things I could cut that would save money, the biggest of which was my location, while it had seemed like an amazing location when I moved in the poor parking, poor road access had become evident that simply being in the right area was not enough to justify the price, so I moved recently into a location this time in a nearly equally busy area, with amazing road access and parking and I had a friend with a cell phone business that moved in with me to help fill out the location and split the bills, this has saved me a large amount monthly, and combined with some other cuts, has really made an great difference in my month to month costs, however I am still left with poorly stocked shelves and no access to capital for the things I really need to do such as better advertise our changed locations, and prepare for this years season.

    I've looked into a multitude of options over the last couple months, angel investors look great but seem to be an impossibility to get unless you can promise a cure for cancer, grants seem to be the same.  and pretty much every other option wants to look at my personal credit instead of the business record or taxes, in 5 years the business has nearly doubled gross profits each year.

    Having read my situation (sorry for the long explanation), do you have any suggestions for getting a second round of funding to get us back on track with inventory and advertising?  I really dont think much would be required on the low side 10,000 would get us resupplied and moving into the season.