January 9, 2008 4:08 PM EST
Anyone who could be able to help me in finding capital to fund my business in wholesale/retail. I don`t have an excellent credit, I already tried a credit union and banks but because I have a debt ratio I can`t be able to borrow money through Home Equity or HELOC unless I have a guarantor. I just realized that if I am going to SBA, I will need my condo for collateral. I need capital around 250k. I already talked to two SCORE counselors and I`ve done what they have suggested. But one counselor has warned me that I might have a hard getting a loan because of what is happening in the economy. The same counselor who suggested that I should be asking for additional 50k for cash reserves just in case and banks or lending institutions would be glad I thought of this on my business plan. This includes a kitchen trailer and a pick up truck to haul the trailer. I already have an LLC, EIN and business registration where I will establish my business and I just recently registered my business with DUNS. I`d like to apply with DUNS to build a business credit but I just don`t want to spend my last savings. I am afraid I might not be able to pay my mortgage next month (I have never been late on my mortgage payment since I bought my place). I was a seasonal fisherman in Alaska and that`s where I found the opportunity to start a business. I was able to save some money and that`s that`s how I was able to maintain paying my bills. I am almost 85 percent finish with my business plan. All I need is to pay half of the professional business plan writer to polish it after reviewing and making some changes, additions and modifications. I already contacted all my families and friends unfortunately, because of the what is going on with the economy they can`t be able to help me lend money. I only have one credit card but I already maxed it.
Believe me, I`ve done my part in researching about my business before I started writing my business plan. My families are willing to help my as my buyers and willing to sell my products as well so they can make their own profit.
Anyone who could help and refer me to genuine investors and any help I could get. Please help, I have so much passion burning in me to make this dream come into reality. I have the persistence and courage but the only thing missing is where to find the funds for my business.
Thanks a lot toall your help and suggestions,
Josephine1/9/2008 10:15 PM