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Funding Sources

    • 2 posts
    March 28, 2013 4:19 PM EDT

    I am not sure how much information to post here, so I will post what I think is relevant to the situation.  

    I am a pharmacist.  I had been living in NY and saving to open my own pharmacy.  There are banks that specialize in funding vets, pharmacists, and dentists and they require about 20% down to issue a small business loan.  The start-up cost of a pharmacy varies from 400k to 600k, so I am talking 80k to 120K to receive funding.

     The economic downturn started and the location I had picked was no longer ideal. We (the family and I)   decided to move to SC.  Our mortgage was upside down, so I spent our savings so we could break even and get out of our mortgage and move.

    Now, I am still looking to open a pharmacy.  The problem is, I do not have the initial 20% down that the banks want to see to issue the small business loan.   I have found a location that is ideal for a pharmacy.  It is in an existing grocery store - an IGA to be exact.  It is an icon in the town it is in, very busy, and has about 100k sq ft of space to it.  The owner hired a consultant a few years ago and they gave him a "green light" to put in a pharmacy.  He had a pharmacist on board, but she changed her mind and moved on to something else.  

    I have read about Angel Investors, but I do not know if that is an option here.  Certainly venture capital is out of the question.  I have a few cousins who are worth a million or two, but I do not know them.  I could approach them with some sort of business agreement.  I feel funny about it, but I am confident enough in my plan that the business would not fail.  I know how to run and manage a pharmacy and have been a pharmacist for 20 years and a pharmacy manager for 7 years.

    What options do I have here?  I know the IGA owner would prefer to lease space to me rather than to own the pharmacy.  I also know that a few years ago when he was going to put a pharmacy in, that he was going to own the pharmacy.  He has said he would put up the capital if he needed to - but I am not sure how what would work.

    Am I overlooking funding options here?  Do I have a chance of getting a SBA small business loan if I am using an investors money as the 20% down?

    Any advice would help.

    Thanks

    Drew 

     

    • 2 posts
    April 3, 2013 7:18 AM EDT

     

    When I received a call from Mark Kane I was told they do not fund start-ups.  It was a dead-end.

    draexo,

    I send you direct mail through the system.

    I think that through our Start-Up Franchise loan in addition to a Investor loan we might be able to get you started.

    If anyone else finds themselves in need of a special loan just go to our site and fill out the contact form.  We will do our best to find a loan for you.

    No personal info is collect on the form just enough so we can set up a consulting phone call to see just how we can help you.

    Business Financing

    Joey Starkey
    Ezier Group
    We Fund E

     
    • 7 posts
    March 29, 2013 7:09 AM EDT

    draexo,

    I send you direct mail through the system.

    I think that through our Start-Up Franchise loan in addition to a Investor loan we might be able to get you started.

    If anyone else finds themselves in need of a special loan just go to our site and fill out the contact form.  We will do our best to find a loan for you.

    No personal info is collect on the form just enough so we can set up a consulting phone call to see just how we can help you.

    Business Financing

    Joey Starkey
    Ezier Group
    We Fund Ezier

     





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    Do you need Business Funding? We offer several options. Need A No Personal Guarantee Business Loan visit our site Get Funding Fast For Start Up Funding, Franchise Capital,Equipment Financing Investor Loans, Credit Lines, SBA Loans visit our site at Excel Business Funding

    • 926 posts
    March 29, 2013 1:06 PM EDT

    Drew,

    There are a number of ways to bring capital into a business. The "best" strategy will depend upon several factors including the amount and use of funds.

     

    Depending upon your deal with the "investors" - the SBA may accept "their" money. However, they may also want them to "guarantee" the loan. 

    If you want to discuss your situation in more detail- feel free to drom me a PM or contact me directly.

     

    ---
    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


    • 926 posts
    April 3, 2013 8:03 AM EDT

    Drew,

    I don't know what you have "prepared", but we've determined that is important to be "Capital Ready" -before you begin the quest.

     

    If you want to discuss your situation on more detail- drop me a PM or contact me directly.

    ---
    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


    • 7 posts
    March 28, 2013 11:20 PM EDT

    check out meetup.com or eventbrite for any business networking events in your area there is usually a few where you can meet potential investors or people who know people, get out and network..

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    http://youronlinestuff.com online marketing blog - for SEO, social media etc.