Here is my business Idea:
I have formed a Texas corporation with a friend of mine. He is located in the Ukraine and works for an IT outsourcing firm. We have decided to start our own IT outsourcing firm with most of the work being done overseas in the Ukraine. Once the foundation of hte business is complete, I will begin soliciting for contracts to obtain some IT projects....web design, embedded systems, software design.....basically anything IT related we can do. We will also have a few servers and will host websites, sell web related products (SSl certificates, domain names, etc...
The most important part of the equation is funding. Both I and my partner are living paycheck to paycheck...we are both currently w2 employees.
Once I score my first contract, I will be needing a line of credit (already in place) from an institution so I can get the contracted project rolling....depending on the contract, we will need to hire some help: software designers, coders, ect... but! these folks will need to get paid once they start working. This is why I will need a line of credit in place. I will not need any of money until a contract is procured and I am hoping that the contract can be used as collateral to make a draw on my credit line
So far I have obtained an EIN for the business, an ITIN for my business partner since he is a non-US citizen. I have a DUNS number and have started a profile on the CCR government contractor site. We have a site up...but is still under development. I have not opened an business checking account as of yet but will soon.
What steps should I start to take to obtain unsecured business credit of at least $100K.
I need professional help from someone experienced in this situation.
Please give me some suggestions.
First, which bank should I use to open a business account? Will the institution that I choose affect my ability to obtain credit? What are the next steps?
Please help me folks :)