I started my business on 1/15/13 and have about $9,000 in sales so far, but
really need to get out of working from my house!
I also have an imbedded client base, some of which have worked with me for 17
years, and in order to continue working with them Ineed financing to become a
Toshiba dealer.
I am the sole owner so looking for grants or loans which don't require a ton
of collateral since I don't have much in my name.
Where do I start looking?
Grants are not going to happen for you - just a waste of your time. Plus,
since you are still considered a startup, very few banks and traditional
business lenders will consider your deal unless you have other income to
support the loan request.
Most startups in your situation are forced to use personal means to finance
their business until that time they qualify for other financing. This might
be your only way to get a loan if that is what you actually need.
I am not sure why you can’t find a way to make it work out of your house -
that would be your best way to grow and grow fast without a lot of
unnecessary expenses. Or, if it is space that you need - start talking with
landlords and see if you can work a deal with them. Many landlords these days
are willing to deal if their space has been empty for a while. You could work
a deal with a little down payment and a percentage of your profits until you
reach a certain level - then renegotiate the lease. Or, find another business
owner that has additional un-used space and work a deal with them - might
benefit the both of you. There are always other ways then taking on debt when
you don't have too or shouldn't - especially for startup businesses that no
one funds.
JGabriel | Community Moderator |
2/20/2013 - 10:21 am
As BizResearcher mentioned, Federal grants are typically aimed at specific industries and targeted causes identified by the government, such as scientific and medical research, conservation efforts, and so on. But other options, like loans, may be available to help. SBA has resource partners like SCORE, Women’s Business Centers and Small Business Development Centers located across the country that provide free business counseling to individuals looking to start or expand a small business. Visit our local assistance guide to find your local SBA resource partners by entering your zip code.
BizResearcher | Window Shopper |
2/19/2013 - 11:49 am
You can forget about a grant for a for-profit business. You may want to meet
with a counselor at a small business development center or a SCORE office in
your area. Their services are free and they can tell you how best to proceed.
They also know which loan programs may be best for your business.
BMT | Window Shopper | 2/23/2013 - 5:44 pm
since you are still considered a startup, very few banks and traditional
business lenders will consider your deal unless you have other income to
support the loan request.
Most startups in your situation are forced to use personal means to finance
their business until that time they qualify for other financing. This might
be your only way to get a loan if that is what you actually need.
I am not sure why you can’t find a way to make it work out of your house -
that would be your best way to grow and grow fast without a lot of
unnecessary expenses. Or, if it is space that you need - start talking with
landlords and see if you can work a deal with them. Many landlords these days
are willing to deal if their space has been empty for a while. You could work
a deal with a little down payment and a percentage of your profits until you
reach a certain level - then renegotiate the lease. Or, find another business
owner that has additional un-used space and work a deal with them - might
benefit the both of you. There are always other ways then taking on debt when
you don't have too or shouldn't - especially for startup businesses that no
one funds.
JGabriel | Community Moderator | 2/20/2013 - 10:21 am
BizResearcher | Window Shopper | 2/19/2013 - 11:49 am
with a counselor at a small business development center or a SCORE office in
your area. Their services are free and they can tell you how best to proceed.
They also know which loan programs may be best for your business.
Join The Discussion
You must be logged in to join the discussion. If you already have an SBA Community account, Log In to join the discussion.
New users, Register for a new account and join the conversation today!