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New Business Financing

by Hopeful, Window Shopper

  • Created: March 23, 2010, 11:49 pm
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14 comments

Is there any type of financing available with these hard economic times to purchase a business without the usual and customary down payment required by banks?  We have owned our own business in the past, however to come up with the down payment has proven not so easy now for a business we would so love to own.

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vickie501 | Window Shopper | 1/18/2011 - 8:45 am

Please tell me if you find financing I have put about 225,000 down to purchase ground and upgrades and then borrowed $285,000 finally hard money and can't get it refinanced still.  I'm in the process again with Golden West but all of the things that come out on the news are no where to be found yet

luckycharmz336 | Creator | 1/18/2011 - 8:45 am

Certain venture capitalists will do this, otherwise you need to go to a bank with an elaborate and convincing business plan. Hopefully it will work out for you Joel McLaughlin Dataflurry Message Edited by NicoleD on 12-11-2009 04:52 PM

addisonpsf | Creator | 1/18/2011 - 8:45 am

I would have to agree with Joel. It's hard to come across a large loan without a personal investment, but it is possible. Addison Pre-Settlement Funding Message Edited by NicoleD on 12-11-2009 04:52 PM

CutCompCosts | Contributor | 1/18/2011 - 8:45 am

Have you tried https://www.lendingclub.com/? I've used them for investing money and I've known others who have used them to borrow money for all different types of projects. Much better than dealing with a bank as long as your credit is decent. It's basically a large investor network looking for stable returns by investing in short term loans. Message Edited by NicoleD on 06-19-2009 12:39 PM
Professional Web Site: http://www.21-ways.com

vickie501 | Window Shopper | 3/23/2010 - 11:49 pm

Please tell me if you find financing I have put about 225,000 down to purchase ground and upgrades and then borrowed $285,000 finally hard money and can't get it refinanced still.  I'm in the process again with Golden West but all of the things that come out on the news are no where to be found yet

luckycharmz336 | Creator | 3/23/2010 - 11:49 pm

Certain venture capitalists will do this, otherwise you need to go to a bank with an elaborate and convincing business plan. Hopefully it will work out for you Joel McLaughlin Dataflurry Message Edited by NicoleD on 12-11-2009 04:52 PM

Hopeful | Window Shopper | 1/18/2011 - 8:45 am

Show Replied Text…
Certain venture capitalists will do this, otherwise you need to go to a bank with an elaborate and convincing business plan. Hopefully it will work out for you Joel McLaughlinDataflurry Message Edited by NicoleD on 12-11-2009 04:52 PM
We have equity in our home, however with the market at is stands today will not allow us to have the capital needed immediately available to purchase the business.  Is there anyone who is willing to work with this knowing that when the home sells the capital is there?

addisonpsf | Creator | 3/23/2010 - 11:49 pm

I would have to agree with Joel. It's hard to come across a large loan without a personal investment, but it is possible. Addison Pre-Settlement Funding Message Edited by NicoleD on 12-11-2009 04:52 PM

CutCompCosts | Contributor | 3/23/2010 - 11:49 pm

Have you tried https://www.lendingclub.com/? I've used them for investing money and I've known others who have used them to borrow money for all different types of projects. Much better than dealing with a bank as long as your credit is decent. It's basically a large investor network looking for stable returns by investing in short term loans. Message Edited by NicoleD on 06-19-2009 12:39 PM

phanio | Contributor | 5/30/2009 - 4:58 pm

Lending club is one option - and there are many more - you just have to get a bit creative. We list several resources on our website that can help you. Also, think about a SBA loan - they have recently reduce their equity requirements as well as reduced fees. Plus, they love the purchase of existing businesses. Try our site - we provide information and resources for business owners seeking capital.
Professional Web Site: http://www.businessmoneytoday.com/