Startup Business Loan - No Current Income
by A Gilded Thread, Window Shopper
- Created: February 8, 2014, 1:33 pm
Up until March 2013 I was a professional career DoD Contractor with a good salary and a credit score over 800. I lost my job and have not been able to find employment for nearly one year. The debt I had (a little over $3000) is left unpaid. So much for my credit. Before my job loss, my hobby was, and still is, quilting. Shortly before my job loss, l was in the process of turning my hobby into a business. I went thru the steps of becoming an LLC intending to purchase high-cost quilting equipment (a long arm quilting machine) in order to quilt other ladies' quilts. I had paid $1500 to an Online company to write my business plan. l dreaded it that much. Long story short, they have my $1500 & I have no business plan. Lesson learned. But the momentum I had going in the early stages is lost. l now have an LLC with no income. (Just as an FYI: A part of the Cottage Industry, Quilting is a $4B a year industry. Some may laugh at the idea but this is NOT your typical little old ladies sewing circle anymore. It is very high-tech. My personal sewing machine cost $12k. That does not count the cost of my other notions, accessories or fabric.) Is it even possible to get a startup loan with no current income? How do I get to there from here to become a contributing, working class member of society?
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