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Thread: Financing

  1. #1

    Financing

    I am wondering if anyone has any ideas of how I can get some financing for my business. Things are going pretty well but if I could invest in a few more items, it would be a lot better.

    I have no business credit establsihed and due to my health problems and having had to file bankruptcy before my personal credit is poor.

    I need about $2000 which isn't much but still difficult to get. does anyone have any ideas or know of any resources?

  2. #2
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    Contact places like Your Secretary of State office, SBA or local business groups. They should have a list of places for you in your area to check out.
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  3. #3

  4. #4
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    If you build a solid business plan, have the right experience, you can approach several VCs and try getting some funding...

    Many of the large web hosting companies today have been VC funded...
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  5. #5
    You can find a partner or a VCs they can fund you in different segments as your business grows. You should start with a small amount and should get further financial assistance as your business grows with different growth phase instead of looking directly $2000.

  6. #6
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    I really doubt any VC would even consider bothering with such a small investment. I suggest you look into credit cards or personal loans.

  7. #7

  8. #8
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    Well that's nice and everything, but I've talked to quite a few VC firms and most of them don't even want to consider you unless you're already doing a few million a year in revenue.

  9. #9
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    by some funding, I never meant $2000
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  10. #10

  11. #11
    If you dont have a good name or a SOLID PLAN, nobody will help you.

    Better get a passive partner and offer him some %%% from the benefit.
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  12. #12
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    Originally posted by etechsupport2
    You can find a partner or a VCs they can fund you in different segments as your business grows. You should start with a small amount and should get further financial assistance as your business grows with different growth phase instead of looking directly $2000.
    VCs spend more than that on lunch when you go out to talk to them about a venture. Unless you're looking for several million dollars, you'll have a tough time getting a VC to take you seriously.
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  13. #13
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    $2K isn't much at all. You should be able to get a credit card, or some sort of personal loan from your bank, or even look to friends and family.
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  14. #14
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    VCs are usually looking for very high growth type of ventures and they won't even look at web hosting unless you have some brilliant new idea that's going to give you explosive growth. Regardless of that, for $2000, venture capital should not even be mentioned.

    What you can do is, find one of those credit card offers that have 0.0% APR until next year and you'd be able to charge the $2000 on there and repay it slowly without interest. Otherwise, look to family and friends for investments or special loans. If you want to go the bank route, you'd need some physical assets to use as collateral.

  15. #15
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    how about government funding? like small business grants etc?

  16. #16
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    Your going to need to bring a partner onboard. You've filled for bankruptcy before which may make it tough for anyone to even speak to you about lending you money. An alternative would be to get all your finiancials together (assuming your making a profit) and run to the local bank and give it a shot, though it will be tough.

  17. #17
    In such situation he should approach his family and friends to get help initially from small start up, More ever as his business grows, he can be able to get some financial assistance from suitable resources.

    Ultimately when a person finds some prospects in his business plan which can be profitable, he may extend his personal interest and can support him financially and morally as per his requirement.

  18. #18
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    I personally would never borrow from the family. Don't get me wrong I have a great family here, but borrowing from them just like borrowing from friends is a recipe for disaster...

    Don't mix business with your personal life.

  19. #19
    Most of the top business houses or big firms are originated from a small family business and transited to the next generation.

    I personally know so many successful businessman or entrepreneur who started his business in a very typical bad condition and borrowed a small amount from either a friend, relative or their well wisher when there was no alternate and reached to the height of success and excellence.

  20. #20
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    Well there are always exceptions. My business partner is my brother...so I'm not really following my own rule I still stand by my opinion though, borrowing from family and friends should be the last resort.

  21. #21

  22. #22
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    Dec 2004
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    He said he claimed bankruptcy. If this is the case no bank will approve him for a load or credit card. Not sure where you're located, however, here in Canada it takes Seven Years for bankruptcy to be cleared from an individuals record.

    I would take etechsupports suggestion and turn to family and friends. You'd be lucky to even get unemployment after filing bankruptcy.

    Good luck on obtaining a loan.

  23. #23

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