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Working Capital for my business

Steak Helmet

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Sep 4, 2002
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3,749
anyone know how to pick up some working capital for a small business

I only need 25,000 to 50,000 and will offer a 7 to 10 percent return. Unless anyone can lead me in the right direction for a loan?

SBA is out tried them
 

ericraven2003

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anyone know how to pick up some working capital for a small business

I only need 25,000 to 50,000 and will offer a 7 to 10 percent return. Unless anyone can lead me in the right direction for a loan?

SBA is out tried them
You might try private investors but they will want a higher return. Small business are at a big risk of going under the first year, so getting loans are usually not so easy.
 

Steak Helmet

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Well, according to my broker, we had everything through the SBA lined up...so we went for it with our start up money...the bumps in road caused us to spend more of our start up money than we expected. SHit I would give 12% return if someone loaned me $50,000.00

3 to 5 years
 

Silencer

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Jun 5, 2002
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I'm assuming a straight line from a bank is out because you don't have enough hard assets and inventory in the business to loan against?

How about a working capital line from a bank that you sign for personally? That puts you on the hook for the money if the business fails; nowadays that is par for the course for most banks. I advise a company with $10mm+ annual sales that still has to have its owners co-sign on a $1mm line. If you deal with the bank your company already does business with, or you have your home mortgage with, they will be more familiar with you and work easier with you (the large commercial banks don't care about small business since they chase mostly huge accounts; smaller banks are more flexible, esp if they know you).

Other avenues:

-If you have a lot of receivables, you can factor them to get cash upfront, but it can cost you 10-25% of your receivables' value depending on risk, time to payment, what business you are in, etc.

-Find an angel investor that is willing to come in as an equity partner. That way you give up a piece of business but the investor gets potentially bigger upside when business is sold in future.

-Some angels will do loans, but rates are high because risks are high. They usually want an equity "sweetner" like some warrants in your business.

-Stretch out your payables as long as you can. 45-60 days will buy you time as your receivables come in. On the flipside, try to collect receivables ASAP; perhaps give a 1-3% discount if paid within 10 days.

Again, I am doing this all without knowing your business, so some or all of this may not apply. Hope this is helpful.
 

Steak Helmet

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Sep 4, 2002
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3,749
Thanks for all the help...

shoot me a PM and I can explain the details


what do you think of loans against credit card transactions??

they base their cash advance on your current and future CC transactions?
 

BillHilton

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Feb 11, 2010
Messages
729
As far as loans against credit card receipts -- they will base on some number of past months actual, and they will take over your card processing. That way they get their money. They will lose if you go out of business, but you WILL sign a personal guarantee. I know. We went out of business and I spent the next 6 months finishing the loan.

Debt can kill you. Consider what you mean by need.

I raised some money for restaurant opening by selling discouted gift certificates. In other words, pay $500 and get $750 worth of certificates. We had several amounts.

Understand that you as was I and every other start up a HUGE risk.

Can you do it without debt?
 

tmax

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Jun 5, 2002
Messages
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Hard moeny lender

steak look into hard money lenders tell your broker if he knows any

tmax
 

Juice Authority

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May 9, 2010
Messages
79
Try Chase. They are offering a program (loan for hire) that is designed for small businesses, provided the use the proceeds to hire employees (up to 3). It's fairly easy to qualify since it's gov't sponsored. You also get a rate concession with each additional hire, up to 3.
 

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