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How can someone with no collateral borrow $150,000 to start up a business? |
I do not have any substantial collateral to back such a loan, but i have very good personal credit and I have almost 15 years management experience in the field that I want to open the business in. Total startup cost for the business itself will be around 400k. The 150k would go as partial down payment on aprrox $330,000 in inventory and fixtures, with the remaining to be held as operating capital and some to be used to make a down payment on a location. Need help to get the ball rolling. I recommend visiting the small business administration office in you local area. If you don't have one nearby, try their website www.sba.gov. They can help with finding loan and grants. Besides the finance aspect they provided a variety of other support including how to write a business plan, marketing, taxes, insurance, and pretty much anything else you might need help with. You're welcome! The best part about using the SBA their services are free. Good luck! Report It Sometimes you need to go back to the drawing board and find something that requires little cash investment. Good news! There are such options out there. either a relative or find a partner to back the project, not going to find a person to lend monies such as this with no collateral or track record in start up business get a loan. buy/sell stocks.... Small business Association I think you are going to have a difficult time financing this amount of money. I would see if you could get some business partners. You have to put together a business PLAN and basically pitch/sell it to your lender. If you cannot make them believe in you then ... they say no. I guess you have to borrow otherwise it could be effect on your next buseness, and Do you think buseness can be srart up by this way. |
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