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New business startup financing sources
Posted on 4/18/12 at 10:01 pm
Posted on 4/18/12 at 10:01 pm
1. SBA loans -- anyone had any luck with this? Seems like a bunch of bullshite to get as small of a loan as I need (~50k ish).
2. Bank loans
3. Equity in house
4. Drain tax advantaged accounts
5. Peer to Peer lending
6. Personal loan
Anyone have anything else? Here is something else to keep in mind, I can't give away equity interest to non-lawyers b/c its a law firm.
2. Bank loans
3. Equity in house
4. Drain tax advantaged accounts
5. Peer to Peer lending
6. Personal loan
Anyone have anything else? Here is something else to keep in mind, I can't give away equity interest to non-lawyers b/c its a law firm.
This post was edited on 4/18/12 at 10:02 pm
2
Posted on 4/18/12 at 10:44 pm to rmc
CREDICK CARDZ!!!!1
no, seriously, maybe sell off some personal property
you just might be able to get an old-fashioned unsecured business loan from a local bank, esp. if you have a lot of exp. in the legal field and long & solid credit history.
acquiring equity is usu. the biggest draw to an investor, but I understand that lawyers have all these stupid little rules to follow... good luck
no, seriously, maybe sell off some personal property
you just might be able to get an old-fashioned unsecured business loan from a local bank, esp. if you have a lot of exp. in the legal field and long & solid credit history.
acquiring equity is usu. the biggest draw to an investor, but I understand that lawyers have all these stupid little rules to follow... good luck
Posted on 4/18/12 at 11:29 pm to gizmoflak
quote:
but I understand that lawyers have all these stupid little rules to follow... good luck
I think the rule is stupid myself. There has been a lot of chatter in the ABA about changing the 'model' professional rules to allow non-lawyer partners. I don't see this happening for at least another 10 years.
This post was edited on 4/18/12 at 11:30 pm
Posted on 4/19/12 at 6:15 am to rmc
Do like Al and Stan Ware back in the day. Tell everyone you bought the boat to race in, but run dope from Mexico across the Gulf in it. Yourself.
Then launder it through a silly fast food restaurant concept.
Then launder it through a silly fast food restaurant concept.
Posted on 4/19/12 at 6:41 am to rmc
SBA is a PITA for what they give you- when my wife was opening her business, she started to fill out the paperwork but they wanted a precise breakdown of where the money was to be spent before they gave her that loan at 10.5% (8.5% secured). The franchise she bought into was still pretty new, so there weren't many models to follow.
Honestly, she borrowed from our savings and got a couple of 0% credit cards (ended up needing about $60,000). For what a bank would charge, you could make 2 balance transfers at 4% and come out almost ahead.
Honestly, she borrowed from our savings and got a couple of 0% credit cards (ended up needing about $60,000). For what a bank would charge, you could make 2 balance transfers at 4% and come out almost ahead.
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