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Question

Small Business Loans

Apr 10, 2014 6:13AM PDT

Hi,

I am looking to revamp my business Bikes4Leos and I really need some initial funding to get the jumpstart I need to follow through with renovations. I was wondering if anyone can recommend a good place to go to? I have a 600+ credit score but 3 banks have already turned me away! Ridiculous!!!

Thanks,
Francis

Discussion is locked

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Answer
Then it's time to go old school.
Apr 11, 2014 12:53AM PDT

Borrow from family. Or re-prioritize the list of what you want to do. Also, be sure to talk to suppliers about flooring plans. Why I bring that up is a local bicycle shop which I visit has some high end bikes over 5 grand each. There is no way they would pony up that to for the 1000's of bikes in the shop. The suppliers have flooring plans for that.
Bob

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Answer
alternative lenders
Apr 14, 2014 11:29PM PDT

Look in to different forms of alternative lending. Crowdfunding, invoice finance, non-high street lenders such as this one, friends & family, do you need short term or long term? Secured or non-secured? More info and I could help you further.

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Answer
small biz loans and alternatives
Apr 19, 2014 12:41AM PDT

Hi Francis,
Getting started with banks takes time. If you've gotten some orders for your business you can consider factoring those receivables to help with cash flow. Once you've established yourself, banks will lend -it does take time. If you'd like to learn more about the process of factoring please let me know. There is a free Webinar that will educate you on how it works.

Good luck,
Carolyn

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Answer
Kickstarter
May 6, 2014 12:50PM PDT

I couldn't tell you how many people I know who have had success with kickstarter. If you can convince people that you're business is worth making a contribution to, people are bound to help. It's only a matter of making sure the word spreads, and utilizing social media to promote your campaign. Just make sure you set a reasonable goal. Alot of people are under the impression that kickstarter is only used for NEW businesses or ideas, but I have seen pre-existing companies have just as much luck with the site. A local establishment in my area was about to have to go out of business and started a kickstarter as a last ditch effort. They raised 18,000$ and are now up and running again.