Normally a new business is self-financed or family and friends financed, or hard money lending, including equity lending (they want a piece of the business and a say in what you do). Since there was no information given, it is hard to answer this. IF you didn't quit your job, you can likely use your personal credit and collateral (including your home) to borrow against to fund the business. IF your significant other is still working, they can do the same. The issue is when you have sacrificed everything and only have the business, in which case most banks are looking for 2 years' tax history in order to give a loan. Even SBA has that requirement, so I hope that that is not your case. If you would like to expand on your situation (what kind of business, how much debt and income you have still), perhaps we can answer it a little better...
I am a mortgage banker but will be happy to offer guidance: www.phmc.com/coreyvandenberg I am in Lafayette, IN, just a little ways north of you.
Hi, CindyThere are some options for New Start up businesses, typically it is difficult for new business to secure funding from the Banks or even the SBA. Hard Money can be an option as well but they require some seasoning for the Business as well. I do have Unsecured lines of credit that would assist you in your new venture. The funds can be used for any purpose. I can Pre-Qualified you for $20k - $350k in Personal and or Business, if the business has been in operations for 3 months. If not then it could be Personal and Start Up Lines of Credit. For more information please email at: emeldaharris@exactbusinessfunding.comI look forward to hearing from you.Thank you!
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