Are you at a crossroad in your life?
A victim of corporate downsizing? A desire to be your own boss? You're tired of working for the "MAN," you want to be a business owner! CONGRATULATIONS! You're visiting this site because you are exploring business ownership; maybe you are considering a franchise, a business opportunity or an independent opportunity, whatever the reason may be, we are glad you are here and we look forward to the opportunity to serve you and help you explore your funding options.
What Are My Funding Options?
Personal Cash Funding
When exploring business funding and you ask successful business owners, it is usually recommended that you "preserve" your own cash (for emergency needs) and use someone else's money to invest in a business.
Borrowing From Friends & Family
When borrowing from friends and family, it changes the dynamics of the relationship and now you become a debtor to your friend(s) and family. Ask someone who has been the recipient and the lender, if they would recommend it.
Local Bank/Credit Union
Do you have a longstanding, positive relationship with a local bank? This may be an option but don't get discouraged if you get rejected. Rather than working with one (local) bank, we have resources for multiple lending sources, so give us a call to assist you with your funding needs.
Caution: Too many inquiries on your credit report can prevent you from qualifying for a loan for six months until those inquiries can be removed from your report.
Today, your 401K/IRA money is invested in one or more companies. You have the opportunity and right to roll over your retirement money and invest it into "your company" by buying stock in your new company, tax-deferred, penalty-free, and potentially start your company debt-free.
- Secure funding FAST – typically 3-4 weeks
- Gain business equity and improved cash flow position from start
- Accelerate business profitability by managing the amount of debt your new business takes on
- Set aside tax deductible retirement savings, up to $56,500 per year
- Tax deferred Exit Strategy Program when it comes time to sell your business
- Optimize business equity and value
Unsecured Line of Credit ($25K-$100K)
Do you need access to cash to get your venture up and running? We can help your business succeed by obtaining revolving business credit lines on your business’s behalf. These lines are Unsecured Revolving Business Credit Accounts that for the most part do not report to your personal credit. Funding ranges between $25K-$100K with a pre-approval amount within 24 hours and funding, normally within 3-5 weeks.
- No cash infusion requirements
- No collateral requirements
- No pre-payment penalties
- Minimum FICO scores of 700 or better
- No recent or major derogatory items
- At least 5 years of credit history is preferred
- Check your scores at www.creditchecktotal.com
SBA Loan ($75K-$5M)
Government backed loans designed specifically for small businesses to help get their venture up and running quickly. We understand the qualifications needed to obtain SBA backed funding in this current economy.
- Personal Cash injection of 20%-30%
- Collateral (up to 100% of loan amount)
- Credit scores (680+)
- Repayment ability
- Industry experience (2-5 years)
- Business Plan
SBA Working Capital Loan
Working Capital loans offer a simple small business financing solution for business owners needing $25,000 – $150,000 to start operating their business. These loans provide the same government guarantee and low interest rates as traditional SBA loans, but they can close in as little as 45 days....half the time it takes to close a traditional SBA loan.
Unlike other loans that require 20 – 30 percent capital injection and must be secured by personal collateral, Working Capital loans only need 10 percent down and are secured by your business assets. Plus, Working Capital loans can be used in conjunction with a self-directed 401(k), so you can leverage your retirement funds to cover the down payment for the loan.
To qualify for an SBA Working Capital loan, you’ll need:
- A 680+ credit score
- No bankruptcies within seven years
- At least a 10 percent equity injection
- Paid franchise fee prior to loan
- 20% post-close liquidity
So what's the right option for me?
Each funding option has its benefits. Knowing which option is best suited for you and your business is our specialty. We help businesses get funding using a variety of options and we'd love to discuss it with you further. Simply click here for an obligation-free consultation with one of our Senior Consultants.