I just got my DBA today but I still need funding to get my business going.
I have some money, but I still need about ,000.
I talked to my bank (bank of america) and they don’t do small business loans for start up businesses, and it seems like I’m running into that everywhere I look.
I have a business plan and cash flow projections, I have a location I can rent for my business and the owner is currently holding it for me.
I have connections within my line of work (window tinting and vehicle wraps) and over a year of experience working closely with the owner of another shop.
I just need to know where to go or who to talk to so that I can get information on how to go about getting my loan.
I don’t have the best of credit, but over the last year it has been improving (I’ve been making regular payments and have paid off all previously owned debt).
Can anyone give me some advice or anything?
I live in Texas, near Dallas.
Thanks!
If you only need $2,000 more, why don’t you just get a job and wait until you’re ready, because if you think that you only need $2,000 more, then you have a long way to go. Have you considered the cost of the lease, utilities, marketing, insurance, etc? I hope you didn’t just plan on opening the doors without insurance and other issues. If someone tripped on your property, that’s your butt.
Like I said, $2,000 isn’t a lot, and you should really get your credit up and ZERO debt before you try to open a business. Credit is essential. I’m just shocked that you’re talking about $2,000. Really? Three months work at McDonalds will get you that.
I’m curious, how much have you saved up for this?
You obviously need to learn the basics of running a business.
First, you shouldn’t start a business with a DBA, you should use an LLC.
No bank will loan you seed money to start a business even if you had perfect credit.
Based on your comments, your chance of getting a loan from a reputable company is zero.
You don’t start a business that requires capital without knowing how to raise capital.
It is foolish to rent space if you don’t have any money or cash flow. you’ll also need one or more business licenses and tax license/permits. You’ll also need business liability insurance and insurance on your business property and tools. You may also have to deal with workman’s comp insurance thru the state.
In your situation, your options are either: A) continue working for somebody else and save up the money or B) Friends and Family
I hate to burst your bubble but the outlook for your business is pretty grim. You won’t get a loan and you need permits, licenses and insurances before you start.