forumworkshop FORUM WORKSHOP This may be what amounts to a start-up grant either through an outright donation to the cause or a low-cost, long-term loan. If the business prospers, the angel may expect a return. If not, the angel can walk away from the endeavor knowing he tried to help someone where it counts. Finding your angel – that’s a challenge! It’s more likely they’ll find you, so don’t count on their help.
INSTITUTIONAL LENDERS Good advice to the contrary, you may decide it’s worth investigating your chances for a business loan from a local lending institution. This may prove an exercise in futility, especially if the store is your first stab at self-employment. You may have good personal credit, and a good relationship with your local loan officer, but it
may not be enough to get the loan you need. Make your case, in person and on paper. If all else fails and you need the funding, consider asking for a personally guaranteed loan. It’s not the best situation, but if the store really matters, you’ll have little trouble living with the commitment.
SBA
Also check in with the area office of the Small Business Administration and see if you qualify for one of its guaranteed loans. The application process is thorough, and funds are limited. But you won’t know if you qualify until you apply. The SBA exists to help people like yourself start businesses, and part of that support includes helping those who meet its criteria secure the necessary funding. continued...
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