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how can i get capital for a new small business (2 months) without trying to get a sba loan ?

Veteran

Charles Villa Astoria, NY

its a used car dealership

3 December 2014 4 replies Small Business

Answers

Advisor

Paul Holzschuher Lebanon, OH

Most banks will provide an equity line of credit.
The equity could be your home, land, business or other.
Talk with your bank's loan officer.
I started my residential rental business using a equity line of credit for the down payment.
Then as the equity in the building increased, I used this equity to purchase more rental buildings.
Good Luck,
Paul

Advisor

Mark CAsper Rockville, VA

You can approach another dealer in the next town over and ask/see if they would be interested in fronting you the capital for a portion of the profits - sort of angel investing.

Advisor

Emanuel Carpenter Alpharetta, GA

Charles:

Write a business plan. Share it with family and friends. Ask them to invest in your business. Be sure to let them know what's in it for them.

Crowdfunding is another option. Check out https://www.equitynet.com and www.indiegogo.com , and http://www.sprigster.com . Sprigster specializes in helping veterans with crowdfunding. I highly recommend finding a company that lets you keep everything you raise as opposed to an all or nothing site like Kickstarter.

Best of luck.

Advisor

Ed Southard Bloomfield, CT

Charles,

Have you investigated crowd funding? crowdfunding.com will get you started. There's a ton of intel on the usual search sites.

Thanks for your service Charles. Semper Fi.

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