Fifteen years so far in the North Carolina National Guard. I am looking to start a business for wood bending. I need some money to start the business, the machine costs about $10,000.00, I don't have that much money to buy this machine. I can buy green lumber from Hamers Lumber Company in Webster Springs, WV. I can buy one piece lumber for about $10.00 a board. I can get about 15 pieces off each board, sell each for more than $10.00 a piece. I can make more than $140.00 profit on each board. For an order of 300 post I could easily make $3000.00, which would take me less than a week to complete.
Answers
Thank each and everyone for your inputs, each one of you gave me somewhere to look into and I thank you for this.
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
Take the free course offered by VetToCEO.org. They will offer you a number of different funding ideas and sources.
Find a chapter of SCORE at a local Chamber of Commerce. These folks are set up to assist you in how to put together the business plan to submit to the Small Business Administration or a local bank for funding. Go onto E-benefits and the veteran employment center and there are some resources for veterans looking to start businesses.
Jeff,
Someone previously answered with "Friends & Family" which is very true and probably the easiest and quickest to obtain funding. Another option is from the SBA, they have many options for Vets. Even a credit card but that would be one of my last options.
If you have a PO from your client then yours options widen a bit. But for most traditional loans such as banks, they'll always want to see some history behind your business. Banks will also want to see your business registered with the State, an EIN Tax number, etc..
Depending on the size and I assume you are just starting out, Friends and Family is the best bet. But let me stress this, NEVER use any kind of Payday Loan, for anything business or personal. Keep your credit score super clean or clean it up now if there are issues.
And once you get your business up and running, there will be a day when you need growth capital. Some banks will suggest "Factoring", this is another thing you don't want to use. A traditional Line of Credit and a good low interest Credit Card is normally how small businesses keep rolling.
Good Luck Brother
Good morning, Jeffery!
I suggest that you go to Vettoceo.org. Sign up for their program starting in the next couple weeks. This program will give you the ability to develop your business plan and use that plan to gain the funding you need. It takes 8 weeks to complete the training. They also have recommendations for finding funding.
Fortunately, I understand and know the furniture supply business. I will be happy to review your plan and provide assistance to you.
Sincerely,
Charles
You can try Crowdfunding to obtain funds. google it
Hi,
Have you checked out the small business development centers that many NC community colleges have on their campuses? The counselors/mentors there can probably provide great information on how to gain funding for your business, along with information on how to market it, etc. The community colleges in NC are a great resource for anyone starting a new business. I am particularly familiar with Catawba Valley CC, Duke Technical CC and Wake Technical CC; I know any of those could give you good advice and I'm there others around the state could to. Check in with your local community college and see how they can help you.
Funding for any business usually starts with friends and family.
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