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Finding the Right Bank!!

kamolahykamolahy subscriber Posts: 27
edited October 2006 in Startup Funding
So I`m ready to get rolling but I`m having a hard time finding financing due to my bad credit. My business is small enough to where I don`t think I want to go with any type of equity financing. So here`s my situation. I`m thinking, if I can just get started and do some business, I`d be okay to go slow and use the money I make over time to slowly acquire the things I think I need at startup. However, I`m puzzled about the need for a bank account.As I understand, most business bank accounts will require a certain balance to even be opened. Is there any way I can open one against these requirements? Are there any banks out there that let you open a smaller, free account that doesn`t require such a balance?Also, because you all are entrepreneurs.. I`d like to know. What are you banking experiences? What are some of the best banks out there for small businesses?


  • HerniHerni subscriber Posts: 1
    If you are confident that your business will take off and be profitable, here are some suggested sources for financing a startup:
    1. Mortgage the house and get some of your equity out in cash. Interest rates are low enough these days that it is manageable as long as you have an income coming in.
    2. Pitch and recruit silent partners for your business. Silent partners only provide funds in return for a % interest in your company. You want them silent so you don`t have to get their agreement to use the money anyway you deem necessary.
    3. Use a cah advance from a credit card. Expensive but if you can turn it around within 30 days you pay them back and keep working with what is left.
  • cugelertcugelert subscriber Posts: 7
    I can`t speak for everyone, but I opened my first merchant account with Washington Mutual with a $100 starting amount for free checking.  It works for me and the price is right.  Of course you`ll need all the legal info on your company when you open it...
    Hope it helps.
  • citizenkingcitizenking subscriber Posts: 0
    I know most of you are looking at start up financing, but if you`re considering financing that includes commercial real estate or SBA financing, we have a free report on our website that shows you how to beat your bank`s rates with 6 specialty lenders that you may not have heard of. You can get the report at FreeReport@mycommercialquote.com</A>. Hope this helps!
  • ideaanalystideaanalyst subscriber Posts: 0
    ...washington mutual is great for when you are starting a small business...

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