What is the best way to aquire start up?

FAPB73FAPB73 Posts: 2subscriber
edited April 2008 in Startup Funding
My husband and I are looking to start a franchise business.  We have thoroughly researched the franchise, applied and have been approved.  We are very excited to move forward with our new business.
 
We were approved because of our business experience, our excellent credit scores, and low debt to income ratio.  However, we are weak financially and do not have the 20-50% injection that the SBA is looking for to give us a loan for our business.
 
Do you have any advice on how to secure that money?  We were thinking we should try and find an investor that would perhaps give us a year or so to get our business up and running before starting re-payment.
 
We know we could go out and get a loan or line of credit for what we need, which is approximately $40,000, but we are concerned about having to repay a loan so quickly with our business just getting off the ground.
 
Thank you for any advice you may have.

Comments

  • FAPB73FAPB73 Posts: 2subscriber
    Thank you, Mr. Lebovits.  This information is very helpful and clarifies a few things I didn`t understand.
     
    This is a first time venture for us, so we do certainly fear the "what if" situation. 
     
    Thank you again, and I will definitely do some research on SBA lenders.
     
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