WE'VE MOVED!

We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
Options

Looking at funding alternatives

GirishGirish subscriber Posts: 1
edited March 2009 in Startup Funding
I am the co-owner of a bootstrapped software startup that is almost a year old. Our intention was to build enough sales to help us sustain growth. With so many external factors against achieving good sales, we are forced to look for funds in the range of $85k. We`re not really keen on angel/vc funds, but at the same time we cannot offer much as collateral for bank loans. Any ideas or suggestions to fund our business would help us a lot.ThanksGirish.Bwww.lytecube.com
· Share on FacebookShare on Twitter Share on Google+

Comments

  • Options
    MattTurpinMattTurpin subscriber Posts: 22
    www.unsecuredsolutions.com offers collateral free business loans. www.thesnaploan.com does the same. The latter`s website seems to be down for renovation. I`m looking at unsecured solutions, myself. It`s not very professional to take a website offline for so long. When I renovate my own forums, the replacement is done before the site goes down. SNAPLoan isn`t inspiring me with confidence.
    I did manage to google up some contact info for snaploan. This number is supposedly for a Michael Edgings, Snap Financial Services. 1-770-932-2035.Here`s the number for unsecured solutions, which you can get off their site as well. 1-877-522-4835. I can`t personally vouch for these companies, yet. I`ll certainly report my success or lack thereof when I go for my loan.MattTurpin2/24/2009 5:39 PM
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    GirishGirish subscriber Posts: 1
    Thanks for the tip Matt, but the snap website seems to be under construction. I also figured some banks are also offering unsecured loans for businesses, will keep you posted on how it goes.
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    bobckbobck subscriber Posts: 0
    Hello,
    I am willing to fund your project as long as it is worth it.
    Get back to me with detailed information as regards to that to proceed.
    Sincerely, ch15@ymail.com
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    GirishGirish subscriber Posts: 1
    Hey bobck this forum has "fairly intelligent" users so dont bother wasting your spam/scam skills.
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    robertjrobertj subscriber Posts: 0 Member
    I am the co-owner of a bootstrapped software startup that is almost a year old. Our intention was to build enough sales to help us sustain growth. With so many external factors against achieving good sales, we are forced to look for funds in the range of $85k. We`re not really keen on angel/vc funds, but at the same time we cannot offer much as collateral for bank loans. Any ideas or suggestions to fund our business would help us a lot.
    Thanks
    Girish.B
    www.lytecube.com

     
    Without having more details, I can only offer some general thoughts.

    The amount you seek ($85,000) is well below the usual for a VC firm or other institutional investor. It`s also on the low side for a "professional" angel or angel group
    Since the professional investor is looking for situations that offer huge potential returns, you should have a long term plan that will yield a big ROI. Only needing $85,000 doesn`t make that impression.
    Consider looking for private investor(s) rather than professional angel.
    Your chances for success are increased if you are fully Capital Ready when you start your quest.

    If you`d like to discuss the specifics of your situation - feel free to contact me directly or send me a PM
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    GirishGirish subscriber Posts: 1
    @robertj: I agree that approaching private investors is a good option, I`ll PM on how to proceed on those lines.@EnginnersCanSell: First of all thats a fantastic blog name, I have you bookmarked. Its a B2C application that will eventually become a B2B product. And with a low entry price, we need to build up huge amount of sales to meet our capital demands. But good advice for B2B though.
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    FileFLy1FileFLy1 subscriber Posts: 0
    Hey Everyone....
     
    I`m currently finishing my Business Plan for my web based business.  I`m looking at finding funding.  I`ve already figured that the business is lucrative and will pay for itself in the first couple of months. (based on the fact that it will cost me around 10k to start up, and under 2k to operate)  My problem is that My Credit was damaged pretty badly from my careless younger past life... Now that I`ve Grown as a man and found my goals and focused myself in a professional manner, I`m at a crossroad with my credit situation.  Can I legally accept donations, are people out there willing to donate money for someone like me to start up my business? The thing is, Given our current economic sinkhole we`re in as a nation, and add in the fact my personal credit is unsatisfactory at best,  I Cannot Get A Business Loan.  Please Help.  I`m Running Short on Time and refuse to abandon my goal to Launch my business.....?????
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    robertjrobertj subscriber Posts: 0 Member
    It`s a bad time to look for any investment. There is very little money out there at the moment. 

     
    While the total value of assets (real estate, stocks, etc) in the US has gone down significantly in the last year - there is actually a lot uncommitted cash out there. Much of it is being held in low (or no) return situations.
     
    robertj3/12/2009 11:15 AM
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    robertjrobertj subscriber Posts: 0 Member
    Jynell,
     
    There are 5 different agencies that participate in the Small Business Technology Transfer (STTR) program. The STTR program is for small businesses who are working (partnering) with University research entities.
    · Share on FacebookShare on Twitter Share on Google+
Sign In or Register to comment.