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

I am female and old can I get more money?

rvdebbyrvdebby subscriber Posts: 11
edited November 2006 in Startup Funding
I am going to the SCORE office on Tuesday seeking help with my business plan. I have heard that I might be eligable for more funding because A: I am female, and B: I am a senior.
On the other hand I have heard that my chances for a loan might be less because I am A: older and B: lacking in collateral.
What can I do to make myself more funder friendly?
· Share on FacebookShare on Twitter Share on Google+

Comments

  • Options
    robertjrobertj subscriber Posts: 0 Member
    If you are seeking debt capital for a business - remember that lenders are interested in assets (collateral) and ability to repay. Since you say you don`t have much collateral - you will need to be "strong"on the ability to repay.
    Start with a well thought out plan.
     
    Robert Johnson
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    rvdebbyrvdebby subscriber Posts: 11
    I am still learning business language, please define "debt capital".
    Would it be better to purchase equipment outright with the funding? It would give the lender something to reposess so there would be, in a sense a bit of collateral--or lease to keep overall investment down?
    I have a good start on my plan and hope that a mentor from SCORE will help me complete it in a way that will get my foot through the door.
    Thanks for responding so quickly.
     rvdebby2006-11-20 0:36:54
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    SecondHandRoseSecondHandRose subscriber Posts: 3
     
    Hello,                                                                                            This is part of what my web site is about. I am a women, 52 years of age, hispanic and disabled. Now you might be considered for a grant or loan from the goverment faster then the order person. Not more money! Your applications they will review your case more open minded. I have sent e-mails to just about every goverment agency. Not asking for preference. To learn what benifits I am eligible for. Yesterday was a big day for me, my S.B.A. counselor called and wanted within 2 hours a business projection plan. I panic! This is the last part before they write out your loan. It is not about I am a women or I am a minority, or I am disabled. What they are concerned about? Before they go to a bank, or private agency how much are you capable of paying back the loan without putting you in a major stressful situaition. They want to help, on the other hand they are looking out for the investor. If you turn out to be a good candidate then the investor will take a chance with someone else. Which makes allot of sense. Good Luck. Be persistant. If your first application turns you down, don`t give up the fight. Just pick yourself up and reapply again.SecondHandRose2006-11-21 14:18:4
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    rvdebbyrvdebby subscriber Posts: 11
    I was at the SCORE office this morning and they said about the same thing. Must be one of those urbain legends.
    I have my life plan, done. Lots of supporting documents, in fact they said that your business plan is a lot like a resume. Short and sweet. Do the homework and have those numbers.
    I am now looking at selling stock? Am going to need to start a whole new thread with that one.
    Good luck to you and thanks for the advice.
    Deb
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    rvdebbyrvdebby subscriber Posts: 11
    Selling securities can help boost your business; however, the preparation for the paperwork is not a lot of fun. In each state, there is a rule for how you market your stock. You only can have so many investors with a small private offering.
    I am moving to another state and will do business in several, especially with web. Do I have a choice what state I do set-up. I brought this up before and people thought I was trying to avoid the laws, just want to take advantage of what ever I can Legally.
    Where can I find out about security paperwork? I was told that bank would like to see other people investing without monthly payments due immediatly. I have no idea how to determine what the stock would be worth and how payback works. Is there a book or better a tape or dvd that would give me some of the basics?
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    rvdebbyrvdebby subscriber Posts: 11

    The SBA recently announced it was going to add 19 new women`s business centers throughout the United States in addition to continuation of funding for 80 existing women`s business centers.
    It might be another resource for you to investigate.

    Thank you! When I visited this site and went to the women`s center link it seemed that it was primarily focused on Native Americans. Did I enter at the wrong place or is that just one center?
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    robertjrobertj subscriber Posts: 0 Member

    Selling securities can help boost your business; however, the preparation for the paperwork is not a lot of fun. In each state, there is a rule for how you market your stock. You only can have so many investors with a small private offering.
    Where can I find out about security paperwork? I was told that bank would like to see other people investing without monthly payments due immediatly. I have no idea how to determine what the stock would be worth and how payback works. Is there a book or better a tape or dvd that would give me some of the basics?

    Selling securities to raise capital is not something to do in a "self taught" mode.
     However, the best book I know about on the subject is: Financing Your Small Business by James Burk & Richard Lehmann
    Here is a link you can use = http://www.bizgrowthmasters.com/books.htm</A>
     
     
     
     
    · Share on FacebookShare on Twitter Share on Google+
Sign In or Register to comment.