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Small Business - Help me get a loan/capital/whatever!


Bootleg

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Okay, here's the deal, I have an idea for a side business and would like input from people that have started their own businesses or know about financing.

My Credit:

History - Reasonably long and no blemishes. Paid off a $15,000 student loan. Never had a mortgage or car loan. Before I leased my car, I had a FICO of over 800.

Debt - $12,000 at 17%, $8000 at 0%, $9000 remaining in payments for a car lease

My Assets:

Bank Account - $20,000

I estimate that I will need $50,000 minimum to start it, but the more funding, the better.

Reason I am not paying off my debt is because I may be misinformed in thinking that liquid assets will help me get a business loan.

So any hints? Tips? Doesn't the government have a small business loan program or something similar?

Also, if I were to get financing from private investors, what kind of incentive am I supposed to give them? Part ownership (how much?)? Return their money with interest (how much and over what time frame?)?

Thank you so much for all your help.

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Any such discussion is entirely academic without at least an outline of the business plan, the type of business and how you can prove to your investors that you're worth 5 minutes of their time..

The first places to go for financing (because you'll get the best terms) are the 3Fs.

Friends, family and fools.

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My Credit:

History - Reasonably long and no blemishes. Paid off a $15,000 student loan. Never had a mortgage or car loan. Before I leased my car, I had a FICO of over 800.

Debt - $12,000 at 17%, $8000 at 0%, $9000 remaining in payments for a car lease

17%?

That's outrageous. Can you not get a new credit card or a personal loan and pay off at least some of it?

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