Business Loan Advice Needed

From US, 4 posts

My brother and I are looking at going into business together. We are looking at starting a business in a territory where no business like it exists. The business has a proven model although it is not a franchise as such.

The business in total requires $400,000. This is to open the doors and have about $40,000 working capital.

We have about $40,000 each to contibute which means we need to borrow roughly $160,000 each.

Obviously we will ultimately need to speak to an accountant and the bank. I was hoping to get an idea here first off as to the likelyhood of getting funding.

I will have $60,000 after selling my home and paying back the loan. I want to keep $20,000 for living and contribute $40,000 to the business.

We wont have security but we will have an attractive business plan.

How do the banks look at this kind of situation? Are there better places to visit other than the banks?

Are there much better alternatives than ANZ's 9.9% business loan rate for example?

From Usa, 1 post

For the small business owner, it is not easy raising business capital for small business financing needs. Particularly, if you have had bad credit history, business capital is harder to come by.

Even if you do manage to approach a lending agency or bank, they tend to reject small to medium size business.

Merchant Cash Direct is different. We at Merchant Cash Direct specialize in financing small to medium businesses. We understand your problems and constraints because we were started by a handful of businessmen who have been in your shoes.
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2 posts

Hi:

Ive been searching for financial information myself and came across with this article it can help you too.

Its http://www.badcreditloanservices.com/article/2613/business_finance_what_are_the_benefits_of_leasing_equipment/



Regards!

Michael