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 firs 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 UK, 18 posts

Hi,

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From Sacramento, CA 95834, 3 posts

Banks will not lend to you unless you have security. You can try any private finance providers. I’ve heard that Meridian Finance is very fast loan provider. Contact them at there site Meridianlendersonline.com There are full chances that you will get ur loan with few little formalities.

Otherwise For banks You’ll need to get security if you want a loan from them unless you can approach a venture capital funding person, which may be difficult for you.

I can only suggest that you get a partner in who can give you some security for the loan in return for a share of the pie.

From New York, 1 post

Try Small Business Investors, they deal with these types of loans.

4 posts

Rather than going in for a business loan you can look out for some angel finance or venture capital funding.