Are there loans to purchase the equipment needed to even begin the business, without taking out personal loans or borrowing against your home?
Let s start with this: forget banks. Banks historically don t like to lend to small companies without several years of operating experience. And in this economy, the environment has become even tighter, as banks are trying to clean up their own balance sheets and refusing to lend even to companies who might have been great opportunities in the past. So, while there are a few loan programs out there through the SBA and such, my suggestion would be for you to connect with suppliers, especially the manufacturers of the equipment to determine if they would be willing to become a partner in your venture. Since they have a vested interest in having you as a customer, many businesses are looking for creative ways to finance growth. When I was in the magazine industry, we were able to get fine credit terms from our printer, as they were eager to have us as a client. Those are the first calls I d make if I were in your shoes.
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if the business is new - the only loan you will get is going to have to be personally guaranteed or will require collateral like home equity and if you are not willing to share the risk with the bank, why would they help you? A business plan is almost a requirement also
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