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Business funding? (Loans or grants?)

by oceans555
2 replies
Does anyone have any thoughts on business loans utilizing your EIN, not personal credit? Is there anyone you know? (For either working capital or equipment) These seem really hard to find if you are a start-up and do not have longstanding revenue. There was one I called a few years ago but didn't follow-up at the time, called IMCA Capital but they've since closed, I think they're closed. They had equipment loans for computer, equipment, car, etc.
#business #funding #grants #loans
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  • Profile picture of the author Discover Ecommerce
    I'm not sure what type of business you are trying to start, but if you are looking to start a business online, than I would suggest you stay away from getting a loan to start a business.

    Starting a business online really doesn't take much money on a monthly basis. I think getting a PT job working 1 day a week and putting all that money to your business is a less risk and smarter way then getting a loan.
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  • Profile picture of the author OptedIn
    Don't know why you don't want to use personal credit. Most of these companies that promise to give you equipment loans are just looking for an application fee and the ones that do actually make loans have very high rates and generally want you to sign for the business loan, personally, anyway.

    If you have good personal credit, many of the credit card companies now solicit for large loans. Discover Card is always offering to loan me $35k for up to 7 years @ 9% and American Express is offering loans up to $50k for as low as 6.68%, to long-time members - but only for 3 years.

    Without being a well-established business with a solid banking relationship, in todays credit environment, there's not much out there. If you're business is not brick and mortar - you're dreaming.
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