Getting a loan to start a business is easy if you work with the right people. By “right people” I mean people who have a demonstrated track record of taking a completely new business with no revenue and no customers and making them fundable in 30-180 days. The way that is doomed to fail is to start applying on your own. I can personally attest to failing to get loans myself at the very same places that experienced funding agents easily get 50k or more at. The reason for this is they know how to dress you up and they know who to talk and what to say. In the case of Fund and Grow mentioned below, some of their funding agents used to work in the loan approval department themself. So it’s definitely worth it to go down a well-trodden path and let the funding experts do their thing so that you can do your thing in your new business.
Since Revenue-Based Funding is Out, What’s Possible?
Revenue-based funding is not feasible in the early stages of a new business. You might think that getting a personal loan is a good option. But a better option is to have an experienced funder “stack” applications so that multiple lenders approve you before the hard inquiries hit your credit report. I was able to attract 67k in 15 days this way. I had a 700 FICO score and no proof of income. However, if I had this to do over again, I would choose Fund and Grow’s corporate funding because corporate funding has so many more perks than a personal loan such zero-interest lines of credit and zero percent APR for 12 months on your loan. Banks are always hungry to find corporations which pay their bills and while personal funding is typically from 50k to 150k, corporate funding typically ranges from 100k to 1 million and even more.
Fund and Grow
Fund and Grow is special. They are an Inc 5000 Fastest Growing Company. They are willing to take you from where you to where you want to be. To hit the ground running, you need a 680 or better credit score. They have a credit repair partner to get you there if you don’t have a 680+ FICO. If you do not have a corporation that is 2 years or older, they will help you obtain one. They get you 30k to 90k in your first 60 days and then continually hammer the banks for the next 12 months to get you a total of about 250k. And when I say hammer the banks, I do mean hammer. They hit each bank 3 times and a rejection is just an invitation for them to call again on your behalf.
Note that: on your behalf. How much work do you have to do for this funding? Next to nothing. And the success fees are very reasonable. If you would rather pay 10% of all loan money obtained, then you only pay $1.00 (one-dollar) up-front and they are off to the races for you. If you have $3,495 up front then there are no further success fees. Since they are getting you 100k or more, the 10% of all loan money obtained starts to add up.
Pretty sweet deal. Of course, if you want to see a sweeter deal, read on.
Fairmont’s Financial Alchemy – a loan that you do not have to pay back.
No, you are not going blind. That title is correct. And you get a contract in writing to that effect. How does Fairmont’s Financial Alchemy (FFA) manage to do this? Let’s say that you want a 100k loan. What they do is actuallly get you a loan for 150k or so and trade the extra 50k in a leveraged hedge fund. The profits from the hedge fund pay your loan and pay you as well, for 3 years of passive residual income.
The personal funding program requires 80k annual revenue and a 750 credit score. The annual revenue is non-negotiable, but they also have very strong credit repair to boost you into the 750 range.
There is also a corporate option that creates 7-figure loans (the personal program provides 5 or 6-figure loans).
Marco’s Business Credit Insiders
The first two options get you capital fast and easy – you just connect up with the funding agent and then kick back and let the bread roll in. They are “done-for-you”. In contrast, there are other programs where you take certain actions to build your profile. I.e, “do-it-yourself”. It doesnt take a lot of time – you simply make small $50 purchases on Net 30 terms and then pay the balance due 7-10 days before it is due. The reason you register with a place like Marco’s Business Credit Insider Circle is because the places to apply at change and they always have backup places to apply at if you arent approved at one. After about 6-12 months of making on-time payments at various vendors, you are ready to apply for 50,000 in business credit.
Because this credit is not tied to your personal credit, you could conceivably do this process with several corporations simultaneously. It wouldnt hurt to get another business entity whipped up and learn the inside ropes for educational purposes. And at the end of your education, you have a cool 50k to play with.
Ready? Aim.. Funding!
Obtaining a loan for a small business is easy if you know where to look… or if you have the right people doing the looking for you. All too often have I seen people make it seem like you need to be in business for several years with strong credit before applying at for a small business administration loan, yada yada, yada. Well, the obvious question is: where did you get money to be in business for several years or to even start? You see the problem with that way of thinking? I do and I am happy to have found several solutions that allow a person to get funding from day 1 of starting a business.