February 8, 2008, 2:27 pm
How to get capital for your first business
Aspiring entrepreneur Kailash Chand Sethi is looking for advice on finding capital for his first business venture. What do you recommend?
Your Answers
From Vidya, Richmond, VA Kailash,
My advice would be to start at home catering to small parties. If you are able to get many orders and you are able to show that as a profitable business, you have a better chance at convincing venture capitalists about the probability of success of your restaurant venture. My two cents.
Posted By Vidya, Richmond, VA : February 8, 2008 6:04 pm
From Sean I went to http://www.Merchantcashandcapital.com a credit card receivables factoring company. This has got to be the best financing tool available to business owners!
Posted By Sean : February 8, 2008 4:53 pm
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Kailash should look closely at ACCION USA (www.accionusa.org), a non-profit organization that specializes in making microloans to startups and other businesses that have trouble accessing bank financing (e.g. restaurants). ACCION USA also specializes in working with immigrants and minorities, and applies a “character based” underwriting criteria when evaluating loan applicants. That is, they examine more than just credit scores, and would look favorably on Kailash’s extensive business experience. ACCION USA is one of the largest microlenders in the U.S., and you can apply right over the Internet: https://secure.accionusa.org/apply/