Q. How to get grants/loans?
I'm a young entrepreneur that is nearly done with the business plan aspect of my venture. I wish to buy out a current night club (the owner is retiring) and am looking to complete renovate the building, making it more up to date. I have the architect, interior designer, lawyer, accountant, and marketer all ready to go. The question is, how do I go about getting the loans/grants/investors that I need for start up? The only thing I truly own is my car >.>
Area of Expertise: Starting Up
Industry: Entertainment/Recreation/Events
2 answers | Asked on 07/04/10 by:
John Smith
Chesterfield, MO, United States
Answers
Michael Hoffmann
Menomonee Falls, WI, United States
I am in the same position you are. It may be best to apply for a grant as an LLC, the theory behind it is the government finds it easier to write a check to "Your Biz LLC", rather than write a check to plain old "Joe Entrepreneur". It's easier to get an SBA loan or to find an angel investor as an entity, because it's harder to classify you as a startup. Don't let tha discourage you- but you will meet resistance as an individual,but you just have to keep plugging away. A good place to start would be www.grants.gov or http://foundationcenter.org. Good Luck To You!
Posted on 07/05/10
Pauline Soeffing
Buffalo, NY, United States
Loans are unlikely if your credit is not good and there is no collateral. If you have a start-up LLC, the lender can still insist on a personal guarantee.
Have you explored seller financing?
Posted on 07/24/10
