Where Can You Get A $5,000,000 Start Up Business Loan?
Also, it would be nice if it don't require monthly revenue
- Captain TomakLv 64 months agoFavorite Answer
Never go to the bank for a business loan.They only loan on collateral or like a Merchant Cash give up a few months of revenue already occurring.
SBA is even crazier!
How do I know?
I own a successful small business with 6 employees.
If you have some cash, great.
You need to build business credit.
Save your pennies and get an LLC.
Then start applying for Staples, Home Depot, Mobil gas cards and such.
Get the Paydex score over 80.
Then after one year you should have $100K+ that you can tap off of the MC/Visa for use on the business credit and no personal credit involved
Is it easy. Yes...*if* you can be patient, follow directions and see the big picture 12 months from now.
There are companies online that can do it for your but why spend $700 plus another bunch for the LLC?
How does this work?
When you receive the Staples , Home Depot cards you use them for supplies, some food and stuff(Staples) you normally buy each month. You pay them off every month.
Then slowly apply for a MC/VS under the business name.
BTW---Yes, you can do this all without earning one cent yet with the LLC. And never get a degree in business. The most successful business owners do not have a business degree. I don't as many others who own businesses don't either. Yes, a business plan is important but too many use it just for getting money. Research your local market. See what others are doing and revise your business plan. It's not rocket science. See who's successful in what you want to do and copy their plan.
- olliverLv 65 months ago
Loan amounts depend on collateral, capacity to repay, and the amount of owners equity in the business.
- Steve DLv 75 months ago
First, you willneed a rock solid business plan. Second that business plan must have a plan to begin collecting revenue within a specific period of time (obviously, a new restaurant will not open on day one). Third, you are going to need 20% of the cost to open up front (cash out of your pocket) - in other words, if that $5 mill covers all your costs to set up, stock, open, etc., you need a million in cash. Lenders want you to have some skin in the game. Last the lender wants you to have experience in the industry if you are opening a restaurant, you better have worked in that industry for at least 5 years.
- MichaelLv 75 months ago
From someone who you've impressed with your solid business plan and the $10,000,000 of your own money you are willing to risk on this venture.
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- Casey YLv 75 months ago
What sort of business? The right kind can find funding...but never from dollar 1....
- 5 months ago
Well gosh, that WOULD be nice.
- Anonymous5 months ago
The bank of Lalaland.
- pearlmarLv 75 months ago
You can't get that anyplace.
- Anonymous5 months ago
If you have a parent who is willing to lend you the money you might one day become president.
- Wayne ZLv 75 months ago
F, F or F
Friends, Family or Fools.
You would get laughed out of a bank.