Getting funding for a business idea in SoCal... best place to look? Need some help!

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sup NT, well long story short I have an idea for a business and I need some capital to get it off the ground. I can see the business breaking even after 60 days and profitable in 90. Only problem is, the lack of funding. I applied for a loan at Chase and was denied on the account of too little initial capital and inadequate monthly income from secondary sources. Now I am stuck and I'd like to hear what some of you guys have done in situations like this. Should I go to a smaller bank where they'll look at things other than straight numbers? Anyone with first-hand experience with this matter, please chime in. TIA.
 
sup NT, well long story short I have an idea for a business and I need some capital to get it off the ground. I can see the business breaking even after 60 days and profitable in 90. Only problem is, the lack of funding. I applied for a loan at Chase and was denied on the account of too little initial capital and inadequate monthly income from secondary sources. Now I am stuck and I'd like to hear what some of you guys have done in situations like this. Should I go to a smaller bank where they'll look at things other than straight numbers? Anyone with first-hand experience with this matter, please chime in. TIA.
 
how important is location?
I know some cities are in such bad shape they offer seminars for help and at the end even judge if they'll give you funding. (newark, nj for instance)

so maybe if you move your business you'll find funding.
 
how important is location?
I know some cities are in such bad shape they offer seminars for help and at the end even judge if they'll give you funding. (newark, nj for instance)

so maybe if you move your business you'll find funding.
 
Make a detailed business plan and find an angel investor. if its under 100K and you say its guaranteed to be profitable in only 90 days you shouldnt have a problem finding someone to throw money at you. Google Angel Investors in your city. Or Find a lawyer and ask them for help. Orrrr head to silicon valley plenty of investors are there
 
Make a detailed business plan and find an angel investor. if its under 100K and you say its guaranteed to be profitable in only 90 days you shouldnt have a problem finding someone to throw money at you. Google Angel Investors in your city. Or Find a lawyer and ask them for help. Orrrr head to silicon valley plenty of investors are there
 
Goodluck
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Im curious to know what the business is.
 
Originally Posted by ThunderChunk69

how important is location?
I know some cities are in such bad shape they offer seminars for help and at the end even judge if they'll give you funding. (newark, nj for instance)

so maybe if you move your business you'll find funding.
Click to expand...

location is very important. it's not an online business, and no one on board is willing to test the market in other cities (nor do we want to leave socal to be honest, haha!). but i hear what you're saying, and will keep that in mind should we be so fortunate to have to expand in the future. thank you.
 
Originally Posted by ThunderChunk69

how important is location?
I know some cities are in such bad shape they offer seminars for help and at the end even judge if they'll give you funding. (newark, nj for instance)

so maybe if you move your business you'll find funding.
Click to expand...

location is very important. it's not an online business, and no one on board is willing to test the market in other cities (nor do we want to leave socal to be honest, haha!). but i hear what you're saying, and will keep that in mind should we be so fortunate to have to expand in the future. thank you.
 
Originally Posted by cartune

Make a detailed business plan and find an angel investor. if its under 100K and you say its guaranteed to be profitable in only 90 days you shouldnt have a problem finding someone to throw money at you. Google Angel Investors in your city. Or Find a lawyer and ask them for help. Orrrr head to silicon valley plenty of investors are there
Click to expand...

yeah our business plan is solid, just need to make some changes to reflect the direction the business is aiming for. one thing we lack is market research (cannot afford to pay a REAL firm so a lot is based on personal experience and our involvement with the field in other ways). something i am concerned with though is someone stealing my idea after a pitch or presentation. i go by the phrase "show me a good ideal, and i'll steal it from you"
laugh.gif


but thanks for your help. i will look out for angel investors in my area.
 
Originally Posted by cartune

Make a detailed business plan and find an angel investor. if its under 100K and you say its guaranteed to be profitable in only 90 days you shouldnt have a problem finding someone to throw money at you. Google Angel Investors in your city. Or Find a lawyer and ask them for help. Orrrr head to silicon valley plenty of investors are there
Click to expand...

yeah our business plan is solid, just need to make some changes to reflect the direction the business is aiming for. one thing we lack is market research (cannot afford to pay a REAL firm so a lot is based on personal experience and our involvement with the field in other ways). something i am concerned with though is someone stealing my idea after a pitch or presentation. i go by the phrase "show me a good ideal, and i'll steal it from you"
laugh.gif


but thanks for your help. i will look out for angel investors in my area.
 
Originally Posted by ISRAEL5EKLA

Goodluck
pimp.gif


Im curious to know what the business is.
Click to expand...

thanks mang, i'll definitely let everyone know more once we're past that "point" where we can start really sharing information/details. if all goes well, we'll hook NT members up with free products
pimp.gif
 
Originally Posted by ISRAEL5EKLA

Goodluck
pimp.gif


Im curious to know what the business is.
Click to expand...

thanks mang, i'll definitely let everyone know more once we're past that "point" where we can start really sharing information/details. if all goes well, we'll hook NT members up with free products
pimp.gif
 
You're in California,

If your business is tech related. Follow the proven path.

Line of Credit=======>Angel Investor(s) ======> Venture Capital Fund ===> Sell to a Large Company (or IPO if you think you're doing it)

Since you got deaded by Chase, I'd draft a good business plan, have some consultants or somebody with proven business accountant review it and then shop it around to some Angel Investors.

You seriously need to raise some more capital though
 
You're in California,

If your business is tech related. Follow the proven path.

Line of Credit=======>Angel Investor(s) ======> Venture Capital Fund ===> Sell to a Large Company (or IPO if you think you're doing it)

Since you got deaded by Chase, I'd draft a good business plan, have some consultants or somebody with proven business accountant review it and then shop it around to some Angel Investors.

You seriously need to raise some more capital though
 
angel investors ...
im looking for one myself..
got my business plan all done.. just have find one..
 
angel investors ...
im looking for one myself..
got my business plan all done.. just have find one..
 
not tech related, but thanks for the info. IPO is something that's way out there compared to the goals i have for this company. in reality, just gotta see how lucky i can get with this idea.

supahoopa: let me know if you find any and i'll do the same for you.
 
not tech related, but thanks for the info. IPO is something that's way out there compared to the goals i have for this company. in reality, just gotta see how lucky i can get with this idea.

supahoopa: let me know if you find any and i'll do the same for you.
 
i don't have advice, but I'm interested in the process/idea/results...I'm thinking of going a similar route...I'll be looking for the update
 
i don't have advice, but I'm interested in the process/idea/results...I'm thinking of going a similar route...I'll be looking for the update
 
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