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  1. #11
    Junior Member
    Join Date
    Aug 2008
    Location
    Canyonville, Oregon
    Posts
    7
    Oh my, the SBA is usually a good starting point. Take it from someone who bought a government grant program and got absolutely NOWHERE!!!
    These programs make all kinds of promises of \"free\" money and do not deliver. It was very frustrating. Also I looked into grant money for expanding small business to large. I proposed that I would be creating jobs in our depressed little town and I still got shot down. The SBA informed me that you are still considered a small business until you have 200 + employees. Gee, I thought putting an additional 7-8 people to work would certainly qualify me for a grant .....but to my avail.....nooooo.
    I quit trying. When I was seeking funds to open my shop, I was lucky enough to have a brand new harley-davidson that was bought and paid for, so I put it up for collateral, took me 5 years to pay it off but it was worth it!

  2. #12
    Junior Member
    Join Date
    Aug 2008
    Location
    Littleton, CO
    Posts
    7

    SBA

    the SBA is by far and large the most common place to get loans from for start up businesses. You actually get the loan from a traditional institution like a bank however if you qualify for an SBA loan then the SBA will back up a certain percentage of the loan (I think its 80%). Since they backup x amount you''ll need to come up with the rest (20%) for down payment. This process takes time so plan for that. It took me 6 months to get mine. If you are getting a loan under $100,000 it can be done faster.

    Other places to look are just going to banks without the SBA, friends or family, and perhaps venture capital. Whatever you do don''t put anything on credit cards no matter how tempting.

  3. #13
    Senior Member
    Join Date
    Mar 2007
    Location
    Atlantic City, NJ
    Posts
    382
    I don't mean to sound mean, but there is no such thing as free money. I know there are a ton of TV spots touting it, but its just not there. We went the route of SBA funding. Its is not easy funding to get, either.

    I have two suggestions: 1) Contact your local Small Business Development Center. They can help you with your business and put you in touch with lenders. and/or 2) Contact Luckman and Associates. They are business financial advisors who are based in Philadelphia but do work with folks along the east coast.

    My final advice: Whatever you think you need... you WILL need more, at least 50% more, if for no other reason to have operating costs covered for the first 3-6 months.
    AJPratt
    Pratt's Hill of Beans

    "Don't laugh at the coffee. Someday you may be old and weak, too."

  4. #14
    Super Moderator
    Join Date
    Feb 2008
    Location
    Near Philadelphia, PA
    Posts
    4,970

    Congratulations

    Hello Anne,

    Congratulations on the birth of your baby....
    Your newest special: Mary Rose Pratt born 7/31/08!

    I hope all is well and that you're having a wonderful time enjoying your new bundle of joy.


    Rose

  5. #15
    Senior Member
    Join Date
    Mar 2007
    Location
    Atlantic City, NJ
    Posts
    382
    Thanks, Rose!
    AJPratt
    Pratt's Hill of Beans

    "Don't laugh at the coffee. Someday you may be old and weak, too."

  6. #16
    Junior Member
    Join Date
    Sep 2008
    Location
    Salt Lake City, Utah
    Posts
    21

    Business funding options

    I do have some ideas for alternative business funding. I can send you some details via email if interested. Please let me know
    send inquiry to: starside8@q.com

  7. #17
    Junior Member
    Join Date
    Sep 2008
    Location
    Salt Lake City, Utah
    Posts
    21

    Funding a business

    So far, I've not seen anyone hit on the "alternative" financing options that exist out there. Let me know give you a hint...the ability to use your retirement accounts (IRA, 401K, Keogh) to fund a business?
    Would you rather have these retirment account sitting in the stock marker withering away, or in a business that YOU can control? I made the decision myself and it worked out beautifully!
    Let me know if you want the details...eric

  8. #18
    Junior Member
    Join Date
    Jan 2009
    Posts
    1

    Re: Funding for new Shop

    I was in the same boat. Not knowing the best way to fund a new small coffee business. I dind'nt want to get a large loan that had to be paid back. The easiest way was to let the customers pay for the product up front. That way I only had to put out a couple hudred dolloars to get started. It's nice to be debt free! Take a look at the book Cash In On The Coffee Business. It has a lot of quick answers to those types of question's

  9. #19
    Junior Member
    Join Date
    Jan 2009
    Posts
    7

    Re: Funding for new Shop

    AJ Pratt, I see you mentioned Luckman and Assoc in an earlier post. Have you worked with them? I'm from PA and interested in starting or purchasing a coffee business.

    Thanks!!

 

 
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