Does anyone know where I can get start up financing?

2013-11-16T20:59:56-05:00

Response by SFC James Baber made Dec 16 at 2013 9:14 PM

2013-12-16T21:14:41-05:00

I thought the SBA had some programs where you could get it through them or connections with banks that were willing to help vets with start up costs on approved business plans, I could be mistaken, but I thought I had heard about that when I ACAP'd before retirement 3 years ago. That would be my first suggestion to look into.

Good luck and stay safe.

Response by LTC Yinon Weiss made Dec 16 at 2013 10:17 PM

2013-12-16T22:17:20-05:00

Patriot Loan Express can be a good source: http://www.sba.gov/content/express-programs.<div class="pta-link-card"><div class="pta-link-card-picture"><img src="http://www.sba.gov/sites/all/themes/SmallBiz/images/parature/parature_business_usa.png"></div><div class="pta-link-card-content"><div class="pta-link-card-title"><a target="_blank" href="http://www.sba.gov/content/express-programs">Patriot Express | SBA.gov</a></div><div class="pta-link-card-description">You are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window.</div></div><div style="clear:both"></div><div class="pta-box-hide"><i class="icon-remove"></i></div></div>

Response by SPC Private RallyPoint Member made Dec 16 at 2013 10:18 PM

2013-12-16T22:18:33-05:00

I have no idea personally, but a friend ETS'd and decided he wanted to start a Bakery- he got startup loans from both The VA and USAA

Response by SGT R. Bryan Sheme made Dec 17 at 2013 10:22 AM

2013-12-17T10:22:55-05:00

http://www.lendingclub.com seems to be a great place to get start up financing also.  I have never had a loan through them however I have helped give loans through them.  It is worth a look.<div class="pta-link-card"><div class="pta-link-card-picture"><img src="http://www.lendingclub.com/public/images/928920f/content/transactional/promo2-forbes.png"></div><div class="pta-link-card-content"><div class="pta-link-card-title"><a href="http://www.lendingclub.com" target="_blank">Personal Loans | Borrow – Invest with Peer Lending - Lending Club</a></div><div class="pta-link-card-description">Apply for a low, fixed rate personal loan or invest to earn solid returns. Notes by Prospectus.</div></div><div style="clear: both;"></div><div class="pta-box-hide"><i class="icon-remove"></i></div></div>

Response by SGT James P. Davidson, MSM made Dec 18 at 2013 6:18 AM

2013-12-18T06:18:38-05:00

While a loan may be the first thought for the majority, I would be inclined, through my profession, I would have to ask more questions of the potential business owner.

What kind of business are you WANTING (versus planning) to own?

How confident are you in your ability to work EVERY aspect of the business?

How much of a NEED is there in the neighborhood/region (planned coverage area)?

How proficient are you in your business managerial skills?

Each of those would come with follow-up questions (planning to hire a manager/CPA/et cetera?).

These are but a few questions that one may want to consider before starting a business. Once a loan is taken out, money is owed, whether 'right now' or in the near future, all at once or in payments. That becomes almost the primary priority.

Can you (generally) afford to pay for your business license, insurance, basic start-up costs without the loan?

The award-winning business my wife and I started (Daisy Maids Cleaning Services, Inc., Show Low, AZ - http://www.daisymaidscleaning.com, since sold), for instance, took a total of $295 to start. The costs included: registering a trade (business) name, business license, insurance, bonding, a newspaper ad and initial supplies.

The second biggest cost was patience. The beginning of year three in business came with a projected six-figure profit for the company, with 14 employees, and clients, in two states.

Shoestring budget, and we put the business ahead of pretty much everything else. She worked a full-time job while I focused on developing hers, so we had household support money. That took one year. She was able to leave her full-time job and take the reins of her own company, and the rest, for us, is history.

There was a need in our community for both residents (absentee and local), owners of vacation homes and rental cabins, and the commercial side of the cleaning industry. We grew, added to and expanded as needed. The company, when sold, boasted well over 400 residential clients, almost two dozen vacation properties that were cleaned and managed by DMCS (Daisy Maids Cleaning Services) six car dealerships (in two states), the area VFW, a reconstructive surgeon's office, a veterinarian clinic and a Coca Cola distribution center.

We paid for all in cash, and sold with no loans or credit against the company.

What worked for us may not work for everyone, but sometimes a little blood, sweat and tears coupled with a little patience is all one needs. A home office with an internet presence, a Regus-style rented office space until one can afford a unique location, et cetera...

Too early in the morning for all this thinking, and I'm dragging on... I love helping 'locally owned' business start-ups - it's a passion with me.

Daisy Maids Cleaning

Check out http://daisymaidscleaning.com! Home Page

Response by CSM Stuart C. O'Black made Dec 18 at 2013 10:25 PM

2013-12-18T22:25:51-05:00

Also look at what your state is doing. The state of Tennessee started a $10,000 small business grant for veterans and very few know about it. Every state has something so visit your Better Business Bureau and you state agencies to learn what they have. TNs only started this year and again very few know how and when the program kicks in, even the government agencies.

CSM OB