Can I get a loan after bankruptcy?
Dayzon Johnson, CEO, Ice Cold Music, Clarksville, Tenn.
I own an independent record label that I started two years ago. It’s growing quickly, and I’d like to get a bank loan to help me expand. But I have a bankruptcy on my personal credit record. Will this make it impossible for me to get bank credit for my business?
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DiggRaising cash for a fast-growing business
Before courting investors, make sure you prepare your pitch.
Dan Henderson, Houston
Our company is growing very rapidly – sales should exceed $40 million in 2008, up from $11 million in 2005. Though we’ve had the funds to acquire smaller companies, our latest acquisition required some creative financing, and it’s becoming clear that the next phase of growth will require additional capital. What is the best way to draw interest from private equity firms?
Why can’t I get funding?
Michael Andrews, Integricy.com, Groton, N.Y.
My company is trying to get funding; however, we are still waiting – and have been for six months. We only need about $500K to start, and our projections for years five and six are over $18 million, which we are being told is way too low. Why do I keep getting rejection letters from hundreds of firms that keep saying they only fund $1 million or more?
Raising funds for a fast-growing business
Before courting investors, make sure you prepare your pitch
Dan Henderson, Houston, Texas
Our company is growing very rapidly – sales should exceed $40 million in 2008, up from $11 million in 2005. Though we’ve had the funds to acquire smaller companies, our latest acquisition required some creative financing, and it’s becoming clear that the next phase of growth will require additional capital. What is the best way to draw interest from private-equity firms?
Profiting from your unused office space
To rent out empty rooms, turn to local media and Craigslist.
Sherri Birdsall, Gensis Medical Education Consultants, Orange, Calif.
I work for a business that teaches continuing-education courses for nurses in Orange, Calif. Most of our classes are conducted on weekends, which means two beautiful classrooms sit completely unused most of the week. I’d like to rent them out to bring in extra money. Any suggestions on where to start?
Accredited investors: Do you need them?
A look at how federal law defines the most desirable financial contributors.
Ellison Long, Atlanta, Ga.
Does an individual employee who wants to invest in our soon-to-be-established LLC need to be an “accredited investor”?
Read more…
Finding the right business partner
Michael Stewart, Clinton, Mo.
I am creating an Internet cafe/ISP/IT consulting company called CyberNation USA. I have been trying to find a business partner that I can really trust to help me expand my business. I can’t seem to find people with as much drive and determination as I have. I want to start offering stock as capital, but I’m afraid it will grow faster than I can handle. I really do need some advice. Am I way too pushy, or not aggressive enough? What am I doing wrong?
An entertainment business eyes worldwide expansion
Should this owner seek out international investors to grow his business?
Jean Luc Gaudry, Los Angeles
I have a unique music Web site on which one can find listings of shows, bands on tour, clubs and venues. I have two questions. I am looking for some investors – what are the biggest mistakes entrepreneurs make when they decide to add an investor to their company? Also, I want to set up a company in Europe and eventually have my Web site branch out all over the world. Is it better to have different investors on each continent? Read more…
Steady income during the off-season
Paul, Toronto, Canada
I am presently starting a pressure wash business in Toronto. Business is good, but how can I find steady work during the winter? Read more…
Business loans from Uncle Sam
The government can help you get cash with the SBA’s 7(a) program, but banks still hold the purse strings.
Chris Holm, LUK Industries, Chandler, Ariz.
I run an Internet retail store that has been in business for just over a year. The business is running in the black, so I want to move some of our start-up costs to a fixed-rate loan. Is an SBA 7(a) loan the right choice for us? Read more…
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