01 Mar Small Business Dream Money – another resource available through Legacy Venture Group
Do you need money for your business dream? Looking to make an acquisition or fund a start-up? Especially in tough economies, getting cash to fund your business dream is a challenge. SBA lenders like different industries, so just because you have a bank who might lend for a business in one industry, may not even consider another industry, even though still another bank might. It gets confusing. Here are a few tips but we encourage you to call for more information.
There are also ways to pull funds out of your 401K or IRA without the traditional penalties and taxes. Make sure you do it right before you try. We find many financial people do not even know or believe this exists but we have clients who have successfully bought real estate and businesses this way. There are companies that specialize in using retirement funds to help you get money for your small business dream but check them out carefully. Each have different strengths and fees. Do your research.
There are program that also do unsecured business loans, often limited to about $!50,000 and usually has higher interest rates than SBA loans. This can be a great option when others are limited or non-existent.
Here are a few highlights of the unsecured loan program that you might consider to fund your business dream.
-Funding of $25,000 to $150,000 or more
-No Collateral required
-No financials or tax returns
-No UCC Filing
-Numerous options available for FICO’s as low as upper 500’s
-No restrictions on use of funds
-Closing as quick as 30 days
-Only in the name of the business
-Does not report to personal credit
HOW YOU CAN USE THE FUNDING – No Restrictions
-Perfect for purchase of a business or franchise
-Down payment (full or partial) on a business purchase
-Reimburse owner’s contribution
-Just about any purpose