Does anyone have any good private money sources for a small (50-100k) startup loan? Details please! We are pre-revenue mobile app but have investment $ on contract just won't arrive until january :) Need someone to fill in the gap!
This early $$ is typically very expensive or you'll need to collateralized the loan with hard assets. Try to do friends and family for the first $50-$100K if possible. SBA might be a viable option but be CAREFUL, Molly. If "funding" sources ask you to send them a 10-20 % retainer as part of the down-payment, ....DON'T. Do your due diligence on anyone who says they can fund you. Check sources and references.
Biggest mistake of my career was not funding my first business correctly. This blunder created a debt cancer that lasted 10 years!
This is typically what they call the "friends and family" phase from what it sounds like. Kickstarter and the like have brought more people to your extended friends and family list.
Other than that, I would contact an SBA advisor like the gentleman that posted here, or even the SBA. Most large cities has a government funded SBA office you can (or could) walk into. I had an advisor help me in my mid-twenties and it was great. He walked me through all the basics. After that I went to a commercial bank and got the loan. The SBA guarantees part of your loan to the bank. Usually around 80%. That brings down the capital security requirement that would normally rest on your house, retirement, whatever.
If you have credit, a house, and a strong family of people that believe in you along with partners... $150k should be no problemo!
e can help you to obtain $150k SBA loan in 10 days.
Have you tried crowdfunding as an option? Republi.co , startengine.com, wefunder.com are some good options and its a matter of presenting a good pitch story of all you have done and achieved. People havhave been able to successfully raise funds in a short amount of time. Keep your campaign targets low and you should be successful!!
All the best!!