Comments on: Where To Find Money To Start Your Own Business. http://www.mytwodollars.com/2009/01/26/where-to-find-money-to-start-your-own-business/ A place to discuss money...for the rest of us. Tue, 24 Nov 2009 12:03:12 -0500 hourly 1 By: Bernz http://www.mytwodollars.com/2009/01/26/where-to-find-money-to-start-your-own-business/comment-page-1/#comment-31339 Bernz Mon, 02 Feb 2009 01:42:11 +0000 http://www.mytwodollars.com/?p=1869#comment-31339 In my case, I have save up some money over a few years then I opened up a Home Equity Line of Credit for additional funding and it was such a great decision on my part. In my case, I have save up some money over a few years then I opened up a Home Equity Line of Credit for additional funding and it was such a great decision on my part.

]]> By: TruceSeeker http://www.mytwodollars.com/2009/01/26/where-to-find-money-to-start-your-own-business/comment-page-1/#comment-31246 TruceSeeker Tue, 27 Jan 2009 14:49:31 +0000 http://www.mytwodollars.com/?p=1869#comment-31246 I would recommend NOT using credit cards at all. Even if you think that 0% transfer period interest rate is tempting, the reality is it may bite you in the end when you try to refinance it. I think p2p lending sites offer a fantastic opportunity to appeal to strangers with your idea. If it gets funded: awesome!, if not... you may need to consider the pitch and/or the idea itself I would recommend NOT using credit cards at all. Even if you think that 0% transfer period interest rate is tempting, the reality is it may bite you in the end when you try to refinance it. I think p2p lending sites offer a fantastic opportunity to appeal to strangers with your idea. If it gets funded: awesome!, if not… you may need to consider the pitch and/or the idea itself

]]> By: DK from Lending Club http://www.mytwodollars.com/2009/01/26/where-to-find-money-to-start-your-own-business/comment-page-1/#comment-31237 DK from Lending Club Mon, 26 Jan 2009 22:38:02 +0000 http://www.mytwodollars.com/?p=1869#comment-31237 I would say one thing about SBA loans....they are very difficult to obtain for a start-up business. Unless you are buying equipment or an existing business you will have a difficult time getting an SBA loan for a new business. Lending Club of course, is a great spot for up to $25,000 to start a business. Thanks for the mention. dk Product Ambassador lendingclub.com I would say one thing about SBA loans….they are very difficult to obtain for a start-up business. Unless you are buying equipment or an existing business you will have a difficult time getting an SBA loan for a new business.

Lending Club of course, is a great spot for up to $25,000 to start a business. Thanks for the mention.

dk
Product Ambassador
lendingclub.com

]]> By: Craig http://www.mytwodollars.com/2009/01/26/where-to-find-money-to-start-your-own-business/comment-page-1/#comment-31236 Craig Mon, 26 Jan 2009 21:02:07 +0000 http://www.mytwodollars.com/?p=1869#comment-31236 Borrowing money from family and friends would be the best way because you wouldn't have to pay high interest rates back, if any at all. Borrowing money from family and friends would be the best way because you wouldn’t have to pay high interest rates back, if any at all.

]]> By: david http://www.mytwodollars.com/2009/01/26/where-to-find-money-to-start-your-own-business/comment-page-1/#comment-31234 david Mon, 26 Jan 2009 17:19:24 +0000 http://www.mytwodollars.com/?p=1869#comment-31234 Wow, how bizarre Ashley! Wow, how bizarre Ashley!

]]> By: Ashley @ Wide Open Wallet http://www.mytwodollars.com/2009/01/26/where-to-find-money-to-start-your-own-business/comment-page-1/#comment-31233 Ashley @ Wide Open Wallet Mon, 26 Jan 2009 17:07:24 +0000 http://www.mytwodollars.com/?p=1869#comment-31233 My husband just called saying that his brothers approached him this morning about starting a business with them. I got off the phone and went back to my reader. This was the very next post in line to read. How bizarre. It's got to be a sign. My husband just called saying that his brothers approached him this morning about starting a business with them. I got off the phone and went back to my reader. This was the very next post in line to read. How bizarre. It’s got to be a sign.

]]> By: david http://www.mytwodollars.com/2009/01/26/where-to-find-money-to-start-your-own-business/comment-page-1/#comment-31232 david Mon, 26 Jan 2009 15:23:43 +0000 http://www.mytwodollars.com/?p=1869#comment-31232 Yea, for a smaller online business, paying for it yourself is certainly the best option. But for something like this, when you need commercial property, equipment, school supplies, insurance and employee costs, etc, you kind of have to borrow money. Hopefully however we work out the numbers things will go smoothly. Yea, for a smaller online business, paying for it yourself is certainly the best option. But for something like this, when you need commercial property, equipment, school supplies, insurance and employee costs, etc, you kind of have to borrow money. Hopefully however we work out the numbers things will go smoothly.

]]> By: Frugal Dad http://www.mytwodollars.com/2009/01/26/where-to-find-money-to-start-your-own-business/comment-page-1/#comment-31231 Frugal Dad Mon, 26 Jan 2009 15:22:11 +0000 http://www.mytwodollars.com/?p=1869#comment-31231 I like the idea of using some combination of personal savings and interest-free private loans. While I agree with Eric that it would be ideal not to be indebted to anyone, sometimes that is not feasible based on the size of your project. There are also concerns with depleting too much of their personal funds trying to get a biz off the ground. David, good luck to you and your wife on this project--exciting times, indeed! I like the idea of using some combination of personal savings and interest-free private loans. While I agree with Eric that it would be ideal not to be indebted to anyone, sometimes that is not feasible based on the size of your project. There are also concerns with depleting too much of their personal funds trying to get a biz off the ground. David, good luck to you and your wife on this project–exciting times, indeed!

]]> By: Eric J. Nisall http://www.mytwodollars.com/2009/01/26/where-to-find-money-to-start-your-own-business/comment-page-1/#comment-31229 Eric J. Nisall Mon, 26 Jan 2009 14:45:03 +0000 http://www.mytwodollars.com/?p=1869#comment-31229 Personally, David, before I started my business I started to cut back on some personal expenditures and funded an account that I was going to use to loan to the business. I've never been big on asking others for help financially (even when it comes to holidays and birthdays, I give but tell people that I don't want to be given anything). After I incorporated, I opened a business checking account as well as a business credit card which I used to fund the purchase of my domain names, logo design, websites, marketing materials, etc. By loaning the business the money out of my own pocket, I cut out any pressure to move to fast or recklessly in order to pay back others. Also, by doing so I started to establish the company as its own entity as far as credit is concerned so that in the future it will be able to operate independent of the person behind it. Personally, David, before I started my business I started to cut back on some personal expenditures and funded an account that I was going to use to loan to the business. I’ve never been big on asking others for help financially (even when it comes to holidays and birthdays, I give but tell people that I don’t want to be given anything). After I incorporated, I opened a business checking account as well as a business credit card which I used to fund the purchase of my domain names, logo design, websites, marketing materials, etc. By loaning the business the money out of my own pocket, I cut out any pressure to move to fast or recklessly in order to pay back others. Also, by doing so I started to establish the company as its own entity as far as credit is concerned so that in the future it will be able to operate independent of the person behind it.

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