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Help with financing a business.

I am 25 years old, live in memphis tn, and in the process of looking for an internet business to own. I have acutally found a few that i am quite interested in.
Problem is...im not rich, no one in my family is rich, and i dont have nowhere near enough in my 401-k to even think about tapping in to it for the downpayment.

I have great credit and i know the business has positive cash flow and great net income for several years.
Most lenders i see,especially sba, require 20-30% downpayment before they will consider financing so ive heard.

What in the world should i do? I would hate to give up on my dream to own my own business but its not looking good. It would take me forever to save up 20% of a 500k loan.

Anyone got any ideas. Im quite frustrated.

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Answers (1)
Robert Cutler
Attorney
New York County, NY

Do you have any friends who might be willing to put up the capital as a silent partner?

Jan 14, 2010

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