About Jim D. Ray Expertise Jim Ray is coordinator of a regional venture capital network, serving entrepreneurs and investors seeking funding relationships. Ray is an experienced entrepreneur and is presently involved in the operations of several business concepts, including a national commercial real estate company and a web design firm. Areas of expertise include the overall startup funding process; writing venture capital proposals; and win-win exit strategies for existing private funding relationships.
Expert: Jim D. Ray Date: 3/18/2004 Subject: HELP 35 and lost
Question What does someone do[besides give up] who owns a house on minimal credit scores,self-employed in commercial flooring, but need out soon due to back and knee pain.Have a couple of ideas that seem like they should work but really lack knowledge in how to obtain funds to put my business ideas to work.My two ideas together would roughyly be aruond 20-30 grand to be up and runnin,but how do i go about getting money , dont have any faith in the banks.
thanks, Kurt
Answer Monday, March 22, 2004
12:00 AM DST
Hello, Kurt:
Excellent question! Let's get right to it --
Don't let funding be an obstacle in your success, Kurt -- there are many ways to fund a new business. In addition to banks, you could also look for private investment dollars, from venture capital investors. Or, you could "bootstrap" your startup, meaning you build the business from the earnings you can make as-is. There are many ways to move forward!
I also recommend contacting the Small Business Administration (SBA). The SBA provides live business counselors to entrepreneurs, free of charge. An SBA counselor can help you develop a business plan, and learn more about the multiple avenues of funding available to new entrepreneurs. To locate your nearest branch, visit their website at: http://www.sba.gov.
Kurt, I hope this information helps point you in the right direction. Should you think of other questions or need further guidance, please feel welcome to write me again anytime.
