Investor loan opportunity

[Drew.baum]

Hello,
I’m Drew Baum and I’m seeking an investor for my business.

[edited by moderator]

[disneysteve]

Hello. Welcome to the site.

Soliciting investors is not appropriate at this site but rather than deleting your post entirely, I'm going to leave it up. Maybe folks can suggest places you can go in search of financing.

The first thing that comes to mind is peer to peer lending. Here is a list of top sites that do that: https://www.investopedia.com/article...g-websites.asp.

Does anyone else have any suggestions for a young entrepreneur to get funding to grow his business?

[bjl584]

Most lenders offer some form of business start up loan.
I'd start with local banks and credit unions.

[disneysteve]

Most lenders offer some form of business start up loan.
I'd start with local banks and credit unions.

Sorry. I removed some of the details. OP said the bank wanted to charge him 33% interest because he is only 18 years old and just starting out. He has a growing photography business with a low 5-figure income last year. He was looking for places where he might get better loan terms.

[bjl584]

Sorry. I removed some of the details. OP said the bank wanted to charge him 33% interest because he is only 18 years old and just starting out. He has a growing photography business with a low 5-figure income last year. He was looking for places where he might get better loan terms.

At 18 and probably no credit history, OP will have trouble finding financing using the traditional avenues.

Peer to Peer as you suggested may work. Friends and family or some other private party willing to lend or front money at a favorable rate or for a percentage of profit may be something to consider as well.

[scfr]

Hello, Drew, and welcome to Saving Advice.

Why do you feel that you need to borrow money to fund what you want for your business?

It sounds like you made a pretty decent income from your business last year. Congratulations. Where did that money go? Did it go back in to the business?

Do you have another job besides your business? Would you be able to save some money from your paycheck each month until you had enough to purchase whatever you need for your business?

My husband started a business 18 years ago, right about the time you were born I guess. He never borrowed any money. We made a plan, took some pretty drastic measures, worked & saved like heck, and took the time that we needed to save up enough for him to start his business without borrowing any money. If you are able to fund your business without borrowing, the money that you would be spending on interest on the loan could go right back in to growing your business instead of going in to someone else's pocket to never be seen again!

[TexasHusker]

Contrary to popular belief, banks generally don’t lend money to start-ups. Banks generally only lend money when you have something of collateral that is at least equal to your loan amount. In other words, banks are really only in the business to let you borrow equity FROM YOUR OWN ASSETS.

No assets, no loan.