Start Ups and New Businesses
Starting a new business can be both exciting and frustrating. It usually takes a lot more than a dream, ambition and an empty garage.
"Startup Business Funding" is often a misunderstood concept. Getting funding for a startup business from a commercial lender is hardly ever possible. Lenders, whether they are banks or equipment leasing companies, shy away from startups and usually require 2 years of time in business (TIB) before they will consider lending money to you.
Why? Because approximately 80% of non-franchised startup businesses fail within 5 years.
That said, MultiSource Finance knows a few commercial funding sources that will provide limited funding to startup businesses if:
- You have almost perfect credit
- The principal owners provide personal guarantees and/or additional collateral
- You are willing to pay an above-market interest rate
The funding that is available would either be equipment leasing or factoring of accounts receivable invoices.
Free Startup Consultation
Sign up for a free startup consultation to help you figure out if you should start your own business. Some of the questions and answers we can discuss with you:
- Who are my target customers/clients?
- What should my services or products be?
- How do I price my services or products?
- How much capital do I need for the first 3, 6, and 12 month periods?
- How am I going to obtain the capital I need and what are my options?
These are only a few of the many questions that you need to answer before you can determine if you should and can start your own business.