Startup costs for a small business- funding

[orval]

I used personal money to start my business. I immediately started a seperate bank account in the business name and have not mixed personal $. I can't remember the exact term maybe owner equity was how it was recorded acccounting wise.
I don't have any experience in loans. But I don't like to pay interest if I don't have to.

[k3am]

I don’t finance startups, but in general, most banks don’t want to lend to a dream with nothing behind it. Until your company is up and running, if you’re getting financing, it’s either from you, angel investors, or credit cards.

[marie]

Small business loans are very hard to get. My financial institution does not do it at all for brand new businesses, we only entertain established business with collateral.

[jwright]

All businesses require some sort of equity contribution. For that amount of money, I would not pursue a loan, especially in this lending climate.

[winecat]

In 2007 I got a $50k business loan and had to use my personal assets to guarantee the loan.

[sent]

I wanted $50k in 2009. There were so many hoops to jump through to get such a small loan, I didn’t bother and just did it with my savings. 9 years later I needed 100k to finish a renovation at the same business and it was so easy to get the money at that point since I had a decent history. For 20k, I wouldn’t bother with the banks.

[beetea]

May 1, 2020 7:24:09 GMT -5 orval said:

I used personal money to start my business. I immediately started a seperate bank account in the business name and have not mixed personal $. 

This, exactly.