May 22nd, 2010 | 
Author: Hello everyone, one of my best friends is starting a coffee shop in Lake City, Colorado. She has everything ready to open. She just needs $30,000 to open her doors and get things rolling. However, she is young (20) and she cannot seem to get a loan because of her credit and lack of collateral. She is very responsible… but this is merely because she hasn’t built her credit or collateral.
Her direct quote is, “I am in the process of opening a coffee shop but I am lacking funds. I have all my contacts set up, I have a business plan and a building. All I need to get my doors open is money.
I have been declined on loans due to lack of credit and collateral. This is only because I am young and haven’t built it, not because I am irresponsible or flakey. Please help if you can.”
Does anyone know how she could open her business? Is there any loans that are trustworthy… that would help a young woman start a small business? Is there anyone that would invest for this to happen?
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Try SBA.
No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.
Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you.
SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).
SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.
I would try: http://www.prosper.com/join/Ghostlyt
Free to post an ad. Private lenders bid on the right to loan you the money and on the interest rate. You can get funding for just about anything on there. It’s a pretty unique system for both borrowers and lenders.