I feel like I’m in a very volatile merry go round – running from one lender to another. I was recently able to secure funding/a funding agreement, but now I have to raise the escrow amount. Should be easy, right? Except I have a new business in a new industry leaving me with very few lending options. Not enough tax history for traditional banks, not enough transaction history for non-traditional lenders. Private lenders .. well, easier said than done. Are there any other options I’m not thinking of? At this point I’m going to send a collection plate around the family.
Raise equity through a VC?
Money doesn’t grow on trees!
You can try SBA loans. There are options that don’t require you to have a long history.
Mob
You’ve not hit up family, friends, and fools yet?
Yes, just not for this particular raise amount. We’re self funded + boot strapping so our respective families have all contributed (and many are all supported out) but being this close to a large funding amount has me ready to start shaking trees again (pun intended.)
Sell equity and apply for grants. If nobody wants your equity you need to rethink your business model
We’ve had to turn away offers that were too low. Because of the industry (hemp) everyone is trying to take advantage. We’re willing to offer equity but can’t really make it make sense for this raise amount (450k). Our goal is/was a short term loan to be repaid at closing on funding (3 weeks).
Brex?