How do I get a small business loan to start a baseball card shop? I want to borrow less than $25,000?

Question

I have approximately $30,000 work of single sportscards, including vintage and newer players. I have a storefront in mind, have been working with the SD Small Business Center and SBA with monthly and start up work sheets. I know what the utilities, inventory, rent, start up money and advertising costs are. I have display cases and shelving lined up as well.

I live in a city that thrives on tourism, we have several local people that are professional sports stars and with the gas crisis we are 2 hours or more away from the closest shops in other cities. I want to start it part time with my wife running it during the day. I have ran sportscard shops in the past, have knowledge of retail sales and am a graphic artist by trade (I can design my own business cards, ads and in-store signs as well.

I have access to approximately $3,000 in start up money. I also will add online sales during traditionally slow retail months (Jan-April). What other suggestions can anyone provide?

Thanks,

Mike

Answer 1

Always start with a well written business plan. Its sounds like you have a pretty good idea of what your doing now you must put it on paper!

If you choose to get a loan through a bank or a venture firm/investor they will want to see at a bare minimum positive estimated sales, operating profit, cash flow figures, and low expenses.

You may want to try a family member or friend since you only want to borrow a relatively small amount of cash. Set up a repayment schedule with them offering incentives of 6-25% interest for 2, 5, or 10 years or even offer % ownership/partnership in the business. Remember borrowers want to see that they will eventually get their money back with interest! They will not assume any risk if your business seems shakey.

These instutions or private investors want to see a well thought plan. Remember (and I can not stress this enough) a well writen business plan is your road map to success.

Answer 2

You will have to go to the bank and talk to them about it, they will help you by telling you how to go about doing everything and then they will ask you to fill in some forms and outline your business plan, cash flow forecast, etc.

If you don't want to go to a bank then try looking for an investor for your business, probably best if it's friends or family.

Answer 3

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Answer 4

go to your bank and ask them about small business SBA loans.