Business Plan National Bank
Is it feesable to get $1mil in investment for a startup without having personal capital?
This is for people with actual business experience, please no speculation. Myself and a business partner are looking to start a business. Without going in to detail about the idea, I have an M.B.A and 10+ years IT experience as well as customer service, distributor relations, and operational experience. My partner is currently a national sales manager of a small food brand. We do not have experience in the industry we are looking at joining. We are wondering if it is even remotely realistic to try and secure $1 million in start-up investment without having any (well, very little maybe $30k) in personal capital? We realize that we’ll be answering to banks or VCs but we have little choice without having more wealth ourselves. We believe in our business plan and through experience (I am a manager at a company that has grown to $30million in sales in 7 years) and our education we are realistic of the risks of business.
Unfortunately, the answer from my experience is, no. I went asking for the similar funding options, a bit less on the capital, as I launched a corporation as well within the past 90 days. All major banks replied with minimum time requirements to be in business, prior to receiving a loan ranged from 1 year, some 2 years. If you are looking to gain funding from a VC, that is going weigh heavily on your business plan and execution. Different animal, they want equity and a lot of it. When you split equity many ways you get many opinions.
Credentials have no bearing on the lending facet of the business. It is tied to the risk and the business plan. Even the best business plans will not garner lending to that level without some major collateral. You will have to put more skin in the form of capital or reduce your loan request, by a large margin. Honestly, you may have difficulty even securing $250k in this climate.
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