I just looked at a wonderful potential space for Reno Collective, however, everything is now coming down to a matter of financing.
We absolutely fell in love with the space but it is in need of being completely built out. I spoke with the owner and he mentioned that it will cost at least $30,000-$40,000 on our end to get the place going and then we can work out a monthly rate for the lease. Holy cow! I'm working with the local development authorities and government offices to get funding for "providing downtown redevelopment and keeping young professionals/business in town." Has anyone had success in getting funding from the Small Business Administration or local Small Business development centers? The cost to get this place in serviceable shape is high but I think the space would be worth it. Here is a picture of one of the corners, as you can see, it needs a lot: http://flickr.com/photos/colinloretz/2862460467/ - Colin On Aug 5, 9:10 pm, Ian Graham <[EMAIL PROTECTED]> wrote: > Financingfor theCodeFactory was done in a similar manner to Office > Nomads. First step is to get actively involved in the local community > “Bottoms Up” for fun and then realized there is a strong community and > potential market for the space. > > Next step “Top Down” was a two step process; get a loan for physical > assets and find a source of working capital for operating expenses > (rent, internet, coffee, janitorial, ...). There is a great program > in Canada called the Canadian Small BusinessFinancingProgram > (http://www.ic.gc.ca/epic/site/csbfp-pfpec.nsf/en/home) which is a good source > of money for hard assets and the government shares the risk for the > loan. Next step is to find some working capital, best of luck to you > in this regard. For working capital I loaned the money to the business > from a personal line of credit secured with my home. If you are a new > business your personal credit rating is huge and will basically form > the basis for getting any sort of money from the bank. The best advice > I could offer is try to avoid offering a personal guarantee if you > can. > > So in summary get a loan for your assets; furniture, computers and > other STUFF, this is fairly straight forward. Find a source of working > capital which is much harder to do because this isn’t secured with > anything. Do whatever you can to preserve your working capital. > > Ianwww.thecodefactory.ca > 613.321.3831 --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Coworking" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/coworking?hl=en -~----------~----~----~----~------~----~------~--~---
