SBA will most likely not give you the $ - I tried last year. They deem our "business" as passive income, even though it operates similar to a fitness gym. There's the possibility of proving more than 50% of your revenue comes from "active" income, such as retail sales (of paper, etc.), but I think that'd be tough to set up and not really your core business.
Jerome ______________ BLANKSPACES "work wide open" www.blankspaces.com 5405 Wilshire Blvd (2 blocks west of La Brea) Los Angeles, CA 90036 323.330.9505 (office) On Sep 17, 2008, at 4:21 PM, Colin Loretz wrote: > > 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 -~----------~----~----~----~------~----~------~--~---
