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03 - Raising Capital Funding Options for Small Businesses

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  #1  
Old 07-04-2008, 04:49 PM
elochka
 
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Default a new business credit card ?

If you apply for a business credit card at startup, how do they figure the starting limit, also do they ask you for more details about your business after you apply?
(I was thinking this would be useful to get another couple thousand to use for startup and also to have a seperate card for business purchases.)
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  #2  
Old 07-04-2008, 04:56 PM
Pap_sak
 
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what? use a credit card for seed capital...are you mad!!! Save for a few months more, the little you can get from a credit card is rather of not being spent...
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  #3  
Old 07-09-2008, 07:37 PM
boxiee
 
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interest rates of credit cards are very high. you should find capital for your business in other ways.
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  #4  
Old 07-10-2008, 10:44 AM
elochka
 
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Most have no apr for a year and I could pay off a couple thousand in a year.
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  #5  
Old 07-10-2008, 04:41 PM
simonr
 
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Even if you could pay off your credit card in a year's time, I'd still ask myself a hard question if I were you..... If I couldn't get money in any other way than a card (a high risk option) is the idea worth taking the risk for in the first place?

(I'm saying that based on the assumption that you're going for a CC because banks and so on aren't interested but I recognise that's an assumption.)

S
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  #6  
Old 08-11-2008, 03:38 AM
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aika aika is offline
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Issuers based it on how big your business is and on your assets too.
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  #7  
Old 02-12-2009, 03:25 AM
jimlanger jimlanger is offline
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Smile Re :

Hi Aika ,
Well I am interested too. But I am unable to understand the system, so can any one help me out to know it deeply, so i can also take advantage of it.
Thanks!!!
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  #8  
Old 08-04-2009, 09:35 AM
SBMarketingGuy SBMarketingGuy is offline
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Having funded my business on credit cards, I can honestly tell you that it is a recipe for disaster. You'll never get enough sales in time and the interest rates will destroy you.

Your best saving for a few months and then boostrapping the business. Ask friends and relatives for money AFTER you have developed a solid business plan. There are plenty of SCORE offices and your local chamber of commerce that can offer free counseling to help you write a business plan. You may also qualify for special programs if you are a woman or minority owned business.
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  #9  
Old 08-22-2009, 10:22 PM
Raisecapital01 Raisecapital01 is offline
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I do not know about this, but I would say it is not a great idea to start off this way. However, if you can pass the interest on to your clients and cover it in your profits, it could work. I would recommend paying it off quick, and use it for your safety net.
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