Finance Questions

Archive for September, 2009

House Session 2010-04-21 (10:00:14-10:46:56)

Question: Secured inventory loan sources?

I'm looking to get a secured inventory loan. I own a small furniture store (in business 4 years, 9 months of that owned by me) that always has about 65K in inventory and I'm currently use my personal savings as working capital. I'd like to find a funding source of about 50K that is secured by my inventory to remove my personal assets/financing from the equation. All my searches for small business secured loans seem to end up leading to unsecured loans, which I do NOT want -- I don't want to personally guarantee the capital since I have all the inventory that should do that. Nor do I want a credit card advance deals. Any ideas?

Answer: At 9 months you will not get a loan that is not secured by your personal credit information. You can't secure a loan with INVENTORY that you can't sell for revenues. Go see an Atty about seperating your business from your personal assets. But forget the loan if your personal credit is shot.

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