Where do you get a quick dirty (high interest but not murder interest) business loan in US for a Delaware Corp-C? Whatever I google, I get only the big banks / capchase etc which are all RMR driven and require substantial credits check.
For me it’s:
- Corp-C has no runway
- Majority Founder is not in USA (so no possibility for private credit check)
- up to 10k RMR
- Zero runway (Founder that is me, is already homeless, second person in company not paid 1 month)
- Really good AI product in market with several proposals on the table
We need like $50k to survive a couple of month and close the investor deals / proposals we have on the table and we can then head towards series A but at the moment because of some random events happening, the situation looks nightmarish.
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Personal loan for non-majority founder via lendingclub or similar. I can’t *recommend* this because I know nothing about your financial situation. But it is an option.
Have you tried business credit cards/credit lines? Can easily get $50k+ with 0% interest to start
Only with personal guarantee from someone in the US with good credit
You simply haven’t got anything of any real value. If you could get a loan everyone would start a business in the US and get themselves a free $50k.
Happens all the time, but it’s not really free 50K as you have to pay it back and you put your personal creditworthiness on the line.
We have the exact same product a competitor with $4M in ARR that just got acquired for ca $50M. Just ours has better UX and lots of AI automation built in that the competitor doesn’t have.
The short answer is no. The only thing I can think of is if you personally have ability to get credit in your home country. It would help if you have assets like property that the bank can use as collateral. Then you could lend the money to your business.
Green dumpster behind the shell off sand hill. 9pm. Come alone. Being feet pics
I know a guy named named Fat Tony….
I had one offer like that once… I should have taken it :D
I’m not sure if links are ok, but I know a company that can get you 250k in unsecured business debt. 😉 Basicly, 0% interest credit cards. Not a long-term strategy, but could get you to funding.
What company?
Link above
Credit card in the name of your business (EIN) with your person (SSN/ITIN) as a guarantor.
You’re doing $10k month in recurring revenue and you’re homeless?
Instead of digging a deeper hole, you can try cashing in your goodwill with existing clients and selling them on a yearly subscription or product with delayed fullfilment.
The first thing on your mind when your company needs money should not be “how can I get additional funding”, it should be "how can the company make do with what it has.
If you are a single-member corporation you have two roles, as an owner and as a manager. As a manager, it is not within your duties or purview to increase funding, think of yourself as two different people. This will also help you avoid piercing the corporate veil in general.
DM me, I’d look at that. Who the end customer? Whats the solution?
What can you do for guarantees?
A point that wasn’t mentioned is that if you are 1 month behind on payroll, you need to fire your employee ASAP or at least make them a member and pay them in equity.
That should be solved before you dig a deeper hole.
Employee doesn’t have cash himself and doesn’t want to accept equity. 1 person behind on payroll, I haven’t been paid for months
You should try mercury. Apparently if you have revenue, you can apply for some loans (I think, not sure)
Do you have a good credit score and assets?
Did you google “venture debt providers”?