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Startup funding for small business

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    Startup funding for small business

    I am in an active chapter 13, I was excited about the small business that I wish to start online, but to my knowledge I am unable to get a startup business loan, because of my open bankruptcy. I know there are micro loans, for as you may know I am unable to receive funding for those as well. Any ideas as to what other options I may have? Or is my only option would be to borrow from friends and family, which is not an option at all. I would hate to think that I would have to wait until 4 years from now to try and get a micro loan or better yet 5 to 6 years from now, because many of the micro lenders are requesting that your bankruptcy has been discharged for 1-2 years. Overall, I'm just wondering has anyone been down this road and what suggestions you may have.

    #2
    years ago we were able to change from a business to "hobby sales" (we sold online and on ebay as a registered business (antiques /collectibles, etc) back around 2000 through 2005 - way before we knew it could be done up to $XX amount per year under a hobby. Of course, things have changed in the past 11 years, but it's something to check into.

    Also - if you open a business that operates out of your home, make sure you check with your home owners insurance prior to doing so. There are major issues with doing so w/out changing the policy to accommodate.

    As to the Ch. 13 side of things - unless you're in a 100% payback to unsecured creditors...you may end up paying any proceeds from sales into your plan. Ask your attorney before doing anything ;)

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      #3
      Business funding in active 13, not likely, especially for a "start-up."

      How much money are we really talking about?

      Since you are in an active 13, I assume you have a source or regular income, so as a practical matter, do you really have time? I don't care how "turn key" or "part time" a business may seem, to actually make it work and succeed, it always takes a much greater investment in time than you think; nothing is ever "that easy."
      Last edited by HHM; 04-24-2012, 09:37 AM.

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        #4
        Originally posted by HHM View Post
        ..I don't care how "turn key" or "part time" a business may seem, it always takes a much greater investment in time than you think; nothing is every "that easy."
        Very very true....which is why we got out of it - too much paperwork, time, etc - even as a "hobby".

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          #5
          Taking a loan from friends and family is not a bad option. In bad times, you should share your worries with your loved ones.

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            #6
            At Least, you have to try once more asking your family or friends for the fund to start your small business. Maybe this time they will give some amount.

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              #7
              SamuelKenne please re-read the forum rules on re-opening old threads especially when they are more than 5 years old.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog

              I am not an attorney. Any advice provided is not legal advice.

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