How can I find anyone to give a business loan to a 24 yr. old that has a great business plan for a laundromat?

I am looking to start a laundry service/laundromat in my hometown. I have a superb business plan and location(location is everything!) for this business. The problem is MONEY! $250,000 to be exact. Of the 5 aspects banks/investors look for, I only have 3.

1. Experience – I have been a store manager in the retail
sector for 4 years, and have handled P&L businesses quite well.
2. Credit Score – My credit is around 770
3. Business Plan- Amazing business plan for the laundry business (have read books, websites, join memberships over the last 3 months to gain better insight of laundry service).
4. Equity-NONE. Just had a baby with my ex-girlfriend which drained all my savings.
5. Collateral-NONE. Not too many 24 year olds have enough collateral at this point.

My family members have all owned their own businesses. I know what it takes to run your own business. I know that if banks/investors could see my work ethic and enthusiasm they would help me. CAN YOU?

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This entry was posted on Monday, June 21st, 2010 at 10:57 pm and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “How can I find anyone to give a business loan to a 24 yr. old that has a great business plan for a laundromat?”

  1. Check out GoBigNetwork. com

  2. Go to http://www. score. org/ to find the nearest SCORE chapter. In the upper left hand corner is a box to enter your zip code. Your nearest SCORE chapter will be on the next screen. Contact them to arrange for a free one on one meeting with a SCORE counselor to discuss what financing help is available from the SBA.

    SCORE is a nonprofit organization and is part of the Small Business Administration. They provide a public service by offering small business advice and training.

    SCORE’s 10,500 volunteers have more than 600 business skills. Volunteers share their wisdom and lessons learned in business. The volunteers are working/retired business owners, executives and corporate leaders.

  3. Zijuzijazijana on June 22nd, 2010 at 1:13 am

    There are financial institutions in business to lend money,so if they didn’t give you money why should someone else?

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