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#1 2017-03-01 09:29:24

richardwalter
Участник

Small Company funding with damaged credit?

I own a used car business, second generation, open since 1952. For 25 years I did it as a sideline while working full time for the USPS. I got downsized and left with no job, income, or retirement. So, my plan became working the business full time. I have:

Very good location with garage and office; proven spot on a main road where in the past we did very well.

Well-established clientele

Unlimited product supply line

40 years' experience of successfully evaluating, buying, and selling vehicles

Excellent business reputation

Business property is owned by me, debt free- LOTS of equity

PROBLEM: Poor credit

Five years ago the business was doing great. My brother was running it for me while I worked my job. At night I would do the buying, and handle odds and ends. Brother hired an employee and didn't keep good tabs on him; employee embezzled large amount of money, enough to crash the business. I spent four years cleaning up the mess and paying off the debt. In the process, my credit was ruined. My plan was to reopen the business, start rebuilding slowly, then go into it full time in three years when I would have retired. With the unexpected loss of my job, my time frame has been accelerated. Thus, I do not have the funds to purchase the needed inventory. Currently I have managed to assemble a very small inventory of cheap cars. I have been making some money. The problem is, I don't have enough inventory to create enough steady profit to pay the bils and reinvest in more inventory.

Here are some more details: Private Cloud Solution video

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