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Question by jmb563: Any tips on how to finance startup cost for small business with no money down but excellent credit?
We are going to sell autos on eBay motors and off our lot, auto detailing and repairs. We have been to a couple of local banks and just don’t quite seem to fit their criteria. We’ve always been self employed in some form so our tax returns are pathetic. We don’t have any money to put into the business which, well, that’s why we need financing. Am I to believe that a business can’t be started unless you have thousands of your own money to put into it? SBA apparantly requires 25% of the loan amount to be available from us as cash. If I had that money, I probably wouldn’t need much of a loan. Anyway, I’m a bit frustrated because we’re not fitting into the commercial lending ‘box’. We are talented intelligent people with excellent credit but short on cash. Any ideas?

Best answer:

Answer by GEE-GEE
You can try Bank of America or a local credit union. They will give you basically a credit card with a limit up to $ 100,000.

www.bofa.com

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BOCA RATON, Fla. (PRWEB) August 20, 2007

    Premium financing is a service which enables wealthy individuals, or their heirs, to secure a life insurance policy without liquidating their current assets. Potential benefits of this type of financing include cash-flow flexibility, tax savings, and wealth creation for the policy holder’s heirs.

A life settlement is the sale of an existing life insurance policy to an unrelated investor for an amount greater than the policy’s cash surrender value, but lower than the face amount of the policy. The investor assumes the obligation of making premium payments until the face amount of the policy is realized. Institutional investors and individuals buy in these transactions for a variety of reasons, including changes in estate planning, the availability of a policy that works better for them financially, or because their liquidity needs have changed.

Jonathan Neuman, President and COO, is a pioneer in the premium finance industry. He brings eleven years of specialty finance experience to Imperial. He was previously director of Peach Holding’s Life Finance business units, where he was responsible for all day-to-day operations of their life settlement and premium finance business lines. Neuman was also CEO of CY Financial, which together with Imperial, had a joint venture with Peach Holdings in the premium finance field.

Prior to his tenure at Peach Holdings, Neuman was Vice President and head of lottery receivables originations for Singer Asset Finance, the national leader in that asset class.

“Imperial has quickly moved to the forefront of the premium financing industry,” Neuman says. “Our business expertise, in-depth knowledge of the premium finance market, and commitment to customer service give us a competitive advantage that is unmatched in this industry.”

“The capital markets and brokerage communities have responded incredibly well to our product offerings, deep product knowledge and sales experience.”

Already a leader in the premium finance market, Imperial aims to set the standard for alternative asset type origination platforms.

About Imperial

Imperial Finance & Trading, LLC is a specialty finance company focused on the premium finance and life settlement industries. Premium financing is a service which enables individuals to secure a life insurance policy without liquidating their current assets. A life settlement is the sale of an existing life insurance policy to an unrelated investor for an amount greater than the policy’s cash surrender value but lower than the face amount of the policy. Imperial is located in Boca Raton, Florida. For more information visit http://www.imprl.com.

For further information contact Darcy Sullivan at dsullivan@imprl.com or 561-995-4350.

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