The credit crunch and small biz
By on Aug 30, 2007 in Entrepreneur
When Diane Dobry incorporated Kristof Wines in May 2006 to import makes from Hungary, she did what many first-time entrepreneurs do - she scrounged for capital wherever she could find it, including in her home’s equity. She took a $10,000 personal loan, got $13,000 from micro-lender Acción worldly and tapped a relative for $10,000. But she counted on getting the biggest chunk - $50,000 - from selling the Bethpage, N.Y. house she had bought for $43,000 in 1980.
Original post by Technology news - Business 2.0 Magazine
1 Comment(s)
By vtabletop on Nov 26, 2007 | Reply
When I was setting up my first business, I badly needed some financing , but didn’t have any previous records to produce or any past business experience. I had only my home to keep as a collateral and didn’t want to take chances with that.I contemplated going to a venture capitalist , but I had been warned that even if your business idea works those lone sharks gobble the company and you are left with a pittance. It’s stories like these that restricts people from getting into entrepreneurial ventures.