In any new business venture, funding is key. No money, no business. It’s just that simple. All of the next steps I need to take in setting up the Megalith Brewing taproom – from getting the necessary permits, signing a lease on a space, and assembling my brewing setup – will require more money than I have at my disposal right now.
My original financial plan relied heavily on being able to secure a sizable loan from a bank, hopefully one backed by the insurance provided by the SBA. The remainder of the financing was going to be raised through a combination of equity partnerships, and reward-based crowdfunding. Since reaching out to a local SBA-backed bank, though, it’s been explained to me that traditional lenders don’t like lending to high-risk borrowers, such as a nonexistent start-up being operated by someone with a history of credit problems like myself. In my situation, finding equity partners and relying more heavily on crowdfunding for initial capital are going to be the only real solution for me.
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