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I'm getting just a little depressed, only because I just received ONE loan refusal.

I'm in the process of finding a small local business in which I can "acquire" and run part-time as needed (nights and weekends). I've located a few. If you've watched my posts on a few other boards, I've located:

1) An under-utilized mini-storage business.
2) A car wash (3 self-serve bays).
3) A laundromat.

The costs of the businesses are between $100K and $170K. For the most part, these business would love to be paid in cash of course, or wait for a customer with a conventional business loan. However, they've all "been open to the idea" of either land contracts or leases (or even lease-to-own in one case).

So what's my problem? I'm trying to get enough money scraped together just for putting towards commissions and/or down payment, from almost nothing.

(You're probably asking, "What? You don't have any savings?") Actually I do. But MrsDuck has tighter pursestrings than I do. We have maxed out 401K's with our current employers. I have enough liquid savings to make a conventional down payment, a fully funded e-fund, an unused credit card (with a very high limit). And MrsDuck won't let me touch any of it unless it's an extreme emergency.

Is MrsDuck my problem? Probably. So what's the deal with her? Well, she's sensitive to having to touch any savings considering what we've been through long ago. She's been abruptly terminated from two jobs before and she'd probably eat dog food for meals before she'd touch any of the savings whatsoever.

Anyway, MrsDuck has assured me that she doesn't have a problem with me going into my own business. A few years ago I did have a moderately successful business playing music at weddings...but that's obviously not the thing that I can expand with to eventually replace my current full-time job. She panicked a little when I spent $1000 on sound equipment. As for now, MrsDuck also said she'd be supportive if I have to use the credit card for small items in support of the business (if I have to run to a store for office supplies, etc).

SO, my other current route is to try and find other ways to find $10K to $30K of money. I've considered a home-equity line of credit, but as usual, MrsDuck is very hesitant towards that (talks are ongoing).

What about other means? My local bank has a conventional business loan, but their process assumes I have an ongoing business, not trying to buy an existing one. I have to go to my bank in person and explain my situation. (I figured my bank would be helpful considering the deposits are easily there to cover me, even for as much as the $30K I'm looking for.)

Meanwhile I've checked out some small-business loan sites and from there I've not had much luck. I just had been turned down a loan this afternoon after I was "pre-approved" last night over the phone. Bummer.

I read about "hard money lenders", but it sounds like they're basically loan sharks. I've read about "microloan" lenders, but haven't found one that addresses my situation (from what I've seen). Maybe I'm wrong?

On another board, someone suggested owner financing (have the owner be the bank), but in all the cases above so far, none of them are willing to put out money. (One of them is going as far to say he won't even pay for commissions, the buyer has to pay for it.)

So is there any other ways you can think of where I can get my foot in the door? (Besides nagging MrsDuck?)

All responses are appreciated, but I might get defensive. But at least I'm aware of it.


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