Where do you get a quick dirty (high interest but not murder interest) business loan in US for a Delaware Corp-C? Whatever I google, I get only the big banks / capchase etc which are all RMR driven and require substantial credits check.
For me it’s:
- Corp-C has no runway
- Majority Founder is not in USA (so no possibility for private credit check)
- up to 10k RMR
- Zero runway (Founder that is me, is already homeless, second person in company not paid 1 month)
- Really good AI product in market with several proposals on the table
We need like $50k to survive a couple of month and close the investor deals / proposals we have on the table and we can then head towards series A but at the moment because of some random events happening, the situation looks nightmarish.
Did you google “venture debt providers”?
DM me, I’d look at that. Who the end customer? Whats the solution?
What can you do for guarantees?
Instead of digging a deeper hole, you can try cashing in your goodwill with existing clients and selling them on a yearly subscription or product with delayed fullfilment.
The first thing on your mind when your company needs money should not be “how can I get additional funding”, it should be "how can the company make do with what it has.
If you are a single-member corporation you have two roles, as an owner and as a manager. As a manager, it is not within your duties or purview to increase funding, think of yourself as two different people. This will also help you avoid piercing the corporate veil in general.
Credit card in the name of your business (EIN) with your person (SSN/ITIN) as a guarantor.
A point that wasn’t mentioned is that if you are 1 month behind on payroll, you need to fire your employee ASAP or at least make them a member and pay them in equity.
That should be solved before you dig a deeper hole.
Employee doesn’t have cash himself and doesn’t want to accept equity. 1 person behind on payroll, I haven’t been paid for months