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Hello Everyone!
We have over 20 years of experience in the construction and remodeling business and owned our own operation most of that time. Circumstances led to that business being sold and the money spent to care for family members. However, we MISS our business and want to get going again in the Central Illinois area. We need grant money to get off the ground! Does anyone have tips on WHERE to start?:confused:
Thanks in advance for all your help!
Hello Our:
You're not going to find grant money to start a for profit business. If your business was to remodel old homes for elderly people for FREE, or stuff like that, THEN you could probably find grant money..
But, that's not what I think you want to do...
In any case, you'd have to prepare a business plan no matter where you're seeking financing from.
There IS venture capital out there that you CAN get. So, if it were me, I'd head off in that direction.
excon
PS> (edited) Upon thinking about it some more, there's going to be plenty of government money available for this kind of work too... Nonetheless, it's STILL going to take a business plan.
Did you retain your tools and equipment or did they go with the business? Not any grant money in Illinois for what you want and the gov is raising state income tax 50% to 4.5%, businesses 7.2% Remodleing will be up in 2009 since home sales have dropped to a 30 year low. It could be worth your effort to talk to your local bank about a business loan of HELOC.
Dear Excon!Quote:
Originally Posted by excon
I truly appreciate your honesty! See... when I worked in Mental Health (for over 17 years), there was always "money" out there... but we were mostly in non-profit organizations. I am currently working on a more "formal" business plan and am definitely not afraid of the hard work it will take to make this happen!
So, are you really an excon? Why the name?
THANKS AGAIN!
OF
Hello Ballenger!Quote:
Originally Posted by ballengerb1
I truly appreciate your feedback! We have a lot of the lighter tools... but the heavy equipment went with the business! We are "new" to Central Illinois, but already have begun to establish fabulous relationships and the remodeling jobs ARE here... was just hoping to find a little financial backing! I've got a few friends in the banking business here and plan to pick their brains about it as well!
THANKS AGAIN!
OF
Hello again OF:
As I learn more, I'm going to dash some more of your flames...
Unless you have collateral, like deep equity in a house or stocks and bonds, you're not going to find financing through a bank either. Even if you DID have those things, financing a new business in THIS climate is going to be very difficult.
That is, through traditional means. I suggest there is plenty of NON traditional ways to get your business off the ground.
Now, of course, I know NOTHING about the construction business, so take that into consideration... But, I do know about subcontracting.
If you HAVE the equipment, then getting hired onto a job isn't any more difficult than using your personal contacts in the industry.
It also seems to me, that you can get credit from Home Depot for some equipment to get you going...
If you have to start from scratch as a general contractor, or even a sub, that's a different matter. However, being in business for yourself as a sub, isn't any different than being in business as a general contractor...
Or, I'm full of crap. Take your pick.
excon
Dear Excon...Quote:
Originally Posted by excon
MY flames can be doused a little... but not entirely blown out! Honestly, your reply just made me LOL and I'm still smiling! The "realness" of you is refreshing!
My divorce and an ex-husband who left me and four kids with NOTHING... should probably have dashed some things too... but it hasn't! I am more determined than ever to be successful!
I've got to go and get to some appointments... but hope to keep in touch for more of your "insight"!
THANKS AGAIN!
OF
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