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Munkeyslippers.com
12-04-2012, 04:53 PM
Hello, How are you. My name is Kwabena Isaac Ofosu. I am the founder and owner of Munkeyslippers. We are an online smoke shop that sells everything from hookah, grinders, water pipes and more. Starting out was very difficult. I already been declined by pretty much a majority of the banks for a loan, I already realized that getting an angel Investor is so much easier to say than do, and I already have seen that grants are definitely not an option. Social media and advertising will not help me if I do not receive a constant amount of orders daily and my funds are not frozen upon receiving them. I am stuck. I really really need some productive help.

Q: Where an how can I receive funding?

AvailableCredit
12-09-2012, 12:57 PM
I would network, network and network- sounds like a "friends and family" loan may be the way to go.

AlexB1
12-18-2012, 10:16 AM
I agree. You are going to have a hard time with angel investors unless (a) they are in love with the space or (b) you can convince them that this could be a huge business with you at the helm (not a $1mm or $10mm business, but a $50mm+ business). Enough small businesses go bust that angel investors really only invest where they have the opportunity to make a huge return. So your best options are either going to be putting your own money into this from other jobs or finding an alternative source like family & friends / community loans.

GlobalPay
01-04-2013, 07:43 PM
Try this website: https://www.equitynet.com

Harold Mansfield
01-04-2013, 11:42 PM
I don't see it. Angel investors are looking for the potential of a big payoff or market share. Not too many people are looking to invest in a small business for nothing more than getting paid back or a minuscule return.

If you had something unique, or some kind of invention, patent or other intellectual property that has the potential of some value I'd say you had a shot. But looking for funding just to finance your small business is pretty much just a pipe dream.

If friends and family aren't an option, you'll probably have to fund it yourself, or find a partner if you are willing to give up equity.

edrogers
01-21-2013, 01:01 PM
just find alternative type funding sources. many are available online.

Zman
01-21-2013, 01:39 PM
There are several site you can check out. I don't know which would be appropriate for you situation but I have used two of these myself and it was a great help.

Kickstarter.com (http://www.kickstarter.com/)
Prosper.com (http://www.prosper.com/)
Go4Funding.com (http://www.go4funding.com/)

Good luck with you business!

jim.sklansky
01-21-2013, 03:07 PM
If the Bank is saying that then twice has been paid so they should have the docs. If they are unable to provide you docs then you can take necessary steps against back but you should talk to higher authority of bank first before going into conclusion. If they provide you docs then you show the documents to the shop to get your money back. It is check and balanced but it has to be in a justified way. So Bank has a very good role here.

MyITGuy
01-21-2013, 05:06 PM
Q: Where an how can I receive funding?

The first question I would have, that I don't see an answer for is: "What do you need funding for"?

WilliamN
02-21-2013, 08:09 PM
If you've been in business at least one year and have gross income of $100k annually.
There are lenders other than banks that can help you. Several do not require any
collateral for loans up to $100k. Keep searching they are out there.

Fulcrum
02-27-2013, 06:55 PM
To be perfectly honest, I don't think that your business is viable for angel/private investment outside of your family and friends. I looked at your website and my first impression is that your primary customer base will be "high flyers". No reputable investor will put his money into that type of operation.

On a side note, why would your funds be frozen upon receiving them when your dealing with credit cards and PayPal?

Edit: After hitting post reply I looked back at the date of this and the OP has not responded. My apologies if I necro'd this.

MikeAppleton
03-09-2013, 10:47 AM
As Zman says, I would go for crowdfunding as it's a lot more open to personal interpretation. If people have a feel for you then they will want to be a part of it much more that a traditional AI.

dmck
03-12-2013, 09:22 AM
I would like to relate to what Hattie said. Yes, there are lenders who lend money with no personal guarantee or collateral. I am working with one of them so I can tell. However, you usually need to be at least one year in business which if I understand right is not the case. You might get lucky posting a "looking for an investor" ad on Craigslist but if you do this, beware of scammers and never agree to pay anything upfront.

MunkeySlippersCustomer
04-24-2013, 02:12 AM
Hey, Kwabena. I'm sorry to hear of the difficulties you're having with your online store. As an eBay customer of yours who purchased an item the better part of a month ago but has received nothing, not even a personalized response to multiple inquiries, I'm forced to wonder if the cause of your business woes might stem from within. Customers and investors tend to have a lot in common as far as our mutual desire to see a streamlined sales process that includes excellent communication. Problems arise in every business, and you will find that most people measure you on how you handle such a situation, not the fact that it happened in the first place. The fact that PayPal won't release funds to you without delay is unfortunate, but you never even responded to my messages to alert me to a problem that was expected to delay my order. Had you simply set my expectations with an approximate date, that would have done wonders. I specifically asked you to do so, and even then I got nothing but a form-letter response.

I wonder if the lack of courteous and professional communication might have been an issue when your business was declined by the majority of banks.

eBay Feedback Profile for munkeyslippers.store (http://feedback.ebay.com/ws/eBayISAPI.dll?ViewFeedback2&userid=munkeyslippers.store)

Best,
MunkeySlippersCustomer (well, former customer I guess)

phanio
04-28-2013, 08:24 AM
Your business and industry is not big enough for private equity of any kind - unless you find a local investor who wants to give back to you community and is willing to fund your business without the expectation of a return (which is rare). You just have to find ways to self-fund. Work trade terms with suppliers. Offer revenue percentages to landlords. Find ways to market for free. Or, use personal loans to fund your needs while keeping your money needs to a minimum. Not all businesses need business loans to succeed. There is a trade off between time and money. If you don't have the money - then you have to find other ways to get those things done and that takes time and hard work.