[adamqureshi]

I need to build my v2 and am avoiding accepting angel funding from an investor who wants 30% for $250k. Sales are not stopping at this point. I am using stripe for all sales. Do you have a suggestion for me to get a loan? I need $150k to build v2 AND keep the lights on for say 12-14 months. Thanks.

[lmeyerov]

Y combinator and its ilk are 100k

I'd tell the investor they can do 5-10% at that, or better, a convertivle note w 20% discount and $3-5M cap and (A) pointing to YC and (B) pointing out no follow on investor would join if they did higher -- after seed/A/B, only 50-60% of co should be sold. If a real investor followed, you'd be stuck paying legal fees to wash out the angel investor.

This all assumes a scalable startup, not a consultancy etc

[robocat]

If the business doesn't have a need for high growth (which it perhaps doesn't if 250k moves the needle), why not consider more sweat-equity?

We decided not to take angel investment, took longer to build a small business, and gave equity to more founders.

We're very proud of our profitable centicorn (one hundredth the size of a unicorn).

[adamqureshi]

I agree. But I'm on WP and the sales are not slowing down.I need to build out offWP to a web app. Keep the WP version running while standing up the web app build. But the engineers want $12,500 for 100 hours/sprint for both. I get a designer + Engineer. I'm thinking just pay enough to get to a web app with maybe 2 sprints $12,500 X 2 = $25k. Start making sales and then use the sales to keep paying if needed to increase sales / expand add new features from customer feedback.

[stanleydrew]

Talk to TinySeed. Might be a good fit.

[adamqureshi]

I applied seems my marketplace start up is not a good fit. :-(

[yazr]

Tinyseed , Indie.vc, Lighter Capital, Earnest Capital, OnDeck, Kabbage, MainVest, Point9

I guess its not easy to qualify since they get a bazillion application.

Do you just apply on the web ?

Do u have good references ?

Is it "real revenue" or r u counting the nominal sale value ?

Also - if u r still on WP then 30% may not be too bad :/

[adamqureshi]

I applied to tiny seed i don't think they want me. I filled out the Lighter capital form today (no reply) i think i applied to earnest capital , kabbage no. MainVest never heard of them but i am gonna look and point9 same. looking for money is taking time away from making sales and improving the product. I think i "may" be able to swing it from sales!

[Qworg]

Check with SVB or Lighter Capital?

[adamqureshi]

I spoke to these guys: https://stripe.com/works-with/fundingcircle

But they want tax returns and credit score. Thank you and i will look into Lighter Capita. SVB is silicon valley bank?

[Qworg]

Yes.

Tax returns and a credit score for your business? Or are they asking for a personal guarantee?

[adamqureshi]

I just applied to Lighter Capital. Thank you very much!