"My flabber was completely gasted." - Rating Pending
Question #90562 posted on 10/27/2017 6:20 p.m.

Dear 100 Hour Board,

I want to start a business, but the equipment will require a start-up cost of $10 million. How can I get such a big loan?



Dear Dallin,

Basically, you gotta have a killer pitch. You should know exactly what you're doing, and be able to plan and graph everything out so whoever is investing in you knows you won't squander that money. One of the best ways to show your competence is to start small. Start your business on a small level, develop a track record, and use that to convince investors that you're a good investment and that you can easily grow your business.

There's a number of investment companies you could look into, such as Goldman Sachs. This also depends on what kind of business you want to create; someone heading Goldman Sachs spoke at one of my classes, and he said they try to invest in companies that are good for the community, such as the Ragnar Relay Series. If you can find investment opportunities for your specific business, you'll be more likely to get funding.

There's also multiple sites that would help fund your business. I don't know if any of these sites could get you $10 million, but they're a good place to start.

If you're in Provo, I would suggest talking to a professor at BYU's MBA program. I don't know which professor would be best to talk to (if any readers do, please leave a correction!), but judging from my experience with BYU professors, I'm certain they'd all be happy to help. They would have a better idea about where to get a loan, and which investment companies would be best suited for your business.

Best of luck with your business ventures!

-guppy of doom