Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.
How can a minor obtain a business loan for a start up?
I like many other 16 year-olds, I do not have thousands of dollars to pull out of my pocket. However, I do believe I have great entrepreneurial skills. I think I have nice-looking layout for an e-commerce site that's being quoted at around $5,000 in addition to other expenses. Banks and everyone else are reluctant to letting you borrow money because you are not an adult so you can't sign a legal document. My parents do not have the best credit, and they don't want to put it on the line for me. I guess I am the only that believes I can be successful, but I am hoping there is an alternative way to get funding besides working at a minimum wage job.