Getting a business loan

[LPPC]

Hi all,

I'm running my own e-commerce business. I built up a nice amount of capital over the years and since a week ago I've put almost all into crypto. This means that I have very little capital left to buy stock for my business. I'm aware of the risks that come with crypto..

Because of that I'm looking to apply for a business loan. The thing I'm afraid of is that the bank will reject it if I tell them that I invested the money in crypto. I don't think banks (here in The Netherlands) are too fond of crypto. Because I assume they will ask me why I transferred all that money to my personal bank account (to then put it into Crypto) when I apply for the loan.

So the loan will be strictly to buy inventory with. Does anyone have an idea to circumvent them from knowing that I invested my own money into crypto? I don't think it's fair that they would reject it because they themselves don't believe in crypto.

Any clever answers you guys can come up with?

I could say I invested in the stock market or gold instead, but wouldn't they ask for proof of that? Or maybe I should say that I'm looking to import a new product and I need extra capital for that. Again, I don't know what they will ask or whether they need proof and such.

Thanks in advance.

 

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[woken]

Hi all,

I'm running my own e-commerce business. I built up a nice amount of capital over the years and since a week ago I've put almost all into crypto. This means that I have very little capital left to buy stock for my business. I'm aware of the risks that come with crypto..

Because of that I'm looking to apply for a business loan. The thing I'm afraid of is that the bank will reject it if I tell them that I invested the money in crypto. I don't think banks (here in The Netherlands) are too fond of crypto. Because I assume they will ask me why I transferred all that money to my personal bank account (to then put it into Crypto) when I apply for the loan.

So the loan will be strictly to buy inventory with. Does anyone have an idea to circumvent them from knowing that I invested my own money into crypto? I don't think it's fair that they would reject it because they themselves don't believe in crypto.

Any clever answers you guys can come up with?

I could say I invested in the stock market or gold instead, but wouldn't they ask for proof of that? Or maybe I should say that I'm looking to import a new product and I need extra capital for that. Again, I don't know what they will ask or whether they need proof and such.

Thanks in advance.

Since you’re doing ecommerce, have you explored other funding avenues?

There’s lots of solutions and you don’t have to go with a bank all the time.

 

[LPPC]

Since you’re doing ecommerce, have you explored other funding avenues?

There’s lots of solutions and you don’t have to go with a bank all the time.

Thanks for the reply. Can you point me to finding more info about other funding avenues? Maybe some search keywords?

 

[woken]

Thanks for the reply. Can you point me to finding more info about other funding avenues? Maybe some search keywords?

“ecommerce funding”

Do your own research properly for each.
Most are ready to accept based on revenue.

 

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[LPPC]

“ecommerce funding”

Do your own research properly for each.
Most are ready to accept based on revenue.

Thanks a lot, I found many of them indeed. Seems like it will all be fine.