7 of 8
Big project, but no operating capital
Big project, but no operating capital
Amir Javed
CEO, Managed Solutions Planning Xperts
Ashburn, Va.
Bought the business: 2006

I own a small technology consulting firm. My business did well until the third quarter of 2008 -- I grew almost 80% from 2007 to 2008, but when the credit crisis struck, I lost sales.

I had looked for months to secure a line of credit when I first opened. I finally got one in May 2008. Unfortunately, by that time, that line was too small for my needs -- I was beyond the startup stage and ready to expand.

Now I'm in a situation where I have to cut costs and lay off employees. I'm down to three, from the 15 I had last August. I moved out of my office space and am now working remotely. Because I've cut so much, I've lost a lot of customers to competitors. I have a big contract lined up for July, but I need money to hold me over until then. But at that point, I'll need to hire five or six employees to do the project, and I won't have money to do that.

I have approached 15 banks at this point, seeking $250,000 to $300,000 to push me through. I know there are so many opportunities for me in the federal arena because I'm a minority-owned business, but getting to that point is a big problem. I see a lot of opportunities that are available thanks to the stimulus, but none seem to help a business like mine.

NEXT: 'A huge disconnect'

Email | Print | Share  |  RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
LAST UPDATE: Jul 27 2009 | 5:25 PM ET
Sponsored by
More Galleries
5 startups that are reimagining the world Bricks that grow from microorganisms, household garbage turned into art, three-wheeled bike-cars -- these startups are redefining urban living. More
Blue collar entrepreneurs These five entrepreneurs took their blue collar experience and used it to launch innovative businesses. More
7 lifehacks to eliminate your holiday hassle Whether curating the perfect gift or finding a pet-sitter, these startups offer time-saving services that might just seem like holiday magic. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.