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Need Some Advice
We are a year and a half old company - we incorporated in August of 2020 as a S-Corp.
We work in the corporate aviation sector with an average invoice price of around $750 prior to our incorporation business started with a pop we did about $20k in revenue in our first 6 months and then things went flat until January of 2021 when we signed a few large project's totaling about $15k in revenue.
Realizing that we were spending more than we were earning I knew a change had to be made - I took a stance of aggressive expansion and began pushing the business as hard as I could in late May 2021 we signed our first of two major contracts the second being in August 2021 with well known corporate carriers going into Q3 and Q4 of 2021 we serviced over 60 aircraft and did $68k in revenue, about $42k in profit (personal debt aside) and were cash flow positive with almost 80% of the cash flow going back into the business.
In early 2022 we were awarded a bid for a three year contract totaling $450k in additional revenue over the next three years - we are going to front load the contact so we will do about $175k in additional revenue in the first year.
I have leveraged most of my personal assets, and tanked my credit supporting the business and have about $40k in credit card debt in the last year supporting the business. Us being awarded this new contact we are needing a $10/$15k bridge loan while we work through the red tape that is the SBA. The issue we have with our current bank is they won't touch us for a business loan due to us having less than two years of history with them and I can't get a personal loan due to my credit card debt.
So I'm at a loss as to what to do - I can take on an investor who's interested in 20% which at this point having all the faith in the world that I can grow this business into a half a million or more in revenue in the next year and a half (taking on a partner isn't something I want to do if I can avoid it) or I can continue to do what we've been doing and that's stretching and clawing to stay ahead with no help.
So we need advice where do we go to get funding any suggestions or resources would be greatly appreciated.
Thanks
W
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