I want to start a %26quot;mom-n-pop%26quot; video game store with a pc and video game arcade and manga library inside. My dilemma is the fact that banks won't offer me any more than 10 grand and I need about... oh, ten time that much at least...
Business loans all want a personal guarantee, but I don't have any property or anything of value that I can offer for that other than the business itself.
I've looked into getting a 501(c)3 but... video games? Honestly, I hardly feel that that's a world-changing cause and think they'd probably laugh me out if I asked for a 501(c)3 in order to open a game store. I was thinking of maybe implementing some kind of video game arcade, maybe that would make it less laughable?
Would it be legal for me to ask for donations to help get funds to start the business? Of course, I'd offer stuff in return such as credit for the game store, free arcade games, special perks, etc.
Is it illegal to ask for donations to start a business?
As long as they know that they're donating to start your business and they get special things for it, it sounds honest and probably legal. But it'd be best to check with your city's laws instead of this site, because some cities may allow it, some may not.
