I have a small business that needs capital to continue to grow. I have visited multiple banks all of which say my business is currently too young (about 9 months) and/or revenue too low (average 4K/ month). I am now considering a private loan from an investor, I found a loan shark that may offer a loan at a crazy high 33% interest rate and no equity. I am very confident I can make this work as taking the loan will at least triple my revenue and double my profits. My strategy is take the loan to grow my business without affecting my credit, next year same time return to the bank and apply for a larger loan with more revenue, and profit. I could then pay off the shark loan and once again give my business a growth boost.
Does this sound like a viable strategy? Should I just wait the additional half year? or are there other resources I should consider?