If I have a good idea, but bad credit, how hard would it be to obtain startup funding for new business?
I have a good idea for a web site/mobile app, but without a team of programmers and funding it would probably take me over a year to complete it on my own. I don’t have very good credit and don’t want someone else to beat me to the punch on this, so what are my options?
Any reputable lender will require a business plan that shows that you can pay the loan back. Go to http://sba.gov/smallbusinessplanner/plan/writeabusinessplan/index.html, http://www.score.org/template_gallery.html or http://articles.bplans.com/writing-a-business-plan for instructions on how to write a business plan and sample business plans.
How can I get either Seed Capitol, or a Seed Sapitol Invester for my business, when I have Extreamly bad Credi
Looking for funding options for a start up business, where myself and my associetes cannot produce or Generate the required 30 % start up capitol to facilitate and secure an SBA , or other financial Institution Loan.
If you cannot keep your personal finances in good standing what makes you think I (Or any other Investor) is going to give you money to start a business?
That would be like giving a child on adoption to a registered sex offender.
I strongly suggest you to increase your credit score until you are ABOVE AVERAGE and save half of your income until you can apply for a credit card (DO NOT USE IT)
Keep sending applications for more Credit Cards until you have a credit line for the 30% of the money you need.
With that money secure a loan at SBA and pay back all your credit card debts.
If you don’t get the loan. Pay back all the money before the grace period ends or you will be in trouble, again.
to raise additional funding for business? –debt or equity?
In raising this funding, I’ll have to choose between using debt (in the form of a loan) or equity (in the form of common shares). What might be the merits and pitfalls of both options including the ramification on our company’s shareholder value?
My suggestion is trying to obsord as much information as you can before making up your mind,here http://www.DebtFreetips.info/debt-free.htm is a good one.
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