Small business loan with no credit, no income to speak of?
Here’s my dilemma. I’ve been recording my band and other bands around the area for 7 years now and I’d like to start a recording studio. I just graduated college and have no job at the moment. (Summer job lined up, but not much money)
I checked with my bank about a small loan and was told that I need at least 30% of that money to apply. I also have no credit at all, (no debt either) and no collateral to speak of.
My plan at this point is to work and save up what I need to start. But – I thought even though it sounds ridiculous, maybe there’s some other way to get the money? I’ve also been turned down by every credit card I’ve applied for, so that’s also out. Any ideas?
Word of advice..
1. Don’t listen to these people telling you to go to these websites. They are either spammers or work for the company.
2. Try to save up money, Its going to be very difficult and I also recommend applying for a capitol One credit, They offer a credit card for people who dont have credit..Although its going to be a high interest rate around 21%. Just don’t use it for stupid things, use it for buying gas then pay most of what you spent off every month off. Keep paying on time and you will soon build a credit score. Do not forget about paying every month because it will effect your score for years.
Small Business Loan Advice Needed-Bank or Credit Union?
I am looking into applying for a small business loan within the next year. I have my business plan & cash flow projections together and even a retail space I want to look into leasing (Gift & Decor store). Anyone out there who works for or has been in this situation that could offer advice? I don’t have bad credit, but not over 700 (which I hear if it is less than 700 it is difficult to get a loan from a bank) and my husband and I have bought a house in the last year but not enough equity to try to go that route.
My question is….without perfect credit but w/ a great business plan and no negative inquiries on my credit, would going to a Credit Union be a better plan than applying with a national bank chain?
New to this and trying to do as much research as possible before applying for anything. Looking for a $10,000 start up loan. Any help is appreciated. Thanks!
You would likely be better off going to a bank and try to get an SBA loan. There are strict requirements for it but you can talk with a lender who can walk you through it. Also check in your area for a chapter of SCORE. They have free assistance for starting small businesses and often can help you qualify for a loan if your business plan is sound. Good luck!
Start up Loan for new Incorporated Small Business? Poor personal Credit.?
I’m planning out a new business that will be Incorporated in the State of California. I was wondering if anybody has a few good leads to a loan for a new startup Incorporated Business with no credit history, where the only person behind the corporation has poor personal credit.
Thank you for your help in advance!
You’ll need a well documented business plan and I would talk to a business counselor before you do anything especially spend money. You have to determine whether you’ll start a web based business or one with a store front. I’d call the local office of SCORE (go to http://www.score.org and input your zip code to find the chapter nearest you), the advice is FREE.
The counselor at SCORE will help you write the business plan because it will force you to dig out all of the start up details and the costs of starting your small business and force you to also understand all of the aspects of this business including the customers you’ll concentrate on (your market ) and how you’ll go after them.
You’ll need to register the business with your state controller’s office and make sure that you have any city and county licenses if any are needed where you live. Your counselor can help you get in front of and prepare a proposal for the SBA to guarantee a loan for you. You can also try http://www.prosper.com the people-to-people lending place. All of this will come out in a business plan.
Try this link :
http://www.ychange.com/small-business-consulting-articles.html and read some of the articles especially the ones about a business plan and starting a business.
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