Loans For Small Businesses With Bad Credit: Some Answers

Richard asks…

I have a great buisness how do i get loans or grants with bad credit?

I have a great business idea have researched and found wholesale suppliers for great quality and extremely cheap price.
I have started selling what few Items i can afford on ebay but problem is with out the inventory to keep people coming back it will not take off and alow me to expand to a website and ideally a local supply store. I am looking for help finding a small business loan or grant, I have extreamly poor credit so not sure about how to about this.

admin answers:

There are no grants for a for profit business unless you are opening a daycare. If you need money, you will need to apply for a loan. No lender will talk to you unless you provide them with a valid business plan. Go to , or for sample business plans and instructions on how to write a business plan.

Joseph asks…

What is the best bank to get a small loan from for someone with bad credit?

I have bad credit and am looking for a bank that can offer a loan. The loan amount is for about $15,000. I am looking to invest in jointly buying an established business. I live in the east bay area.

admin answers:

15k is NOT a small loan. LOL

There are no legitimate lenders who are going to take on someone with bad credit. Period.
You will get spammed here though with lots of offers that seem too good to be true. That is because they are and will somehow find a way to get money out of you instead of lending you money.

Do you have a business plan written up to show a bank? Maybe try to find a private investor if this business is that iron clad.

Donald asks…

Is there any way I can start a small business (frozen yogurt) even if I have bad credit and little money?

I’ve been wanting to have a small business for a very long time now. Unfortunately, during these past couple years we incurred a lot of debt and have not been able to pay some creditors. It was mostly due to my husbands bad financial decisions. He pursued building a home for us and did not prepare for the financial obligation that came with it. Can we still apply for a loan and get approved despite our situation?

admin answers:

Without being able to put up your own money, no lender will take the total liability if the business goes under. Since it is a new business, a lender would want you to put up around 30% of the money.

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