Small Business Financing Bad Credit: Some Answers

Lizzie asks…

How do I finance my small business with bad credit?

Looking to start up my own business, however I am going to need $1500 up front and have terrible credit. Any suggestions on grants or loans that are available to me? The loan would be payed back in 6 months. Thanks for your help!

admin answers:

A combination of bad credit and low loan amount makes you tough to finance by traditional methods. Your best bets are family and friends who are willing to invest in you and/or getting a part time job that you can make the money you need over 1-2 months. Retail is hiring with the holiday season upon us. Good luck

Sharon asks…

the impact of credit unions on the financing of small business?

how the credit unions comes to play or sets in to finance small business when the commercial banks are not abel to finance them due to lack of collaterals, bad accounting systems, lack of business plans and so on. its a long eassy or a project work

admin answers:

A lot of credit unions I’ve talked to won’t do business financing at all. The ones that do likely will have the same qualifying rules as the banks. Are you trying to buy/setup a business or business property? Or both? Have you looked into an SBA (small business admin.) loan? They are very friendly to women and minorities. Otherwise your options are hard money or private lenders. Email me if you would like some names.

John asks…

Where can I find credit applications for starting a small business w/o using my personal info as credit is bad

looking to start my own business. I’ve heard that I should not use my personal info for credit and financing, but rather get business credit. Any suggestions for websites?
Also, I remember seeing a spot on TV about a website where people looking to invest or loan $ to entrepreneurs could bid on your business…kind of like eBay for loans,grants, investments. Know what it is?

admin answers:

Check out It may be what you are looking for. You post your request and then lenders place bids. If you don’t get fully funded you don’t get the loan, but they give you guidelines on how to post to make your chances greater, and you can always try again(and you are encouraged to do so if that happens, with modifications) You can also look at the other posts and see what seems to work…Good Luck!

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