Small Business Loans With Bad Credit

Mary asks…

i want to open a small business…what do i need to do?

I have bad/terrible credit history, but will like to open a business…does anybody know any bank that loans money with people who has bad credit?

Does anybody know what I must do first to open a small business in San Diego California.
( i want to sell/rent party rental supplies)

admin answers:

Ered b ^^ above is a loan scammer!!

>Beware of Advance fee Loan scams.
LOAN SCAM – Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan. If you do you will learn a hard lesson & never see any Loan money.
>Tips on starting, expanding, and financing your business from the U.S. Government.

George asks…

Expanding my business, bad credit….. mission impossible?

I currently own an auto body repair facility. The current location is fairly small, with one bay, spray booth, and can only fit up to five cars inside at a time. Our parking is also limited, yet since I’ve turned the place around have been able to push a lot of quality work in high volumes through that one bay. Our customer base has increased immensely in the five year period since I took over the location. We owe most of, if not all our success to word of mouth, since traffic is very low, being we are on a side street. The opportunity has risen that a facility is up for sale for the whole property, with a showroom, two bays, and the capacity to fit 40+ cars, and is located on the Broadway of the city. We have capital to put down, the only issue is, my credit score is low, very low. The property is selling for 800k, of which I can put down 10% easily. My main question is how hard is it to actually get a loan that large. I’m in the works of writing a business plan, I possibly have a co-signer, but what should be my main focus to attempt to seal a deal to obtain this location?

admin answers:

Your main focus should be to show the profitability of the existing business. Make sure you’ve got solid financial statements of your past performance.

Then get the help of an accountant to prepare realistic financial forecasts should you acquite that new facility. Prepare a Profit and Loss for the business for at least a year after getting the loan. It needs to show the expected income for the year, expected expenses including the loan interest and the resulting net profit for the year.

You also need to prepare cash projection statements – this can help the bank see that you will have the funds to repay the loan.

Your poor credit score can be a point against you. But you’ve got a co-signer and have the experience needed to successfully run the business. Hopefully your financials are strong enough to convince the bank to grant you the loan

Mark asks…

can a person with bad credit no credit really get a bank?

loan to open a small business and having really nothing of value no house, new car nothing..thx2all

admin answers:

There are plenty of places that offer loans for people with bad credit with no-hassle applications and easy requirements.

Some of these lenders even offer 1 minute approvals, and have both secured and unsecured loans, depending on your need and situation. Check the page listed below, it has information and bad credit lenders listed off and on.


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