Small Business Loans With Bad Credit: Some Answers

Ruth asks…

how can i get a small business loan with bad credit?

I want to start my own business, but unfortunately i lost my job earlier this year (but i now have a new job). Because I lost my job i did not pay for a lot of my bills because id rather pay for my rent and car payments and because i made that decision i now have a very very low credit score. I am currently talking to my credit card companies to see if they can work with me in paying my debt back. And just an FYI, before i lost my job and i had good credit i did go to some banks (including credit unions) to get a small business loan but i was turned down because their loans were only for established business or if wanted to take over a business.

admin answers:

Any reputable lender will require a business plan that shows that you can pay the loan back. Go to or for instructions on how to write a business plan and sample business plans. You will personally have to put up 30% of the funds. No bank is going to assume all of the risk.

Nancy asks…

Has anyone got a small business loan or a personal loan for a business on BAD CREDIT?

Has anyone got a small business loan or a personal loan for a business on BAD CREDIT?
I am opening a business and I really need some extra cash for product and design. If anyone could please be of help to where I can get a small business loan or a personal loan with bad credit. I may even be able to get a co-signer, but please use that as a last resort. I honestly need about 5k. My identity was stolen a few years back, what am mess! My credit is not good due to that and I currently have no monthly bills, not even a cell phone! Please HELP!!!!

admin answers:

Bad credit is not a problem for a business loan, if you can demonstrate expert knowlege and experience in that business, and past success. Without that, a ‘business’ loan, is just a personal loan and your past personal record of bad credit will be a deal killer.

Mary asks…

Is there a way to get a small business loan with very bad credit?

admin answers:

Why should they loan you money when you have a proven track record of not paying your bills.

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