Small Business Loans With Bad Credit: Some Answers

Susan asks…

Can someone with bad credit get a business loan. for a small business?

Also Let say i clear my debt up it’s not much of a debt under 10,000 so would that still hinder my chances on getting a business loan even if i had a buisness plan created? With my debt clear… Would i have to have a co-signer? does my co-signer need to have good credit! if so would he have good credit if he has made mortage payments for over 3 years?

admin answers:

I’ve looked into it and you have to have enough assets that you own to equal or add up to more then what you borrow, and the bank your dealing with may look at you like if you can’t keep good credit you maybe a bad risk.

Daniel asks…

Where can I look for funds to start a small business with personal bad credit?

I’m looking for a small loan to start a design / print brokering business but have some negative credit. I’m only looking for $5-15k to be used for promotions. I have been in the printing and graphic design industry since 1997 so I have the experience.

admin answers:

I’d suggest starting the the credit issue — either hire a reputable credit repair service, or get your credit report and start calling every creditor who lists something that you dispute.

Instead of cash, see if you can get your vendors to give you net 30 or 60 day terms on promotional material. You’ve been in the industry for a while and if you have a relationship with them maybe they’ll cut you a break in hopes you’ll bring future business.

Sandy asks…

what small business loans are out there for us with little or bad or unestablished credit?

admin answers:

Get with your local small business association and they can direct you towards these programs

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