How can I get a small business loan with horrible credit?
I already have the license and have been working, but need some extra money for more equipment so i can make more money. It is a doggie daycare and grooming salon. Thing is my credit is horrible, my partner will let me use his info but his is only a little higher than mine. (540 and 560) So if anyone knows of a good loan place that helps with bad credit, let me know. I also have a co singer.
Can you get a small business loan with bad personal credit, and without a merchant account? If so how?
I have a small cleaning co: I’m totally leagal but have no money to get a basic start. supplies, Insurance. ect…
Get a Govt SBA loan:
The SBA has various types of small business loans. The Basic Loan Guaranty program is designed for those small businesses who will not get the loans from the lenders. These loans are disbursed by the commercial lenders with SBA acting as a guarantor. The Certified Development Company (CDC) Loan Program is ideal if you want to buy a property or machinery to expand or modernize your existing operations. This is a long-term loan with a fixed-rate of interest. You need to contribute 10% of the amount as equity. The micro loan program is a short-term loan with limit not more than $35,000. You can use it as a source of funding for working capital and inventory or non-profit childcare centers. However, you cannot use it to clear your existing dues. The loan prequalification program allows you to get your application reviewed and approved by the SBA before going to lenders. The limit for this program is $250,000.
is it possible to get a small business loan with bad credit? i want to start a home based business.?
Your chances are extremely slim because of two factors:
1 – Poor credit. They won’t even read your business plan if they see that you have poor credit. How can they be guaranteed that you can repay them if you have proven in the past that you have been unable or late in honoring your payments?
2 – Home business. Unfortunately, many banks do not give loans for home-based businesses. Even if you have great credit, or a good business plan, if they see you are planning a home-based business, they won’t give you a loan. They just feel home businesses are too small-time and too-high risk.
You may want to try first your own bank where you have history, or try the smaller banks
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