Small Business Loans With Bad Credit: Some Answers

Mark asks…

with bad credit and no money is it possible to get a small business loan?

i have a great business idea but my credit is bad and very little money,is there any where i can go.

admin answers:

Well…there are some options….first…credit repair, if possible. Then, if you still dont’t get the small business loan, you might as well try to sell your idea, or have it done in partnership, and have the partner take the small business loan. Maybe you want to do this with a member of your family, one which hasn’t got bad credits :) Good luck!

James asks…

EIN number and Personal Credit for Small Business Loan?

I have an EIN number for my business. I want to apply for a small business loan ($5000 or less)… but havent gotten anything in credit with my EIN number and my personal credit is bad- Will I be able to get it with anyone for my business? or will they go on my personal credit score- even though it’s a registered business and i have an EIN?

admin answers:

They’ll consider it a sole-proprietorship (for credit purposes)if no one else is in the articles of incorporation.

Sandra asks…

How can I get a small business loan with bad credit ranking (no debts, just not enough credit history)?

Hi, I was wondering how easy it is to get a small business loan (app. 2000 pound) if you have a bad credit ranking? I haven’t been long enough in the UK to build up a good credit history…I have just recently got a debit card and I do have a credit card with a credit facility of 100 pound, hoping that this will help me to get a better ranking (I always pay the full amount on time). But I moved quite a lot, which doesn’t help…I do have a job but don’t earn as much as I used to 3 month ago…So I’m looking to start my own business…Not sure how I can persuade my bank?

admin answers:

Wow, you really got some rubbish answers there! Seriously though, it is extremely difficult to get money out of banks at the moment. I started my business early last year and haven’t had a penny from them and have had to do it all myself.

The first thing you need is a solid business plan. Try contacting your local business link who will be able to help with this. They will also be able to put you in touch with grant funding organisations who will be able to help but they will also want to see your business plan.

There is a lot of grant funding available for new start ups and I think this will be your best bet. The bank may offer you free banking for 6 months or something like that but I doubt they will lend you anything.

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