How can i get a business loans with bad credit?
I have bad credit and i’m starting a web business not a big business so only need a small loan?
You may find a tough time getting a loan from financial institutions with poor credit, even from SBA. SBA requires a number of factors to avail of their loans, and one of them is good credit history (see SBA Basic requirements http://www.sba.gov/financing/preparation… )
If you cannot get loans, try to get a loan from your parents, family and friends. If they cannot give you any, use your credit card. Credit card requires no collaterals but are an expensive source of funds.
Otherwise, either downscale your plans and amount of capital needed; or wait until your financial situation improves. From the article “How to Start a Business with Little Cash” http://www.powerhomebiz.com/vol30/nocash.htm here are some tips on how you can start a business and earn more money even if you are short of cash today:
1. Find a business that you can start for little money (e.g. Instead of a website that requires extensive programming, start slow such as starting a blog site using free software such as Blogger.com)
2. Consider your time and effort – if you have little cash, you may have to work harder for the money because you will have no resource to outsource or employ others to do certain tasks for you; or you have no money to buy equipment so you can only do certain things the long way
3. Get your creative juices flowing. With no money, the only thing you have is your imagination. Be creative and find ways to get things done
4. Be prepared to do all the work yourself – from doing your business plan, finding financing, writing emails, shipping and handling, marketing or whatever processes your business requires.
5. Be prepared to invite investors – you may need financing help from someone down the road so be prepared to share some of the pie.
For information on where you can possibly get financing, here are some recommended books:
- Financing Your Small Business
- Small Business Financing: How and Where To Get It
- Financing the Small Business: A Complete Guide to Obtaining Bank Loans and All Other Types of Financing
- The SBA Loan Book
- Angel Capital : How to Raise Early-Stage Private Equity Financing
Financing Your Small Business (Barron’s Business Library Series)
how can i get a small business loan with bad credit and no bank account,i already have a business plantogether?
i have the web site already up and running i could do so much more with a loan of 10,000 to 25,000 dollars.a short term loan like 90 to 180 days
SBA or any bank will not lend without at least a decent credit and a 100% collateral.
Also, a good place to check is…
Best of luck to you.
How can I get funding for a small start up business with bad credit?
I would like to start a small tenant locating business but I need funding for Start-up expences, basic software and office equipment. Will I be able to get a small loan with bad credit due to student loans? about $5000
2 good sites for you : www.prosper.com and http://index-go.com/government-grants-income-finance.asp
good luck !
Powered by Yahoo! Answers