Loans For Small Business With No Credit

Lisa asks…

can you find grants or loans for starting a small business?

I am a student with poor credit trying to start a trucking business. I am unemployed and don’t see anywhy of altering my credit score so how can i find and qwalify for a grant or loan? a friend who started his own business said ther out ther but i cant find anything that directly applies to me. plus standerd loans wont work becouse the banks want co-singers but my partner and the only person willing also has a bad credit history so the bank keep saying no. If anyone knows anything please!
I would try getting a credit card or somthing to improve my score but i have the same problem ther with co-singers and also bing unemployed.
the last company i talked to wanted my ot be 25 but im 21.

admin answers:

See if you can be an owner operator for one of the trucking lines to get started. To get your credit card try for a securied card.

Robert asks…

question about how first time small business loans work?

I am interested in starting a small business. I am in my mid-twenties and I have very good credit. I also have a steady job that I would intend to keep while running my business at the same time. I am looking for a small business loan of roughly $100,000. I have no major debt at all other than a car payment.

With the economy so bad, what are the chances of a bank giving me a loan of $100k? Since I am young, will I more than likely need a co-signer? any info is appreciated. I am just curious as to how this process works. thanks

admin answers:

Go to and to and read. You first need to write a business plan before you do anything. It will be required to get a loan. This is a horrible time to start a small business, so it will be harder than ever before. SCORE offers free business counselors (retired business people). They are local. SBA offers loans also. (retired IBM exec mgr/ former US FED/SBA; college professor)

George asks…

Is a foreign loan OK for starting a small business?

My husband and I are trying to get a small business loan for either a LLC or INC. we want to start up. We have received an offer from Menkel Financial Group for the amount of 20,000. The problem with this is that the group is out of Jamaica (UK) which makes me a bit uneasy. I’ve tried to run it through the Greater Better Business Bureau (Menkel Financial Group 89 King St. West Jamaica WI 877-292-3584) but they only deal with the United States. They also want a 1500.00 disability insurance payment before the 20,000 is deposited which sounds funky to me as well. I guess what I want to know is if it is a regular practice these days to get a loan over sea’s perhaps because of today’s rates? Is an insurance policy such as this one a regular practice with lenders. Is there some other way I can look this company up that I haven’t tried yet? I have a low credit score and no collateral but I do not want to make a choice just because my choices are limited.
Thank you all for your answers. I will follow all the great advise given. I have since sent the following email :
ATT: Menkel Financial Group:
Ms. Menkel,

Thank you so much for your Business Loan Proposal . Unfortunately at this time we will have to decline because the qualifications for the 20,000 loan are too risky for new business owners like ourselves. Please do not contact me by phone ,mail or email anymore. We appreciate your time.

admin answers:

Don’t send them any money.

Tell them to deduct it from the $20K they are willing to lend you.

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