Loans For Small Businesses With Bad Credit

Donald asks…

want to start a small business, but my credit is crap?

I have what I think is a pretty decent business plan for a cafe, it’s almost ready to be presented, but I don’t have great credit. I’ve fallen on a bit of bad luck recently, I had to drop out of college, got stuck with the bill and was unemployed for a while. I’m working now, but not making enough to cover my minimum payments, which is kind of why I want to start this cafe, pull myself up from my bootstraps and such. My only question is, how am I going to do this with bad credit? My mom has decent credit, but she won’t cosign a loan for me because she already has a bunch of loans out for school. I don’t really know anyone else who can or would be willing to cosign for me. What should I do? I already know about how much it will be and even have an idea of where I want the cafe to be.

admin answers:

You’re going to have to save money and get your credit and finances on track first.
Restaurants have a very high failure rates and no creditor is going to be in the mood to loan your tens of thousands of dollars in your current predicament.
Get a job as a sous chef at a local restaurant and gain valuable insider knowledge…In a few years you can pursue your plan.

Carol asks…

Business line of credit?

My husband and I own and operate a small business with aout 300,000.00 in sales each year. we have grown VERY quickly. We now need a small business line of credit or loan to obtain more equipment.

We applied through bank of america. Our credit scores are not bad. They ranging from 640-715. They denied us for stupid reasons. (not having enough personal credit history…my husband is 30 hes had credit forever!) Now, we are frustrated!

has anyone else had a problem or found a company that is easy to work with good credit?

Its ridiculous that everything in life revolves around a computer generated FICO score.

Any advice?

admin answers:

This is really easy. Go to another bank. If you want you can go to the Small Business Administration.

As long as you show a profit, banks love to give you money.

Another option is to lease the equipment from the vendor without the use of a bank.

Good Lucj

Maria asks…

Has anyone heard of the Loan Site called MACRO LOAN HOUSE?

I am looking for a small business loan for someone with bad credit and one of the people on here sent me a message with the name of MACRO LOAN HOUSE….It is out of Honk Kong….I really don’t need to get scammed so I was wondering if anyone had heard of this site or used it??? Thanks for the help

admin answers:

No lender will talk to you unless you provide them with a valid business plan. Go to , or for sample business plans and instructions on how to write a business plan.

Then, go to and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you.

SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).

SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.

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