Small Business Loans With Bad Credit

David asks…

Robert Reich: “The truth about Jobs that no one wants to tell you” Do you agree with Reich?


BITS AND PIECES (Read, its shorter than it looks):

In other words, ten percent unemployment really means twenty percent underemployment or anxious employment. All of which translates directly into late payments on mortgages, credit cards, auto and student loans, and loss of health insurance. It also means sleeplessness for tens of millions of Americans. And, of course, fewer purchases (more on this in a moment).

Unemployment of this magnitude and duration also translates into ugly politics, because fear and anxiety are fertile grounds for demagogues weilding the politics of resentment against immigrants, blacks, the poor, government leaders, business leaders, Jews, and other easy targets. It’s already started. Next year is a mid-term election. Be prepared for worse.

Let me say this as clearly and forcefully as I can: The federal government should be spending even more than it already is on roads and bridges and schools and parks and everything else we need. It should make up for cutbacks at the state level, and then some. This is the only way to put Americans back to work. We did it during the Depression. It was called the WPA.

Yes, I know. Our government is already deep in debt. But let me tell you something: When one out of six Americans is unemployed or underemployed, this is no time to worry about the debt.

When I was a small boy my father told me that I and my kids and my grand-kids would be paying down the debt created by Franklin D. Roosevelt during the Depression and World War II. I didn’t even know what a debt was, but it kept me up at night.

My father was right about a lot of things, but he was wrong about this. America paid down FDR’s debt in the 1950s, when Americans went back to work, when the economy was growing again, and when our incomes grew, too. We paid taxes, and in a few years that FDR debt had shrunk to almost nothing.

You see? The most important thing right now is getting the jobs back, and getting the economy growing again.


admin answers:

Under the Keynesian polices of FDR, unemployment never went under 14% until 1943. 0bama, an ignorant racist ex-crackhead Marxist, is following the same path because he’s an idiot, just like FDR, one of his idols.

Richard asks…

can i get $$$ to start a business if i filed Chapter 13 bankruptcy?

if anyone knows, can you give me info on where and how to get a business loan or grant to start a small entertainment business? i have no assets, no money in the bank, my credit history is shot and i just filed Chapter 13 bankruptcy.

i know all of that sounds bad but i still have ambition and i still want to try to do SOMETHING with myself. i tried to go into business for myself with my savings but struck out the first 2 times. its a good business venture but i need the capital to keep at it and i dont have it.

can someone give me some advice or info please? thanx in advance

admin answers:

There is an old saying that, “it takes capital to raise capital”. It generally hols true. What I suggest is something that first pushed me into that “millionaire in net worth” catagory after college. I was much like you; great idea – no money! I gathered 15 of my friends. Now these were peoplle that I knew, trusted, and had a few bucks to invest, $10k – $15k. I prepared a presentation (the best one I’d ever done up to that point in my life (Graphs, charts, forecasts, etc, etc.)

My first task was NOT to walk in and say, “My I need some money”!
I Sold the idea, until they were emotionally invested. Following that emotional investment, the cash began to come in. Then I made use of the local Business Press. They are always looking for interesting “startups” to write about. Goal: Begin to sell Company Image. In the early stages it is important to demonstrate community involvement, so I became “involved” & found myself networking with the city’s big hitters in the business and industrial complex. That produced, very valuable group of advisors, and new stock holders.

The idea is to take the time to take the baby steps! You’re not Mike Dell, or Steve Jobs, don’t try to act it. Start small & reinvest! Let your early (key) stock holders how long it will be until their investment begins to pay divedends (just a phrase, not suggesting Corp necessarily)

Having had a Chapter 13 is not a “Scarlet Letter” as it once was. The “Scarlet Letter” is now reserved for those who fell & stayed down!
I’ve been Bankruptcy 3 times. Donald Trump has been there, many, many names you’d know have been there. Learn from it!.. The biggest thing you must learn is WHY! Don’t make the same mistakes twice. If you came to me with a sound idea, a business plan, strategic and tactical goals. Your Chapter 13 doesn’t mean much!

What you’ve already done is a no-no! You are down on yourself, viewing BK as PERSONAL failures. Your confidence a tadd (or more) erroded. Fear of failure is creaping in.

Knock that trash outta there. There is no room or time for anything resembling a “Pity Party” You’ve got things to do, and you know straight-out, in you heart-of-hearts, that you can do this!

Look around, the world is full of Net Millionaires, grab the train Buddy!

Ask yourself: Give me one reason, just one, why it can’t – shouldn’t be – you. A famous man once told me that “quitting sucks”, he was Gov. Of CA at the time, later Mr. President!

Ken asks…

Help with next step of how to obtain refund from Option One Mortgage Corporation.?

In 2008 I sold my condo, at that time Option One Mortgage was servicing my mortgages. Originally when purchasing I did an 80/20 loan which is really 2 loans, but it eliminated the need for a down payment to buy my home. Over the course of 3 years of ownership I had paid extra money toward the principal of the loans, so I had acquired some equity and I did sell my home for a SMALL profit.

Now that I have established a bit of background information, I will try to explain the scenario and then ask my questions.
I remember it being very close to the last day of the month when I closed on the loans and the title company sent the checks to pay off both loans. She (title rep) had sent them Overnight. Option One confirmed it was on time (both loans). However, a month or two later, I Was supposed to receive 350- 400$ in over-payment back. I did not. I then called Option One and was transferred overseas. The rep said he was in another country and that he spoke very little English. I explained to him that #1 I had just pulled my Tri- Merge Credit Report (the big 3) and that they were reporting me late on one mortgage and not late on the other!!!!! He would not believe me. I had NEVER been late on those mortgages, and a 30 day late was only going to help kill my credit score, especially on a mortgage. He said that I would have to fax MY credit report to this other country for ME TO PROVE that they reported me late. My title company and I were baffled! He also said I should receive my refund check within a “month or two”.

I never received it. And then I had some VERY BAD things happen immediately afterward (got very ill, house broken into,I was attacked, lost life savings, lost job,etc). Honestly, just now in 2011, I am finally recovering enough and capable enough to try clear up these type issues!….. Please does anyone have any suggestions? Obviously Option One is out of business. So I can not contact them.. I KNOW that now I have Bad credit but, I can prove I was never late on one of those mortgages. It is important, because if I can clear the mortgage late up, and needed to rent a house I can prove a clean mortgage and rental history and in this market if you don’t have great credit, then a good housing payment history came make a huge difference

I know I am asking this question a little late in the game. But honestly, I had fallen so hard physically, mentally, emotionally, and financially, that it has take much time to gain the courage begin to find the proper course of action for this situation.
If you are a child or teenager and think it is funny to send me a sarcastic or mean spirited answer, please don’t.
I sincerely thank everyone in advance for any information that will be helpful with answering the following questions.
How do I: 1) receive my refund due to me? 2) clear up the erroneous late payment reported for one of those mortgages? Thank You.

admin answers:

Unfortunately with Option One out of business & your loan paid in full you have no one to request the refund from. Legally they had only 30 days to refund you. As for the late payment, dispute it with the credit bureaus. All 3 of them. It will come off since Option One won’t respond. Good luck!

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