how can i get a small loan for the company i started?

Question

i get turned down , don't know where to get a loan, i have bad credit score, and on parole

Answer 1

Bad news about getting turned down. The problem you face is that you are on parole and have a bad credit score. If you cannot get any money from family or friends, then you will continue to struggle to find investors.

The SBA does not guarantee loans for businesses (or their owners) that have bad credit.

Banks generally follow the same rule, but banks are primarily collateral lenders, so if you have an asset that has an equal "salvage value" as the loan amount that you wish to recieve then you might be able to bypass their other concerns.

Friends and family need convincing, just like any other investor, that your business will be successful and that they will receive their investment back.

Besides that, you might try to find someone else that is an entrepreneur (and is not competing directly with you) to help you out by mentoring you and giving you a small loan to get you started. Another possibility, although slim, is finding an "Angel" investor who will give you the money in exchange for part ownership of your business.

One last thing you might consider is a partnership with someone who has the money, but not the time. This can be attractive to people who are working full time and feel that an investment in you and your business will have a greater return than a 5-year CD or the interest they receive from their savings account.

I hope that helps and good luck with your business! America is built on the backs of entrepreneurs.

Answer 2

The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money & finance – see below for both.

Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant:

* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 3

It will be very hard for you to find any loans with reasonable interest rates. Maybe you should consider the possibility of equity investors. They would invest money and then have an interest in the business. If the business tanks they lose their investment and you don't owe them anything. Conversely, if the business sky rockets they will have a right to some of those profits. The amount of profits they get depends on what kind of investment they made and what percentage of control you gave them in return. You just have to be careful not to give them too much control because they will then control the business. Depending on your business plan, the risk involved, and the amount of the investment, you may have difficulty attracting investors.

Answer 4

a real organisation mastercard is a line of credit it particularly is taken interior the call of the organisation, decrease than the organisation' credit. interest, whether good or undesirable, is meditated on your organisation' credit checklist by D&B and different economic institutions, and the criminal accountability for any expenses incurred and expenses owed is with the organisation.even although, some businesses available furnish "organisation" credit enjoying cards which they require someone assure for. those institutions will many times ask for a private assure, and could usually ask for a social secure practices variety from the guy using for the cardboard. if that's the case, the mastercard isn't a organisation mastercard, yet is basically a private mastercard that's used for the organisation. The organisation isn't answerable for expenses and expenses - you're.while using for a mastercard to your organisation, beware for components soliciting to your SSN (and not your TaxID or EIN) and be careful of any mastercard that asks for a private assure. by to be certain that your mastercard is interior the call of your organisation, you could help to construct your organisation' credit, on an identical time as warding off starting to be issues at the same time with your very own. Many businesses furnish a itemizing of credit enjoying cards that are issued decrease than the organisation call purely. those lists many times run $3 hundred-$900, counting on the common of the recommendation inquiring. i might propose commencing your seek on line by ability of google or yahoo. seek for "good organisation credit" (basically like that throughout costs) to discover centers that sell the recommendation. good success, Ilya Bodner Small organisation proprietor preliminary Underwriting team

Answer 5

you would have to go through a hard money lender they deal with bad credit and unsecured loans for business or personal

Answer 6

Not going to happen. If you have bad credit and no liquid assets no lender is going to even give you the time of day.

Answer 7

maybe the Small Business Administration.....but you didn't list the people who turned you down, so i hope this helps....