How do you get money for a business loan, if you don't have money and your credit is just ok?

Answer 1

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
* Free Money for Small Businesses and Entrepreneurs by Laurie Blum
* Finding Money: The Small Business Guide to Financing (Small Business Series) by Kate Lister, Tom Harnish
* Financing Your Business Dreams With Other People's Money: How and Where to Find Money for Start-Up and Growing Businesses by Harold R. Lacy
* No Cash No Fear: Entrepreneurial Secrets to Starting Any Business with No Money by Terry Allen
* Starting on a Shoestring: Building a Business Without a Bankroll by Arnold S. Goldstein

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 2

Go to the Small Business Administration as they have many programs for entrepreneurs. Their requirements are less strigant than banks. Family & friends don't run credit checks, neither do venture capitalists, you just need to have a very good business plan and be prepared that they may want something in return or as a return on their investment. Banks will loan you money after you have an established track record and your business has made a profit.

Answer 3

Draw a business plan and take it to the banks for a loan. By the way don't give up when you're refused by the first few companies. Just keep reviewing the plan and add what they think is missing that is what would get you the money.

Answer 4

Go to the bank and ask them for it. people with money don't take out loans, and banks will give anyone money so long as thier credit is TERRIBLE. But the worse your credit, the more your interest rate will be.

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Answer 5

Put up some of your assests. so the bank can take if you default on the loan.

Answer 6

Get your phone book out and look up your local "SCORE" office. They are retired business pros that can really help you.

Answer 7

why dont try gambling.hehehe
just make sure no one knows..