where can I find a small business start up loan if I have bad credit?

Question

I have the idea, the graphic artist, the distribution, but I need to defray the cost of the advertising.

Answer 1

With bad credit, unfortunately, you will have a hard time applying for loans -- even with the SBA. SBA courses their funds through financial institutions such as banks, and quality of credit is always an important factor they look for.

If you are thinking of a loan for advertising, then you can either find alternative sources of financing or seek low-cost ways to promote the business. Either way, you may have to downscale your plans without resources.

One option would be to finance the advertising with your credit card, if you have any. Many entrepreneurs started their businesses by maxing out their credit cards. Just consider that credit cards are an easy and accessible source of funds -- but they can be expensive.

Here are some ways you can get capital for your business:

Where Credit is Due: Don't Leave Your Home Business Without It http://www.powerhomebiz.com/vol9/credit.htm
When Not to Seek Loan Financing for Your Business http://www.powerhomebiz.com/vol143/loan.htm
Financing Basics http://www.entrepreneur.com/Your_Business/YB_Node/0,4507,373,00.html

You may want to check out the following books:

Financing Your Small Business
Small Business Financing: How and Where To Get It
Financing the Small Business: A Complete Guide to Obtaining Bank Loans and All Other Types of Financing
The SBA Loan Book
Angel Capital : How to Raise Early-Stage Private Equity Financing
Financing Your Small Business (Barron's Business Library Series)

Answer 2

Even with good credit lending institutions will generally not give out a dime without serious collateral or matching funds on your behalf. You must show 3+ years in business to get most loans. These are your best options:
1. apply for as many grants as possible. If you are a minority and/or are starting your business in certain "development" areas you may qualify. There are also private grants available (harder to find and usually very specific)
2. Put together a completee package of what you intend on doing. write a complet and thorough business plan. get some good confidentiality agreements and present it to investors. you must be able to show a solid ability for profit or you won't even get in the door.
3. if you are solid on your plan, you could apply for a high interest rate credit card. Unfortunately this may be your only option but it is the most risky. If the advertisement takes a while to generate business you may be under before you start.
Unfortunately having great ideas are not enough in the business world.
Good luck.

Answer 3

The business of lending is a dense one and should be researched properly.

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:

* 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 4

Compared to offline businesses, the investment required to start an online business is minimal. A popular way of earning money on the internet is by providing information and services. This can be monetised by advertising or charging a subscription. You can also make money online by selling products on auction websites like eBay or through your own website. More information available at http://tinyurl.com/syw6m

Answer 5

purely loan sharks may assist you, prices of pastime are triple the norm, and under no circumstances very versatile. i ought to search for suggestion from with an accountant first beforehand you're making any better progression

Answer 6

they will only give small business loans to those that don't need them

Answer 7

I founded a good one here ............