2006-08-30 13:39:44 · 7 answers · asked by Robert C 1 in Business & Finance ➔ Credit
Why should they loan you money when you have a proven track record of not paying your bills.
2006-08-30 14:07:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, there isn't a way. Even if you incorporate, unless the business has a solid track record, they WILL look at your credit rating, as well as anyone else with a controlling interest.
Depending on the type of business, you might be able to find grant money. If you're a woman or minority that might be possible. Also you may be able to convert to a non-profit (again, depends on the business), still pay yourself a fat salary, and have the business itself be not for profit. Then you can get sponsors and grants as well. Talk to your local SBA office and see what information they can offer. Also some cities have small business support organizations that can offer mentoring and advice.
Good luck.
2006-08-30 20:49:53 · answer #2 · answered by Lori A 6 · 0⤊ 0⤋
No problem if...
You have a business plan specifically showing your personal and professional assets and liabilities. You need to specify the amount needed and your intentions for the money.
Your past "very bad credit" is past and you are current on all your bills and able to repay the loan easily from your personal accounts or with collateral (home, car, computer, etc).
You have a business license and Tax ID ready to show with your business plan and hopefully with some sales history or a resume showing your qualifications.
You may be better off finding family or friends with the resources that can help you with your start up and then after repayment be able to bring that history to a bank for a legitimate business loan in your business name.
2006-08-30 21:01:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you have a very good business idea most banks woul be willing to listen. If you're in the UK., Business Link is a Government sponsored society who help people to start or develop business ideas. Other countries may well have similar schemes as most governments obviously encourage businesses and subsequent employment, taxation etc...
2006-08-30 20:55:10 · answer #4 · answered by pol 3 · 0⤊ 0⤋
Yes, incorporate before you go for the loan and get the loan through the business and as you being president of the corperation. LLC and SLC are common types of corperations for small businesses.
2006-08-30 20:45:20 · answer #5 · answered by celticwarrior7758 4 · 0⤊ 0⤋
I dont think there is any way to get a loan
2006-08-31 08:00:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No. You might try getting investors, but if it is a product, you have to pay cash for your inventory.
2006-08-30 20:56:39 · answer #7 · answered by beez 7 · 0⤊ 0⤋