My dream is to open a photo studio in my home town. My credit is bad, made even worse last year when I tried to buy a house (bad lender). I just got a bank acct, but still not able to get a loan. Is there anyone out there who can help or maybe knows someone who can help???
2006-11-05 01:01:37 · 4 answers · asked by visionsofforever 2 in Business & Finance ➔ Credit
If you are broke you have no business opening up a studio.
Not only do you need enough money to pay for the equipment, deposits, legal fees, etc to get it running, but you need enough money in your account to pay for your bills for the next year. If your business is like many businesses then it won't show a profit for at least a year.
If you don't have a good credit rating, nor anything to secure the loan (home equity, etc) then you're gonna pay loan shark rates of 30% or so. There is no way you can make money if you're paying 30% for you loans.
What I'd do is to get a bunch of photo business (build your business) while working from your home. That way there are tax advantages, and you're keeping the day job until you really have enough business to pay for a studio.
2006-11-05 01:09:20 · answer #1 · answered by geek49203 6 · 0⤊ 0⤋
You will have to have some time behind you with good credit. If you can't payu on your bills you'll not be able top [pay a loan either and thyat is how the bank looks at it. but check oiut the sites below;
Small Business Administration (SBA)
Tips on starting, expanding, and financing your business from the U.S. Government.
Category: Small Business Administration (SBA)
www.sba.gov -
Business Loan for Small Business
We help grow your business with a small business loan up to $25000. We are a non-profit organization with 15 years of experience making business loans for small business owners like you.
Small Business Administration | Financing
SBA - Services provided by the U.S. Small Business Administration Offices and Partners. ... Financial Forms Financing Basics Grants Micro-Loans Opp. for Women Prequalification Program ... Programs SBIC Program Small Business Lenders Special Purpose Loans Surety Bonds Training ...
http://www.sba.gov/financing
You have to qualifly and with bad credit the only thing in your favor is being female. If you can claim American Indian you are a shoe in for a small business loan, if yuo are also, asian, black, or orther minority female you havea good chance. if you are only white your chances deminishes daily as far as the federal and state govts are concerned.(this isn't ba dmouth it's fact. so if you are a mionority use it.
2006-11-05 01:14:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Just be very carefull and check into every lead you get, there are alot of people out there who want to scam you.Even call the BBB and ask if they are a legit company or have had any problems with them.
2006-11-05 01:04:42 · answer #3 · answered by wblueyesinvt35 2 · 0⤊ 0⤋
bad credit loans of almost any kind this is a great resource
http://www.wesayes.com
2006-11-05 01:49:22 · answer #4 · answered by SAMMY J 1 · 1⤊ 0⤋