I want to start my own business, but I need a large loan. I have bad/no credit, so how can I have a bank grant my loan? Need as many info as possible, thanks!
2006-11-16 07:50:05 · 6 answers · asked by desitur 2 in Business & Finance ➔ Small Business
Yes, talk with the SBA and your local Chamber of Commerce. Colleges, Cities, Counties and States often have their own programs.
First, you need to have the business well thought out. Develop a business plan. Your local Community College might help. This is a MUST!
Also, you might could consider incorporating and bringing in some people with good credit and experience to be on your board of directors and/or staff.
2006-11-16 08:13:55 · answer #1 · answered by joannaserah 6 · 0⤊ 0⤋
A few wise words here. Maybe SBA would help.
If you have bad credit, you probably need to think more about finances, personal and business.
Then start small, many businesses can be started on very small money. Invest a hundred, if you get 200 back then invest more. GROW the business. Learn as you go. Make the large mistakes when small money is invested.
2006-11-16 07:55:33 · answer #2 · answered by kurticus1024 7 · 1⤊ 0⤋
Wow, gotta love spamswers. Never heard of paydex, however I'm beautiful definite Dunn and Bradstreet (D&B) are nonetheless on most sensible for industry credit score. First matters first, get an account with them (it is loose). Until your corporation has an based credit score historical past, any credit score you do get goes to require a private assurance. This is record signed via you _personally_ that some thing the corporation can't pay for YOU will. Rather than a constant financial institution mortgage, check out getting a SBA mortgage, the requisites aren't as strict as a constant mortgage. Make definite you employ your new D&B quantity on any credit score apps.
2016-09-01 13:36:44 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Lender not only check your creidit, but also other financial informations. They also check your employment history, your salary, job status, busniess risks, etc.
To get a business loan with bad credit, you will pay higher interest. If you have a person with good credit who can co-sign with you, your risks of defaulting would be lowered. They can go after the co-signee.
If you don't have one, try to save as much as you can for the downpayment.
2006-11-16 09:02:34 · answer #4 · answered by Mark H 2 · 0⤊ 0⤋
Start with talking to government officials, depending on what race you are, they might find a way to help. Even though I do not trust the government, on this I do, they do like people to succeed in life, and there are loans for people to start their business from the government. Just take someone with you that might know more about business to make sure, what they are offering is the right thing for you. Good luck.
2006-11-16 08:01:40 · answer #5 · answered by Boricua Born 5 · 0⤊ 1⤋
Good credit, bad credit, we dont care.....Come on down to M&L Motors. We will hook you up with a sweet ride.
2006-11-16 07:57:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋