I have a business idea but banks wont lend me 12k even with security because of credit card debt any ideas ?

Question

I understand the banks stance-but am in a catch 22 situation -

Answer 1

Most Universities put on seminars for people wanting to start businesses. Also the SBA puts on Seminars for start ups from time to time.

I help contractors get up and running and remain profitable. Contracting is a bit different than main street business but not materially so. So here are some ideas. First of all be sure you have a written business plan. This is where the University/SBA can help. How much money can you put into the business yourself? Banks (including SBA) absolutely will not fund anyone who has no personal money in the business.
Incorporate or form an LLC. That way you keep your personal liabilities out of the business. Don't let any one tell you you are too small to Incorporate. You are never too small
protect your personal assets. Lastlly and perhaps most important of all is don't get discouraged. It takes time to start a business successfully. The bank probably did you a huge favor by turning you down. Their declination will force you to be much better prepared the next time around.

What ever you do DO NOT get involved with predatory lenders or private investors. They will own you and they WILL take your skin, your balls, and your jock strap and anything else they can get off you.

Answer 2

AVOID reduction agencies!!!!! You are a home owner, so know this important point. Weather you refinance in the future or sell your home and look to purchase a new home, your credit will be affected by doing business with a reduction agency. Mortgage lending banks categorize people who entered agreements with reduction agencies just the same as a person who filed for bankruptcy. You may ask how they will know. They know because when you enter to an agreement with them, every creditor that they reduced your debt with, reports that on your credit report. That will instantly put you in a bad position to get a new loan and one with a good interest rate in the future. Also, know that you pay them a monthly service fee. Over time, the service fee will add up to the amount that they reduced from your overall credit cards. Hence, you will eventually pay the same amount in the end. I do know more than one person that has dealt with reduction agencies and after 2-3 years later, the amount of their credit cards has not made much progress in lowering the new reduced balance started 2-3 years before. In addition, know that most creditors will close your account to reduce your amount owed and avoid a future increase. Consider whether you will need those credit cards in the future or not. Know that any negotiations they make are no special secrets. They do nothing that you can do on your own. The only difference is that you’re paying them for doing the work that you don’t have time for or are unwilling to do.

Answer 3

1) If in UK, consult your local Business Development Agency.
They will give you a lot of help to launch your business idea - free.
2) Since you have security, raise a larger mortgage or bank loan against it, to pay off your credit card debt. Credit cards are an expensive way of borrowing.

Answer 4

Deliver pizza part time for a year. Use the money you earn to either pay off the debt or fund your business.

Answer 5

What's your idea? If it has anything to do with internet and property contact me. I might have some leads on how you can get support and funding.

Answer 6

mail me your idea and if it good i will back you half the way as i am looking for a new business idea or investment

Answer 7

My answer will depend on which country you are in.

You may mail me the details.

Answer 8

i suggest you look for an invester. in fact i kno a very good one. if u wish i can get him intouch with you. let me know!