Bad Credit Agency

Is there a way to get a business loan if you have bad credit?

I am currently in the process of rebuilding my credit. It is a slow process, but I know that I can speed it up if I start up my own business. I only need about $700 and that would pay for equipment/tools/etc. as well as shipping/handling fees/taxes. I still have a bad credit score, but I was wondering if there was a way to get a loan under a business name that would allow me to start up my business and get back to paying everything on time, more than just the minimum payments. I guess in short what I am asking is, is there any way to get a business loan in a way where they won't run my credit score and shy away?

Public Comments

1. You could try prosper.com or you can apply for a loan at http://www.ineedrates.com
2. I started a business with purely rotten credit, so I know it can be done. It has taken me several years to build up enough personal relationships that I at least had credibility for who I am in spite of what my credit shows. The thing absent from our current system for lending checks & balances is allowance for mitigating circumstances. That puts you in a situation where the only money sources are going to come from those personal relationships. Trying to start your business on a shoestring is very tough challenge. I've been there and wouldn't wish that experience on my worst enemy. Well, maybe my worst enemy. A better plan for you would to try working with somebody in the same industry and build your capacity slowly until you are in a position to step out on your own. I am guessing that you are a female, which does place you in a category recognized as a Small Disadvantaged Business. That does have some value for certain industries that perform government contracts. You can learn more at www.sba.gov. I will close by trying to reinforce how valuable your networking efforts can be. Spend time as a volunteer for organizations that support low-income people. Not only are you likely to make some of those valuable connections, but you may find ways to leverage your ideas into something bigger. Good luck.
3. If you are individual, who has an entrepreneurial spirit, you can easily get a loan offered by the federal government. This loan allows you to start a small business. The department of Small Business Administration (SBA) acts as a guarantor for these loans. These loans are provided by banks or financial institutions. Very rarely, the SBA provides the loan directly. Along with the SBA, certain other government agencies provide financing to small businesses through loans and grants. To avail of this loan, you have to submit the business plan that you have chalked out along with your abilities to indicate that you can handle the business properly. Your credit score should be high to get the loan. The lending authorities check your credit ratings before approving your loan. http://debts-to-wealth.com/category/Government-Small-Business-Loans.html
4. Bad credit need not always be a hurdle for achieving one's dreams. You can obtain a business loan even when you have a bad credit score. There are several independent finance agencies offering business loans to customers with bad credit. You need to just explore different possibilities for obtaining a business loan with bad credit. Banks issue business loans only on the basis of personal<!--credit scores of the applicant. Hence, banks are not an appropriate funding source to approach in situations where the applicant has a bad credit record. One can even obtain a business loan through Small Business Administration or SBA. SBA acts as a guarantor, thus providing the lender with necessary assurance against any possible money loss. http://best-loans.awardspace.com/businessloans.htm Other alternatives include approaching community lenders, private lenders specializing in bad credit business loans, using home equity as collateral for obtaining a business loan, considering friends and relatives as investors, and SBA. Lenders-->specializing in bad credit business loans provide funds at a higher interest rate. These agencies require property or equipment in the form of collateral. This form of business loan is called as secured business loan. Community lenders and local banks consider business credit scores while approving a business loan. You can obtain a business loan at a lower interest if the business credit scores are outstanding.