Bad Credit Agency

where can i get a small business loan for my mary kay business?

I have bad credit becouse someone stole my idenity years ago and it still shows up on the credit reports. i have 2 children and this business is great for working moms with little time. but It is so much easyer to have product on the shelf. to work with does anyone have any ideas?

Public Comments

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2. A small business loan from a financial organization, including SBA, may not be the right course for you. When you talk of loans, lenders are looking at 5Cs -- character, capital, capacity, collateral and guarantees, and conditions. Your poor credit history may not really be the main problem -- if it is due to identity theft and if you have the police documents to prove that you are not the one who incurred all those loans in your name. That is something that can be explained. Financial institutions are usually leery of startups, more so when it is a home-based business like Mary Kay. I suggest you read the SBA requirements for lending -- they are looking for collateral, ability to repay the loan, equity investment (you don't get 100% loan - they want to see that you have your own money invested in the business), among other things. http://www.sba.gov/financing/preparation/borrowing.html Your best bet would be to : borrow from friends or family or use your credit cards (very risky and given your credit history, interest rates may be very high).