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| *Loan,banking and credit>>>business credit |
I'm looking for a loan for $5000 for a business start up. credit not good right now but improving? |
I'm looking for a loan for $5000 for a business start up. credit not good right now but improving? You may find a tough time getting a loan from financial institutions with poor credit, even from SBA. SBA requires a number of factors to avail of their loans, and one of them is good credit history (see SBA Basic requirements http://www.sba.gov/financing/preparation... ) Since that is a small amount, your best course is to use a microlending facility. Microlenders, by their very name, provides loans of very small amounts often not exceeding $30K (and average loan amount is $10K). They typically do not require business plans unlike banks (and even SBA), but need your personal tax returns But microlenders are no less strict than banks, and often asks the questions: - Is this a start-up or existing business? - How much money is needed, and for what purpose are the funds intended? - Who is included in the management team, and what is their experience? - What collateral is available? - How much have you already invested or are you willing to invest? Talk to them and find out if a microlender is right for you. See a list of state by state SBA accredited microlenders here Otherwise, if microlenders look for collateral and you really can't provide any, my advice is to simply use your credit card. Credit card requires no collaterals - but only after trying to get a loan from your parents, family and friends and couldnt get any. Credit cards are an expensive source of funds, but if you have no other recourse, then max out your cards (if you have any left) Source(s): http://www.powerhomebiz.com/vol145/micro... http://www.powerhomebiz.com/vol145/micro... Keep working hard citi financial or another similar company may be able to put a lein on your car, or other payed off asset. It is probably high interest, but with bad credit, thats the way it is. |
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