*Loan,banking and credit>>>business credit

I'm a small business owner with bad credit in need of financing. Is it possible?

I am currently leasing a suite in an office building. I have opened a nail salon and am having a hard time keeping up with the rent. I want to get some sort of financial help to purchase equipment that would allow me to rent booths to other operators, which would help me generate revenue. I need money to purchase manicuring tables and chairs. If I could just get a little help, I could really get this thing up and running, I have been told that I am very good, and being self-employed is wonderful. I am a licensed manicurist and I have big dreams of having my own franchise of nail salons. I just don't know how I can do that when I don't have the money already. I'm just trying to better myself and provide stable work environments for others. You can check out some of my work at http://www.myspace.com/nailit2em...

First of all you need to, if you haven't yet, draft a business plan to show a lender what you plan on doing to generate money. A lender will look at your plan and decide what the risk is. Unfortunately your credit is a problem, but some lenders will take the risk if you have been in business for at least 24 months. You may to take a higher interest loan or use collateral to secure the loan as well.

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Well first, dont get upset. But you put the cart before the horse. You should have though this through before signing a lease. Next, I can really relate. I have excellent credit, have been in business 2 years, have a great set of books showing incredible gross income and have been finding it very hard to get financing. We are owned by a US and a German citizen, which is our problem. So, dont think you are in it alone, however as a mortgage person (my other life) I think you will have a tough time getting the financing on these items, as a loan. Have you asked the companies themselves to finance the chairs ect? Next is there a way to rent space to someone who maybe owns these items already? CAn you find used equipment? Maybe joes nails will open a "chair" in your location under your name, joe does well and he can expand this way ...think creatively because i think traditionally will be hard.
Good Luck

***Business credit? It is all signed for by personal promises until the business credit has been ongoing for a few years***
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Separate your personal credit from your busines credit
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By the term "bad credit" I'm assuming you've only thought of trying to get a loan from a financial institution. But, that's only one source of money for small businesses. Many go to friends/family, "angel investors," or "friends of friends." If you can convince someone that you are able to make money and you're a good business risk, then you will find someone to put up the money. Of course, you could simply work for someone else in this line of work for a period of time until you save the money to start your own business.