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| *Loan,banking and credit>>>business credit |
I want to start my own business and I need a small business loan but my credit is'n that good what can I do? |
I want to start my own business and I need a small business loan but my credit is'n that good what can I do? You can start your business with no money -- but it will not be easy. But if you're willing to work hard, and be creative and willing to learn, you can surely do it. With poor credit, getting a low-cost loan from the Small Business Administration will not be an option. In SBA's document "CREDIT FACTORS A POTENTIAL BORROWER SHOULD KNOW" http://www.sba.gov/financing/preparation... you can qualify for an SBA loan if you have equity investment and collateral -- which both means money. SBA wants to see that you yourself is invested in your business, so they want to make sure that you have money in your business as well. Without money, then you cannot be approved. Here are some articles that can give you ideas of what to do when you want to start a business yet you do not have capital: Starting a Business with Little Cash? http://www.powerhomebiz.com/vol30/nocash... 10 Rules for Starting A Business on a Shoestring Budget http://www.powerhomebiz.com/vol70/shoest... No Money? No Problem! http://www.entrepreneur.com/article/0,46... Seth Godin's Bootstrapper Bible http://www.changethis.com/8.bootstrapper... How to Start a Business With No Money http://www.smbtrendwire.com/start-busine... I suggest you read the following books as well. Borrow them from your library or buy them from your favorite bookstore - No Cash, No Fear: Entrepreneurial Secrets to Starting Any Business with No Money by Terry Allen - Starting on a Shoestring: Building a Business Without a Bankroll by Arnold S. Goldstein - The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything by Guy Kawasaki It may help you if you could talk with a small business expert or free mentors to give you ideas on how to make your dream of starting a business come true even without money. Here are some places where you can find a mentor: Government Mentoring Programs such as SBDCs, which works with community colleges and local business development councils to offer mentoring programs http://www.sba.gov/sbdc/sbdcnear.html... ; or the Women's Network for Entrepreneurial Training http://www.sba.gov/womeninbusiness/wnet_... Volunteer programs such as SCORE http://www.score.org which is composed of mostly retired executives and entrepreneurs Formal mentoring programs such as Athena Foundation http://www.athenafoundation.org/programs... , Helzberg Entrepreneurial Mentoring Program http://www.helzbergmentoring.org/hemp/... , or The Aspen Institute MicroMentor Program http://www.micromentor.org Professional organizations such as the National Women鈥檚 Business Council http://www.nwbc.gov/mentoring/programs.h... Industry and trade associations Local business groups, such as the chamber of commerce Local chapters of business groups You need to go to your local bank. But your interest is going to be high ------------------------------... http://www.bestcreditrates.net the government gives grants....look into that! It depends on how much you need and what it's for. And, how good (or bad) exactly your credit is. If you own a home, sometimes it's not too difficult to re-finance it and take cash out for various purposes. If you don't own anything that can be considered collateral, and your business concept is really sound, you could try networking for what's called an 'angel' investor. There are small business incubators out there and groups that exist to specifically match investors with entrepreneurs (you). Most people who invest or loan money to small businesses will want to see some type of business plan. I suggest you go to your local bookstore or library and get out a book on starting or financing a small business and how to write a plan. That way, you can demonstrate what you're going to be doing that will generate enough money to pay them back! Compared to offline businesses, the investment required to start an online business is minimal. A popular way of earning money on the internet is by providing information and services. This can be monetised by advertising or charging a subscription. You can also make money online by selling products on auction websites like eBay or through your own website. More information available at http://tinyurl.com/syw6m To get started, I suggest contacting the Small Business Administration Financing Page (SBA) 鈥?links below. Entrepreneur also offers a great site dedicated to money & finance 鈥?see below. Research, research, research 鈥?this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant: * Free Money for Small Businesses and Entrepreneurs by Laurie Blum * Finding Money: The Small Business Guide to Financing (Small Business Series) by Kate Lister, Tom Harnish * Financing Your Business Dreams With Other People's Money: How and Where to Find Money for Start-Up and Growing Businesses by Harold R. Lacy * No Cash No Fear: Entrepreneurial Secrets to Starting Any Business with No Money by Terry Allen * Starting on a Shoestring: Building a Business Without a Bankroll by Arnold S. Goldstein There are plenty of free informational resources out there. Check the source box for links to articles. Hope that helps! I wish you much success & happiness in all your ventures! http://www.sba.gov/financing/index.html... -- Small Business Administration Financing http://www.entrepreneur.com/your_busines... 鈥?Entrepreneur鈥檚 Money & Finance Page Articles: http://ezinearticles.com/?financing-a-sm... 鈥?Financing a Small Business with Little or No Capital by Norio De Sousa http://ezinearticles.com/?zero-capital-b... 鈥?"Zero" Capital Business Start Up? by James Little http://ezinearticles.com/?guide-to-bad-c... 鈥?Guide to Bad Credit Loans by John Mussi http://ezinearticles.com/?when-and-why-y... 鈥?When and Why You Need a Bad Credit Small Business Loan? by Amanda Pane http://ezinearticles.com/?nourishing-bus... 鈥?Nourishing Business Plans 鈥?Bad Credit Unsecured Business Loans by Peter Taylor |
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