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| *Loan,banking and credit>>>business credit |
Can i get a loan of some sort to help my business grow with my bad credit? |
i am onyly 21 years old and i opened a used motorcycle dealership, pretty good i think for only being 21 but i dont have the best credit or any good at all. im business is growing fast and i need more money to expand...if i dont expand i wont last...thanks First you need to have a CPA and an attorney. If you have a business and you dont have these two assets, then you need to get get them. They will be able to advise you on what to do next. By the way, you will need a CPA prepared financial to get any money from anyone (especially with bad credit and/or short-term of business having been opened). There are people that will loan you money, or you may need to offer an interest (ownership) in the company. Again, the CPA and attorney will be able to refer you to someone. Good luck. lign="right" > Sign in to vote! you should try getting a small business grant first. lign="right" > Sign in to vote! Perhaps the Small Business Administration (SBA) in your state. They can be a brick wall or a savior. It depends which state you live in, and at what particular time your asking for a loan. You may have a better chance applying (from SBA anyway) of starting your business over again from scratch. But they have helped with business that are still very young. lign="right" > Sign in to vote! Unfortunately the bank, with just cause, assumes that you will conduct your business finances as you do your personal finances. (Quick suggestion, fix your credit, its not hard.) This is not to say that bank financing is impossible, just more difficult and more expensive. While an attorney and CPA are extremely important to any business, small business' with cash flow problems should retain these professional services only when absolutely necessary. Therefore, this requires the business owner to become very knowledgeable in basic accounting procedures, principles and statements. Study, study, study and read, read, read. P&L statements, cash flow statements, balance sheets are all required by banks in business plans. While they might look confusing or intimidating to the untrained eye, they are pretty simple. Last, write a business plan. A good one. Again, with a little research, you will have no problem. Entrepeneurs have the innate ability to adapt and implement ingenius ideas to fill their needs. Conventional is not always the route best traveled. Seek funds from different sources using the same approach to a bank. |
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