I am a single mom of a lot of kids, who lives out in the boonies of Wyoming. I own a portrait photography business, and have sucessfully run it for about 4 years. My business has grown about as big as it can be out here, and was having difficulties growing my business due to location. Theres a larger city that is 45 miles from here, where I have been able to do a lot of on location photography , but I didnt have a studio and certainly couldnt afford the rent on one.
Getting to the point here, I found a building. Month to month rent at a price I can afford. Its not pretty, but its a good location. While I see the prudence in not investing a whole lot of money into making a place look nice when its strictly month to month, I do need a LITTLE money to make it presentable.
Heres where my need for opinions comes in: I own my own home. Outright. My credit is not so good due to a divorce and three surgeries last year and no medical insurance. Im trying to get ahead here and out of this slump, but Im going to need about $5000 to do it. Im extremely frugal and could make that money go far! I`ll need money for advertising, displays and some things to make my building decent.
WIth a poor credit score but a house for collaterol, will it look favorable enough at all to get a small loan? Im infused with the entrpreneurial spirit, but Im totally lacking in the ability to ask ppl for money. *I* know I`ll pay it back... and I understand, based on my credit scre, that they could be a little leery... but if I could just get OUT of this rut, I could really get moving and this building is the way to do it! $5000 isnt that much... but then again... this is my HOUSE I`m talking about...
If you were me, would you try for a loan? Thusfar, Ive done everything myself, but I need a jumpstart here...
Going slow is for weenies!