Forums: Discussions for entrepreneurs and small business.

I am interested in starting up a brand new business and need the funds to be able to do it. I need only $2,000.00 to get started. However, I do not know where to turn, as my credit is horrible. My credit is HR status, due to some past credit woes.

However, I am very honest and ethical and believe in paying all of my bills in a timely fashion, as I am trying to improve and bring up my credit score. I do have a steady income and am able to pay a loan back, as I have no debts.

All I need is a chance to prove myself to someone that will give me that second chance to start over and get my credit re-established.

Therefore, if anyone has any suggestions, please let me know. If I were to get a "loan" from someone, I will faithfully pay it back in a timely fashion.

Thank you! :)

 

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Frank Sita
policyagent@aol.com (e-mail)

Friends and family trust you and know you the best.  They should be your first option.  If they don`t trust you, why would someone else?   

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Travis Tschepen
Hibachi Bros. LLC

--My goal in life is to be as good of a person my dog already thinks I am.--

Frank,

Have you taken a look at an online loan service called Prosper? It is at www.prosper.com.

I know they will do an HR loan, but it is heavily dependent on your ability to pitch your business idea and restore some confidence in your prospective lenders.

The only downside is that you are going to probably end up paying a prohibitive interest rate if the loan is funded.

So tell us. What is the idea and what makes you think that $2,000 is going to be enough to get it off the ground?

Best of luck,

Mark

I don`t know what your income or debt situation is but $2k is not that much money in the grand scheme of things.  Have you thought about saving that much over a certain period of time?  You can do this while you also plan your business.  Whatever stage of planning you`ve done, there could always be more, making more contacts and setting up logistics (the things that don`t take a lot of money).

Saving a certain amount on a regular schedule is a great discipline that will also help you on a better financial path.  Restoring your credit is important but the disciplines of handling money in many ways is also important to business.

And asking friends and family is a great suggestion as well!

What about bootstrapping, using some other line of business to gather the $2K? As Steve said, it`s not that much money, all things considered. Could you perhaps get a part-time job for the single reason of taking all the wages from that and putting it into the two thousand?

Travis:

I cannot borrow any money from relatives or friends, as they have already helped me out. This is why I cannot ask them (and yes, I have paid them back).

 

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Frank Sita
policyagent@aol.com (e-mail)

Donate plasma?  You could come up with a few hundred pretty quickly.

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James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com

Mark:

I have just recently found prosper and I am still learning how it works! I find it to be a joke really. I don`t mind paying a higher interest rate, because of my credit. It is very understandable.

However, I find it difficult dealing with some of the people on that particular website though. If only someone would give me a chance, I will faithfully pay back the loan and they would have my guarantee to pay it back.

I am currently on disability, but I make plenty of income to be able to cover a loan of that size, as I currently have NO debts whatsoever.

Anyhow, thank you for the suggestion.

 

 

 

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Frank Sita
policyagent@aol.com (e-mail)

Steve:

I have already saved $1300 thus far and now I`m only needing $700.00. However, this will still take some time to save, as the other has taken some time to save up.

If I could get a loan, it would help things to go along much smoother and faster and I could pay back the loan pretty quickly after starting with the money that my wife is going to make from the new business venture.

Again, family and friends is not an option, since they have already helped and yes, I did pay them back. :)

Anyhow, thank you for the suggestion.

 

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Frank Sita
policyagent@aol.com (e-mail)

James:

Interesting idea. How does that work? Never done it before. Thanks! :)

 

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Frank Sita
policyagent@aol.com (e-mail)