Forums: Discussions for entrepreneurs and small business.

You are going to be still required to have a guarantee on the loan providing your SSI. Think about the least and most creative way to start your business without all the cost up front. It may take more work upfront, but you will benefit from trying other things first.

The business requires me to purchase a $12,500 machine.

How about leasing the equipment from the vendor?  If you have a great business plan that shows revenue steadily growing they may lease the equipment to you based on that.   If someone in your family or friends has decent personal credit maybe they will be willing to act as the personal guarantor on a business loan or business credit vehicle.  This way the business builds credit in its name and you get he equipment you need.  You could offer them a piece of the business like 10% or so for giving you  permisssion to use them as the PG.

How about outsourcing what the machine you need does for a time. Your profits may be lower in the beginning but it will also help you see if the business will work without the large investment.

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Yes you can get a loan. If you have paid loan 3 times as early you said. The company will see your  back record and the debt filling capability. That how you are earning in know these days and you are using loan for earning, then how much you are insured for your business plan.

 

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Now there's a variety of loans and bad credit is not a problem anymore. Of course, it will be a bit harder to get a loan with the best terms an conditions, but anyway, it's possible. You can call to local banks or other banks and ask if they can offer someting, if you own a house you can take out a home equty loan. Also you can look for a loan at this website, there are loans available for people with bad credit, but these loans are short-term and need to be repaid quickly. I advice you to look up in the Internet and call to banks, lending companies or to look for a private lender.

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