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gman992

posts: 5

Feb 29, 2008 3:13 PM ET Quote Report Abuse

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I am looking for help for start-up with fair/bad credit...any suggestions?

robertj

posts: 1461

Feb 29, 2008 7:28 PM ET Quote Report Abuse

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What kind of help do you want?

Since you mention your credit situation, I infer that you want a loan.

How much are you seeking?

-------------------------

Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

startuphelper

posts: 106

Mar 01, 2008 8:11 AM ET Quote Report Abuse

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I think we can safely assume you are looking for start up funds. People with a bad credit score will certainly have a much more difficult time getting loans. You will need to forget about traditional commercial loans. The SBA won`t touch you if you have bad credit. You won`t even qualify for a micro loan. However, all is not lost.

There are groups that offer loans of all sizes to individuals that are not able to secure a loan through traditional means. While they do give loans to folks with bad credit, you will need to jump through a few hoops. Like any other lenders, they prefer to help those that have proven their credit worthiness.

The best thing you can do to fund your business is to come to the realization that you need to clean up your act. You need to fix that credit score, not only to eventually be able to secure a loan (even beyond the start up phase, you will want to have a line of credit available), but to be able to handle every other phase of business ownership. Keep in mind you will have a difficult time qualifying for credit card merchant status to be able to accept credit cards from your customers if your credit score isn`t good.

So, if you are serious about starting your business, start earning more and saving towards your start up fund. If you have a full time job, get a part time job on top of your f/t job. Use that money to pay down your credit cards and to put into savings. In the meantime start doing your research and writing your business plan.

You certainly don`t need to give up your dream, but you may need to scale it back and realize that it might take a bit longer than you had originally planned. Can you start smaller and build up to your dream business? Rethink your idea to bring it in line with what you can realistically afford. You can do this if you really want to!

Check out my start up kit for more detail on those funding groups and more funding ideas.

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Sylvia Business Plan Mentor

gman992

posts: 5

Mar 05, 2008 2:47 PM ET Quote Report Abuse

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About 400,000--that should be enough to pay for salaries, equipment, and other services.

robertj

posts: 1461

Mar 05, 2008 3:06 PM ET Quote Report Abuse

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gman992,

To acquire $400,000, you will have to do some work getting things prepared - both you and your business.

gman992

posts: 5

Mar 06, 2008 3:36 PM ET Quote Report Abuse

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Yep, have my business plan done, and I`m looking anywhere and everywhere for lenders...any advice where?

robertj

posts: 1461

Mar 06, 2008 4:29 PM ET Quote Report Abuse

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The business plan is a good start - especially if it shows how your business can service the loan. The payments ($400K @8% for 10 years) is $4853 per month!

Assets (either business or personal) will reduce the lenders risk perception.

MrMusicHead

posts: 43

Mar 28, 2008 7:22 AM ET Quote Report Abuse

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Just curious what business you`re in that you need $400k to start up.

bobbie63

posts: 9

Mar 28, 2008 8:15 AM ET Quote Report Abuse

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Wow, 400K, that`s a big down stroke! Go for it! I have had 700 plus credit scores for several years, now thanks to being under capitalized and being able to work enough to keep up my personal credit I am suffering some problems, so I know traditional lending isn`t going to touch us. I think I read on here, one of the best financing options could be a customer. Other than that, what else is out there for folks whose credit has gone down. I do know I need to clean it up, im at the rolling late stage, due to slow income,...lol umm ya what else would it be**....but my other profession in life is mortgage broker in Florida...you get the picture. :) Good Luck to you on the 400K, maybe you should consider putting together an LLC and doing the SEC thing and selling up to 35 shares. That would be a possibility. I know the words, I don`t know what is realistic to offer to any investors in that situation, where we are not collatoralized by real estate.
Bobbie

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Bobbie Floerchinger
Manager, USA
www.MyDirndl.com

RBLAKELY

posts: 4

Apr 10, 2008 3:26 PM ET Quote Report Abuse

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My husband and I just started a pressure washing company so we need financing also. We bought a truck and trailer and some of our large equipment. We have a complete business plan and a sound structure. Only thing is we have poor personal credit. What do we do at this point? I heard of Thesnaploan.com but their website is under construction. Any suggestions? Anyone?

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