Hard position to be in.
Couple of suggestions:
1) Have you tried micro loans. There should be several micro loan companies in your area. Most micro lenders are backed by the SBA and can provide up to $35,000.
2) The USDA is one of the few government agencies that offer direct loans to rural areas - they might have a program that you can use.
3) Your local country might be able to solicit a grant on your behalf provided that they think your services are needed in your area. That would be the only way that you can get that "stimulus" money.
4) Lastly, very few start up businesses get business loans for the same reasons you mention here, They either have bad credit (below the banks threshold) or they don't have any income which is needed to repay the loan (lenders what to get repaid). So, most have to bootstrap and that means using personal assets in some form or another to get the capital they need. This could personal loans - peer-to-peer loans, home equity loans, retirement accounts or even selling off personal assets for cash. And, some even go to friends and family - they just put their personal pride aside for the greater good - the good of starting the business that will rise them above everything else.
---Business Money Today - Small Business Loans
This is probably a good place to hunt: sba.gov/about-offices-content/1/2895
Realistically, you probably want to try to finance some of this yourself though side jobs though. Hope this helps. Let me know if you have other questions.
---Web Entrepreneur and strategist. I work with Docurated, Stratus Prep, GMAT Prepster, and a host of other small businesses to help them gain traction with their digital marketing. I have worked on startups at all stages and aspire to help others find their success.
Six months ago I graduated from college and received by AA degree in Medical Assisting. I am 52 years old. My husband passed away 10 years ago from brain cancer and I was left with 3 children to be both Mom and Dad. Now they are all grown, have careers, and/or having families of their own. I told myself this is MY time. My personal credit is fair , but improving, mainly because I am working diligently to fix all of the errors on my report. There are legitimate ones due to overcharging during difficult times. But, I am paying my credit cards little by little. I live in a rural area where there aren't that many jobs. So, I believed in all my heart that being a Medical Assistant would be beneficial to the community. Our town needs a health care that is more caring to the patient and fits into their needs, not the other way around. THEN, I thought with all of this "stimulus" money given to businesses to help people start businesses of their own, a loan would be easy to find and I would be happy. My question is: where is it? My bank looks at my credit score. That one 3-digit number is cause to have doors slammed in my face. They don't care about anything else or what may have lead to that number not to be 750. I have tried these online loan search companies and they charge $250 and say they will work with me until I get that loan. Then there are those that keep checking my report and then my FICO score decreases. PLEASE let me know if there is a way I can get a microloan ($18K). I am not asking money from family or friends. I want to do this on my own. I have a feeling I will have to find SOME kind of job then save a little each week.I just thought I could start my clinic sooner. Does anyone have any ideas??? I have my business plan done, an EIN number, an LLC registered, an office set up. All I need a loan for medical equipment and software. Any suggestions are appreciated !!! Thank you !!!
I would advise you to try crowdfunding. The community you stay in could pitch in along with other investors. It gives everybod a sense of participation and would help you achieve your goal. Else try to enter into a partnership with your equipment suppliers so that instead of cash they put up the machines as their contribution and you are all set.