Forums: Discussions for entrepreneurs and small business.

i just got my ein, what cards can i get from the start with no credit at all, i do not want to use my personal credit, is there any credit companys that give loans out just start up for 5000. with no credit background all i got so far was staples, quill,  nebs,  thanks by the way i love this sight its like state farm                  a good neighbor  good luck to all

NONE!!!!  Nothing but trouble comes from running your business into debt right off the bat.  That said Bank of America is the 800 lb gorilla on the block for start up funding.  You will need to use and pay off the ones you have to establish credit.  An Amerian Express green card is worth it for 30 day financing and keeps you out of trouble.

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Dale
www.ourbestidea.com
www.maskerinsurance.com
www.maskercreations.net

mattC,

I commend you for making those changes and getting your personal financial house in order. It`s thing I recommend clients do first.

As to using credit cards to launch the business - while starting any business involves some risk, if you project (from your business planning)  that yours can reach cash flow neutral with the capital you have available and you`re comfortable with taking on the debt - then I`d go for it.

On the other, hand, I`ve seen too many people take on personal debt and then discover that they can only "build the bridge half-way over the river".

Good luck with your new business.

 

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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

Thank Robert for the well wishes!!

 Since I hatched the idea about 10 months ago I`ve paid off several outstanding debts and am in much better shape than I initially was.  I do have that $5700 that was an incredibly dumb purchase thats resetting to 17.99% but I made that mistake 2 years ago and am just doing what I can with it. 

And as far at bootstrapping it a bit, it can be kind of fun in the end.  I`ve seen some off-broadway and underground comedy shows (i.e. Upright Citizens Brigade) for $8 that gave me more entertainment than the $110 broadway tickets I got as a gift!! 

It`s also funny that people making the same or more than me seem shocked I am able to put aside all this money to start a business since "they dont make enough to do it"  Oh really?

I`m a brand new entrepreneur myself with many ideas in my head and a great deal of them on paper, but because I also am short on funds not much has materialized---yet...
I`m not the person to ask regarding how to find capitol but recently I stumbled upon a great company that`s been around for years that is currently teaching me things that I never knew about money, how to borrow it, use it to build a business and then pay back quickly what was borrowed in order to get into positive cash flow...
It`s called Business Credit Services... bcscredit.com
These folks can help you establish corporate credit, distinct from your personal credit...If you want to build a company of scale then I would recommend you check out their site and/or give the guy who helped me out a call who works there...His name is John Nerres and his # is 866-254-6076x133.  He can answer any questions on this topic that you might have...he`s also very real and genuine, I must add.  Give a shot.




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Tim Szazynski
timshaz@gmail.com
270-312-7234

zenzuu.com/timshaz

http://case-studies.sitesell.com/timshaz.html

tim

           what does bcscredit do, do they loan or just a advice team this is really hard to start without giving your personal credit i have gotton the basic credit,  but need credit cards for a start up no one will give us starting credit do you know of any companys I tryed amex also capital one also orichard bank they all denied thanks

Building a strong business credit score is a pretty difficult process, that is why it is important to speak with someone qualified who can help achieve that.

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Rebelpreneur

phanio,

Well put. May I add that there is a difference between using your personal credit history and providing a personal guarantee. All the lending entities that I know will look at the credit record of the principals of a startup company. Since the company usually has few assets and no history - checking the "credibility" of the owners/founders is "standard".

A good friend who has been in business for over 10 years still needed to supply some basic personal financial data when his company wanted to purchase equipment.

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

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