starting a business in connecticut with bad credit?
153045
You can still start a breakfast and bar business in Connecticut even if you have bad credit -- if you have the resources to start the business. \n\nHowever, you may be hardpressed to find a financial institution such as banks to give you a loan to jumpstart the business with your poor credit, unless you have a solid business plan and someone to act as guarantor for your loan in the event you cannot pay anymore. Grants are likewise not available to starting for-profit businesses. Your remaining options include your family, an angel investor or philantropist to be interested in supporting your venture.\n\nIf you find the financing you need and proceed with the business, you can find information on how to start a business in Connecticut from the following websites:\n\nhttp://www.ct-clic.com/business/business.htm\nhttp://www.ct.gov/ctportal/taxonomy/ct_taxonomy.asp?DLN=27187&ctportalNav=%7C27187%7C&ctportalPNavCtr=%7C27196%7C\nhttp://www.business.gov/regions/states/connecticut/starting-a-business.html
33286
Depends on your business enterprise.  If you need to rent or lease office equipment, this is a good start.  Many times, though, you may have to 'secure'  the purchase personally along with the corp.  Your bank is another great resource, once you have established a relationship.  Many credit companies such as MBNA, or American Express will lend to businesses, but again your personal credit may be tied into the final decision making.  This is a broad subject that has no short answer though.  Good luck.
938530
If you have credit without bad mark on it I am sure you can get a loan from a private source(bank or person).  Also depending on how much you need you maybe able to use other options like credit cards.
960614
Im in the same boat as you. I have bad credit and debit. I for me figure get a 2ed job pay off all my bills save save save then try for a loan when the bank sees no more debit you have a better chance. I'm starting a business now, well it's already in the books but need more money to fund it.
802727
Research is your best bet!\n\nBelow is a link that may answer your question on how loans work.\n\nYou may want to visit your local Small Business Administration for assistance as well. \n\nI also included a link to entrepreneur.com's website as well because it has a lot of info you may need to know about starting your own business.\n\nGod Bless and I hope all works out for you!
1003685
There is no way  around the bad credit.   Sounds like you will have to establish  the credit again.   Good luck though.
1070480
That isn't going to be easy.  Most places do a credit check.  There are ways with good credit to buy with no money down.  An individual might sell you real estate that way, but it isn't a wise way to do business.
195300
Even if you have bad credit, but have good income, you have a good chance. But you're not meeting the criteria in either side. Bankruptcy is the last thing should come in mind. In your case I rather suggest you talk to a good good home refinancing or mortgage company. Try also to find someone to co-sign with good credit or high income.\nSee if you can talk to one of the agents in http://www.LendingTree.com they have connections with various banks, and online companies.
1004029
yes, you can get financing.  The costs involved, the interest rate, and the terms would need to be carefully investigated.  Be careful, there are lots of people out there who prey on the credit challenged.  You DO have choices.  Call me at 1-800 971-4638 extension 223, I'll try and steer you in the right direction.  I've been a mortgage lender for more than 20 years.  I just got a woman with a 577 credit score a FNMA loan.  So it is possible.
1137677
Get a co-signer with a good credit score. If that isn't possible use a company like American Finance or something equal to that, they are usually loan only businesses and not banks. Most of them make their money from 3rd party loans like when your local furniture stores says "No money down no payments until 2007" it is done through these little loan only businesses. Your interest rate may be close to 20% but you are more likely to get a loan if you can prove your income and their requirements on credit scores are much lower. Another long term alternative is to take out a small loan with a bank, not use the money and pay it back over 2 or 3 payments (months). Yet another option is to join a local credit union; credit unions give loans easier and if you have a co-signer who belongs to the same credit union there shouldn't be a problem. Remember most credit unions do not report anything to the Credit Companies unless you default or stop paying so being in good standing with your local credit union won't help your credit score. You can also offer to have the payments directly taken from your paycheck... this is sometimes very helpful if you have been at the same job over a long period.
742910
It is possible to acquire property with bad credit.  Contact your local lender and see what kinds of programs they have for people in your situation.  The only drawback for having bad credit is that the interest rate will be higher than normal.
561340
a good business would be a loans program
95835
It is possible to get a loan if your credit is bad. If you have a good idea, and your business proposition makes sense you could get private lenders to help you. Private lenders may be more expensive, and sometimes upfront fees apply. Private leneders tend to work with you, regardless of your credit.
122141
Credit is the lifeblood of American business, especially for the smaller firm. It helps an entrepreneur get started, purchase equipment, build inventory, develop new lines of merchandise or expand. Credit helps businesses grow.\n\nSurveys have found that, aside from personal savings, banks are the major source of capital for starting new firms. According to a report by the National Federation of Independent Business, 85% of loans to operating small businesses come from banks.\n\nIf your small business needs financing, you need to begin preparing long before you enter the bank. By knowing what lenders are looking for, you can speed lender consideration of your application.\n\nBy presenting your case in the best possible light, you enhance your chances of getting the financing you need. Remembering this basic rule may save you time and effort when seeking bank financing for your business. Here are basic guidelines\n\nThe first thing you need to know is narrow down your request by answering the following questions:\n\n1. How much do you need?\n\n2. What are you going to use the proceeds of the loan for, and for how long?\n\n3. How are you going to repay the loan, and under what terms?\n\n4. Who is going to borrow the money? Is it going to be you personally or other legal entity such as a corporation or a partnership?\n\n5. What assets can you pledge to secure your loan, which would make your loan officer sleep soundly at night, if he decides to approve your loan?\n\nThe Groundwork\n\nIn seeking a loan for your firm, you essentially ask the bank to become your business partner. Before entering the market for a loan, make sure you've done all necessary groundwork.\n\nWhat shape is your business in? Remember, loans are the products that banks sell. Look for the best combination of price, quality and reputation of supplier. In the end, getting a loan depends upon your credit-worthiness. Ask your banker for assistance.
1008747
Depending on the information contained in your work and credit history, many banks,credit card and finnancing companies will consider  special or non-traditional applications.\nThere are goverment agencies that can provide loan gaurantees for small business or education.\nYou can consider going to family and friends. If you can secure even a portion of the needed amount it may help you if and when you approach a lending institution.\nYou may also consider asking your employer.\nRemember that there are special government loan programs for person's with disabilities who wish to start a small business.\nFinally, professional associations, alumni associations, social service clubs are all potential loan sources for members.
1089932
Of course, this is exactly WHY you shouldn't allow yourself to GET bad credit.  It is extremely costly, because it forces you to lose out on good opportunities like this.  There's a very high likelihood that you WON'T be able to get credit anywhere.  \n\nHere's what I would consider.  Try some of the high risk credit card lenders.  See if you can get a home-equity line for your home.  You might also be able to depend on 'trade credit' for part of it (foods, etc.), but you'll still need enough to equip the place, and frankly, your choices are very limited due to your past record.  I hope you can find something.  Otherwise, you'll just have to wait 7 years until your credit clears up.\n\nBest of luck to you.
1073428
In my experience it is almost impossible to get a loan to start a business, especially if you have bad credit. \n\nTry friends and family for loans.\n\nDon't give up. If comedy is your thing, try to start a less expensive business with comedy and work your way up. I imagine a club and restaurant must cost a fortune.\n\nThe best advise I ever got on starting a business was to create a business plan. It helped me see exactly what I needed and was like a road-map that always pointed me in the right direction.\n\nI did however underestimate the amount of start-up capital by about one half. So whatever you think you need for money....you will probably be off. I have heard this from a lot of business people.\n\nTry searching the Internet for small business assistance. Call your local Chambers of Commerce, sometimes they can point you in the right direction. \n\nBest of luck to you.