Help getting a small business loan for bad credit?
912967
If you are broke you have no business opening up a studio.\n\nNot only do you need enough money to pay for the equipment, deposits, legal fees, etc to get it running, but you need enough money in your account to pay for your bills for the next year.  If your business is like many businesses then it won't show a profit for at least a year.\n\nIf you don't have a good credit rating, nor anything to secure the loan (home equity, etc) then you're gonna pay loan shark rates of 30% or so.  There is no way you can make money if you're paying 30% for you loans.\n\nWhat I'd do is to get a bunch of photo business (build your business) while working from your home.  That way there are tax advantages, and you're keeping the day job until you really have enough business to pay for a studio.
913356
there are lenders here for people with limited credit experience\nhttp://www.wesayes.com
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!
908646
Some credit is available to people with bad credit experience.\n\ngood luck !
235563
Small business Loan Application?\n\ndepends on how you wrote it.\n\nif it is in word, then copy-paste, if it is a SBA propsal writer, look in the help menu.
510626
You may find a tough time getting a loan from financial institutions with poor credit, even from SBA. SBA requires a number of factors to avail of their loans, and one of them is good credit history (see SBA Basic requirements http://www.sba.gov/financing/preparation.htm )\n\nIf you cannot get loans, try to get a loan from your parents, family and friends. If they cannot give you any, use your credit card. Credit card requires no collaterals but are an expensive source of funds. \n\nOtherwise, either downscale your plans and amount of capital needed; or wait until your financial situation improves.
280954
You may find a tough time getting a loan from financial institutions with poor credit, even from SBA. SBA requires a number of factors to avail of their loans, and one of them is good credit history (see SBA Basic requirements http://www.sba.gov/financing/preparation/requirements.html )\n\nSince that is a small amount, your best course is to use a microlending facility. Microlenders, by their very name, provides loans of very small amounts often not exceeding $30K (and average loan amount is $10K). They typically do not require business plans unlike banks (and even SBA), but need your personal tax returns\n\nBut microlenders are no less strict than banks, and often asks the questions:\n\n- Is this a start-up or existing business? \n- How much money is needed, and for what purpose are the funds intended? \n- Who is included in the management team, and what is their experience? \n- What collateral is available? \n- How much have you already invested or are you willing to invest? \n\nTalk to them and find out if a microlender is right for you. See a list of state by state SBA accredited microlenders here\n\nOtherwise, if microlenders look for collateral and you really can't provide any, my advice is to simply use your credit card. Credit card requires no collaterals - but only after trying to get a loan from your parents, family and friends and couldnt get any. Credit cards are an expensive source of funds, but if you have no other recourse, then max out your cards (if you have any left)
909207
You stand a greater chance of getting a government-guaranteed loan through the Small Business Administration http://www.sba.gov/financing than a government grant. Read the SBA Financing page to learn about criteria needed for borrowing \n\nIt is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business. And yes, grants mean PAPERWORK - lots and lots of it, that is why a cottage industry of grant writers was born.\n\nNonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.\n\nEven if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently. But still the info is the same - hardly any grants for starting a for profit business.\n\nEven SBA does NOT give out grants. From the SBA website http://www.sba.gov/expanding/grants.html\n\n"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."\n\nHere is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business -- THERE'S NONE.\nhttp://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show\n\nMost of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program \n\nGrants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs \n\nI suggest you read the following books to get ideas of how to finance your business:\n\nFinancing Your Small Business  http://www.amazon.com/exec/obidos/ASIN/1572484500/powerhomebizguid\nSmall Business Financing: How and Where To Get It http://www.amazon.com/exec/obidos/ASIN/0808007386/powerhomebizguid\nFinancing the Small Business: A Complete Guide to Obtaining Bank Loans and All Other Types of Financing http://www.amazon.com/exec/obidos/ASIN/1580626815/powerhomebizguid\nThe SBA Loan Book http://www.amazon.com/exec/obidos/ASIN/158062202X/powerhomebizguid\nAngel Capital : How to Raise Early-Stage Private Equity Financing http://www.amazon.com/exec/obidos/ASIN/0471690635/powerhomebizguid\nFinancing Your Small Business (Barron's Business Library Series) http://www.amazon.com/exec/obidos/ASIN/0764124897/powerhomebizguid\n\nFor private grants, you may want to check the Foundation Center's Foundation Grants for Individuals Online http://gtionline.fdncenter.org  . It's a subscription based website ($9.95 per month) but their opening blurb only says that the database is ideal for "students, artists, academic researchers, libraries and financial aid offices." Entrepreneurs are apparently not one of them, so I take it they also don't have listings of private foundations who give grants to would-be entrepreneurs.
1105438
I agree with the other answerer, but wanted to add a few suggestions on HOW to build the BUSINESS credit too.\n\nThere are companies that can help you build credit simply by using them.  First apply fora  credit line using your own info., then just order what you need.  Try companies like Staples and OfficeMax for supplies, ordering online and placing a CoD type order.\n\nOf course you will need utilities and and telecommunications, be prepared to put down a slightly larger deposit though having no credit for the company at all.\n\nYou may check with the small business development branch of your city or state and see if they have some programs or tips for you as well.
54554
To the first part, you can't. I've tried.\n\nFor grants and loans, visit your local government or search online.  \n\nLoans can be detrimental to a business because these force profits out of your pocket in order to pay the loan.
680378
It's clear you don't want to do it the old fashioned way or you might never have ended up with bad credit to begin with. However let me take devil's advocate position just for an excercise in fairness. Pay off your debt as fast as you can & then speak with the Small Business Administration. You'll find a ton of help there. While you're paying off your debt?, try working in the field you want to start up to gain insider tips  on how best to run that business.Look for the link Starting Your Business
1005951
Even though you have "poor credit", you can still get a loan.  If you have assets, you can put them up as collateral.  An example, go to a pawn broker (hock shop)
1041367
Bad news about getting turned down.  The problem you face is that you are on parole and have a bad credit score.  If you cannot get any money from family or friends, then you will continue to struggle to find investors.  \n\nThe SBA does not guarantee loans for businesses (or their owners) that have bad credit.\n\nBanks generally follow the same rule, but banks are primarily collateral lenders, so if you have an asset that has an equal "salvage value" as the loan amount that you wish to recieve then you might be able to bypass their other concerns.\n\nFriends and family need convincing, just like any other investor, that your business will be successful and that they will receive their investment back.\n\nBesides that, you might try to find someone else that is an entrepreneur (and is not competing directly with you) to help you out by mentoring you and giving you a small loan to get you started.  Another possibility, although slim, is finding an "Angel" investor who will give you the money in exchange for part ownership of your business.\n\nOne last thing you might consider is a partnership with someone who has the money, but not the time.  This can be attractive to people who are working full time and feel that an investment in you and your business will have a greater return than a 5-year CD or the interest they receive from their savings account.\n\nI hope that helps and good luck with your business!  America is built on the backs of entrepreneurs.
683341
I would go to the bank first.  If you don't have the credit to get a loan, what is the point in getting a license or contacting Ugly?  Matter of fact, you may want to draw out a business plan to take to the bank, as well.
990232
Try this website. My friend got a loan from there. Its like the ebay of loans.\nProsper.com
589992
learn how to spell first, then apply. They don't give business loans to people if they can't even use spell the word loan. Sorry
249831
To qualify for a $21,000.00 personal loan you will need to have a FICO credit score that is higher than 700 and/or some positive history of personal credit.\n\nI'm not sure what your bad credit issues are but if you haven't looked at your credit files then go to www.annualcreditreport.com and get all 3 for free. Review your files for accuracy and dispute any items you believe to be incorrect. Each dispute will take approx. 30 days.\n\nGood Luck