How To Get A Loan Or Grant With Poor Credit
- Thread starter Alextab
- Start date
Polished60
New member
I've been thinking about going to the SBA for advice as I am having a hard time funding my start up w/ my own cash. I've got pretty good credit but I think they can probably offer some really good advice for those who don't as well. Plus, its almost free to use them. Anyone else ever worked w/ them?
Last edited:
The Fuzz
New member
I should write a book on how to start a business with minimal cash. I have found that if your credit is not the best to begin with, getting a loan may not be the best idea at the present time.
Wait until your business is established, the cash flow is steadily coming in and your credit is better so that you can get the best interest rate possible.
Get creative when it comes to marketing, there are ways to advertise your business for free. I will tell you more about this later this weekend when I have more time. Always talk to to strangers, make sure that everyone that you meet gets a business card.
Use barter to get things that you need instead of cash. If you need printing done for cards, fliers and brochures find a printer that will trade you printing for detailing. Never undercut or give discounts when bartering. Trade the services dollar for dollar.
I know that I haven't helped you get a loan with poor credit, I would rather help you be successful no matter what your credit rating is. Get the loan down the road when you are in a stronger financial position.
The Fuzz wishes you much success! :bigups
Wait until your business is established, the cash flow is steadily coming in and your credit is better so that you can get the best interest rate possible.
Get creative when it comes to marketing, there are ways to advertise your business for free. I will tell you more about this later this weekend when I have more time. Always talk to to strangers, make sure that everyone that you meet gets a business card.
Use barter to get things that you need instead of cash. If you need printing done for cards, fliers and brochures find a printer that will trade you printing for detailing. Never undercut or give discounts when bartering. Trade the services dollar for dollar.
I know that I haven't helped you get a loan with poor credit, I would rather help you be successful no matter what your credit rating is. Get the loan down the road when you are in a stronger financial position.
The Fuzz wishes you much success! :bigups
Jngrbrdman
New member
I need to write up my credit tips someday. I'm not trying to brag, but trust me when I say that I know what I'm talking about when it comes to credit. I was the lead dispute letter writer for the largest credit repair law firm in the country for 2 years. I'd guess that 95% of the letters they still use were written by me. I probably know credit better than I know detailing at this point. There is a lot less to know about credit, but what you don't know might surprise you.
When you say 'pretty good credit' what are you refering to? I know credit scores are personal and you probably don't want to go into it on public boards, but if there is any advice I can give you then please PM me or email me and I'd be happy to help. Apparantly I signed a non-competition agreement when I was hired by the firm, but that doesn't mean I can't give free advice.
I can also refer you to www.artofcredit.com and they can give you excellent advice too.
When you say 'pretty good credit' what are you refering to? I know credit scores are personal and you probably don't want to go into it on public boards, but if there is any advice I can give you then please PM me or email me and I'd be happy to help. Apparantly I signed a non-competition agreement when I was hired by the firm, but that doesn't mean I can't give free advice.
I can also refer you to www.artofcredit.com and they can give you excellent advice too.silverline
New member
In most cases (not all) starting out with very little money is a recipe for disaster. Of the 8 out of 10 new businesses that fail, I would venture to say that most of them failed because of a lack of working capital and a lack of skills running a business. I'm not saying this is the case with all start-ups as I know quite a few people that have started detailing businesses out of their cars and have gone on to become very successful...but this is the exception to the rule. Give yourself a fighting chance, start with enough money to buy the equipment and supplies you need in addition to about 6 months of operating expenses to use until you can get up on your feet. If you haven't run a business before, take some biz courses and attend a reputable detail training program. They will not only teach you the Correct Way to detail, but also proven methods to market and run your business successfully. Creativity can go a long way in building the needed start-up funds. I personally got a home equity line-of-credit to fund my mobile business. If that is not an option, do you have someone that could co-sign the loan for you for a couple of years then refinance the loan when the bank recognizes that you can operate a business and they will get their money? How many banks have you tried? Have you tried the SBA? Do you know anyone that might want to invest in a new business start-up. My point is that there are so many avenues that might work for you if you have the drive and determination to make it work. It might take some research and leg work on your part, but don't give up as I'm sure you'll find someway to make it happen. Good luck to you.
Regards,
Matt Williams
Silver Lining Detail
Regards,
Matt Williams
Silver Lining Detail
Polished60
New member
Jngrbrdman, I was basically just wondering if Alextab had tried the SBA. They don't officially give the loan but many people have told me they can be very helpful in finding financing and helping you fine tune your business plan and determine your true operating costs/profits etc etc etc. And i have a great credit history/score, I was just trying to be modest :headbang