How do you get a startup business loan with bad credit?

post Category: Business Startup Loans — admin @ 4:15 pm — post Comments (2)
postSeptember 24, 2009

I just started my business less than 6 mths ago and I cant find anyone to give me a loan for my business can u please help

you will need a business plan to get financing help from anyone and with bad credit, you may still be out of luck – banks are extremely tight with credit now – especially for unproven small businesses

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Horaayy..there are 2 comment(s) for me so far ;)

#1

If your credit is bad enough that you cannot get a car loan or mortgage, where the lender at least has collateral, there is certainly no way you are going to get a biz loan. You are considered not only a bad credit risk, but your inability to manage your money and credit makes you an even more disastrous business risk.

To get a biz loan, you need excellent credit, collateral, personal and business financial statements plus 3 years of pro forma cashflow analyses and financial statements, and a track record of success in the business.
References :

ibu guru wrote on September 24, 2009 - 9:55 pm
#2

you will need a business plan to get financing help from anyone and with bad credit, you may still be out of luck – banks are extremely tight with credit now – especially for unproven small businesses
References :

Doctor Deth wrote on September 24, 2009 - 10:05 pm
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