Welcome to the Small Business Ideas Forum! We are a community of over 100,000 small business folks with over 163,000 posts for you to browse. We pride ourselves on being the friendliest forum you will find and we'd love to have you as a member of our community. Please take a moment and register for a free account. If you need any help, please contact Chris Logan.

Small Business Ideas Forum

Small Business Ideas Forum

A friendly place to share small business ideas and knowledge, ask questions, find help and encourage others that are involved in the small business industry. Topics include small business marketing, generating revenue and small business computing.

Go Back   Small Business Ideas Forum > Generating Revenue, Insurance, Taxes, Etc. > Small Business Finance
Register Search Today's Posts Mark Forums Read

Reply
 
Thread Tools
Old 8th May 2008, 10:52 AM   #1
ccoughlin
Member
 

Join Date: May 2008
Posts: 1
Default How To Fund A Business With Bad Credit??

Hello everyone! I have a fundamental question about how to get my business started. I believe I have a solid idea, but I will need funding to get it off the ground. My personal credit history and score is not that good, I made a lot of financial mistakes when I was younger. I am confident there must be a way to get funding for a business in this situation, I can't be the only person around with bad credit who wants to start a business! Any ideas? Anyone out there with a similar situation? Are there institutions out there that would take a risk on a person with bad credit if the business idea and plan are solid?

ccoughlin is offline   Reply With Quote
Register or log in to remove this ad.
Old 8th May 2008, 05:02 PM   #2
PressureProsInc
VIP Contributor
 
PressureProsInc's Avatar
 

Join Date: Feb 2006
Location: Havertown, PA
Posts: 388
Default

Not too many. If you have a unique concept and can back it up with a business plan that outlines a company infrastucture, design, sales, and distribution channels you can find an investment capital group or firm that might be interested.

__________________
Ken Fenner
Roof Cleaners PA
Roof Cleaning Service for the Philadelphia Suburbs
PressureProsInc is offline   Reply With Quote
Old 8th May 2008, 05:15 PM   #3
mobiHolly
Member
 
mobiHolly's Avatar
 

Join Date: May 2008
Posts: 37
Default

Start with Jenn's ebook on how to make money without spending any. I don't know if this matches your business plan, but if you don't have any money and need to fund it yourself, that could be a way to get the money. It's on this forum somewhere, I don't have the link, sorry.

mobiHolly is offline   Reply With Quote
Old 11th May 2008, 11:48 PM   #4
alison
Member
 

Join Date: May 2008
Posts: 5
Default

Quote:
Originally Posted by ccoughlin View Post
Hello everyone! I have a fundamental question about how to get my business started. I believe I have a solid idea, but I will need funding to get it off the ground. My personal credit history and score is not that good, I made a lot of financial mistakes when I was younger. I am confident there must be a way to get funding for a business in this situation, I can't be the only person around with bad credit who wants to start a business! Any ideas? Anyone out there with a similar situation? Are there institutions out there that would take a risk on a person with bad credit if the business idea and plan are solid?
Suprisingly enough, most smaller Angel Investors don't check the credit rating of those whom they invest in.

However, here are the ways most new ventures are funded. Can you do any of these?

--Friends and Family. Do you have friends and family who can invest in you?

--Credit Cards. Now you say you have bad credit. How bad is it? Talk to your bank and see what they can do for you.

--The Small Business Administration offers a number of Loan Programs in many areas that are not based on credit. (Many ARE based on collateral, so you may have to put up your car or home as an holdable asset.)

--Grants. This takes longer, but it's possible to get the funds and not pay it back. Look into Grantwriters in your area. (A Freelance Grantwriter will put together the application for your Grant- and if you are accepted and paid, the Grantwriter gets a portion, usually 10%.)

Hope this helps.

Ali

alison is offline   Reply With Quote
Old 12th May 2008, 04:35 PM   #5
Beryl
Member
 

Join Date: May 2008
Posts: 2
Default

If you find out let me know! The only solution I have had is to work a part time job to get the business going. You might try a partner, sell some of the company to a private investor with an option ot buy it back later at a fixed price. Try a credit card. How much do you need? that will make a big difference.

Beryl is offline   Reply With Quote
Old 15th May 2008, 04:31 PM   #6
Raise Capital
VIP Contributor
 
Raise Capital's Avatar
 

Join Date: Oct 2006
Location: Houston, TX
Posts: 165
Default

You may want to stair step yourself into business. Start a smaller company online, and then make the transition. Asking for money online can be hard.

Raise Capital is offline   Reply With Quote
Old 14th August 2008, 04:10 AM   #7
harris1234
Member
 

Join Date: Aug 2008
Posts: 8
Default

How to fund the business with bad credit? Really it is a big problem to start the business. If you have the solid idea to start the business then

You talk about your family or friends and take money from there.
You talk your bank with your business idea and see what they do for you.
You also join ajobe for some time and collect the money and start your business.

harris1234 is offline   Reply With Quote
Old 28th August 2008, 04:20 AM   #8
verifiedtrading
Member
 

Join Date: Aug 2008
Posts: 2
Default Re: How to fund a business with bad credit

If you are really confident about your business, then absolutely there is nothing wrong in approaching some financiers or bank.

verifiedtrading is offline   Reply With Quote
Old 23rd September 2008, 10:56 AM   #9
SeanTroy
Member
 

Join Date: Sep 2008
Location: Boston, MA
Posts: 1
Default

hey there, I have owned and sold 3 businesses. The options with bad credit are few but there are some options. If you are buying a business there are companies that will finance with ficos as low as 500. Of course positive cash flow must be present.

SeanTroy is offline   Reply With Quote
Old 23rd September 2008, 01:09 PM   #10
spencer
Member
 

Join Date: Sep 2008
Posts: 86
Default

If you have a great idea and solid business plan, then try getting venture capital.

spencer is offline   Reply With Quote
Reply   

Bookmarks




Thread Tools

Get Updates
RSS Feeds:
RSS Feed for Small Business Finance RSS for this Category Only: Small Business Finance

RSS Feed for Small Business Ideas Forum RSS for Entire Forum
Forum Rules


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


Small Business Ideas Forum


 
At Your Business - Small Business Directory
Free Business Forms - Prewritten Documents
 
Search Engine Guide
Small business guide to search marketing

 
Small Business Brief
Fetching the Best Small Business Info


Free Links - Free Advertising
Free Guide - Online Directory



Advertise your business here
Contact us for more details!


Semantic Juice
Register now to access free Quick SEO service!


Rocket Lawyer
Sign up for free 7 day trial. Boost your biz!


Buy UPC Codes
Get your products listed online!




All times are GMT -5. The time now is 02:53 PM.


Powered by vBulletin® Version 3.7.3
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Copyright 2004 - 2018 - Privacy