collateral or a co-signer with excellent credit.
No, there is NO way in … you would be handed 25k to buy a franchise on the hopes you could make a living at it.
Would YOU lend your 25k to some guy who has no income? LOL
No way.
Now, if you had a bunch of money down and 10-15 years experience in the field, then you might stand a chance.
Work, save, work, save and then try again in 10 years.
Try using the Business Administration for your small business loan request.
Not a very expensive franchise, if you ask me.
My suggestion would be to work for someone else who has that franchise, or a similar franchise. Work hard, and learn every aspect of the business. Where are the customers? How do you attract them? Where do you get supplies at lowest cost and highest quality? What are the chief threats to the business? What’s the best value in advertising for your product? And while doing that, save up your dollars. After a few years, when you have $25k saved up, you can start out on your own. You may find however, that the business is harder than you thought it was.
Hello Dear,
I saw your mail, so i decicided to let you know how i got my loan. I am Mr. Rose williams, six months ago my only son took ill, he was
diagnosed of a heart disease, i was told by the insurance company, that
my insurance won’t cover my sons medical care.
As a mother, i was devastated, owing to the fact that i just lost
my husband a few years ago, so i started looking for money, because my
job was not paying enough to cover my son’s bill, i looked for help from
family and friends but there was non coming, i went to the bank and
was told that, they could not grant me a loan, because i had no
collateral.
Finally, just as i gave up hope on lenders on the Net because of
scams, i met a lady chaitu from China who told me of Mr. Frank Smith, i
tried him and he gave a loan for $80,000usd, today my baby boy is doing
well, i am not telling you this for you to feel sorry for me, rather i
am telling you so that you can help me thank him and if you are ever in
need of a loan you can contact him via ultimate.lenders@gmail.com
Thanks for reading my testimony, and God bless all the good people.
Best regards,
Mrs. Rose
This is genuinely bad news for people with bad credit who are seeking business loans. There are companies out there that claim to help business owners with bad credit, get credit lines of up to $250,000.
It sounds too good to be true for a reason.
The fact is that if you bad personal credit, you are severely limited when it comes to finding funding for your business. However, there are some steps that you can take.
Some of the ideas may require that you have some patience when it comes to actually getting your business up and running, but if you have bad credit, you may not have a choice.
Is it Really That Bad?- Before you write off the possibility of getting a business loan with bad credit, try talking to a bank or other funding source. Some people think they have horrible credit when, in reality, it’s not as awful as they think.
You don’t need perfect credit to get a business loan. People with fair credit may be able to find someone willing to extend a line of credit. Unless you know for sure that your credit is really bad, it’s worth trying.
You cant that is one of the sources they look at when applying for credit.