Today's Top TipOnline business plan scams are alive and doing very well. There's even a new wrinkle: the "crowd funding". Trust me, no one makes money but the promoters in this scheme.
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The fact of the matter is that obtaining a new business loan with bad credit won't be an easy process, but it is also not impossible. If you are dedicated and determined to start a new business when you have had some credit problems there are a few options available.
When trying to get a new business loan with bad credit, don't assume that your credit is the very worst it could be. Talk to banks and other well-known, reputable funding sources and go through their application process. In many cases, people who believed their credit was really bad discovered that banks and funding companies have differing ideas as to what really constitutes bad credit.
Also, if a co-signer is needed for your loan, a friend or family member who knows you and trust you may be your best choice.
If you do have bad credit and want to start a new business, you should go ahead and begin establishing business credit which is not associated with your personal credit history. Plan on starting small, with modest lines of credit. Later on, that credit can build.
One way to begin this process is to register a business name and obtain a checking account in that name.
Before working to obtain a new business loan with bad credit and to help create good business credit you can also set up a telephone line in name of the business. You might look into acquiring a business credit card- just be sure to maintain the payments and limits of that card.
After you've had these elements (the checking account, phone number, and business credit card) up and running for a few months, you'll find it will be easier to get a business loan with bad credit. While starting a new business when you have poor credit won't be an easy process, you shouldn't let that stand in the way of your dream to be your own boss.
Be sure to read the steps outlined in Minority Business Loans. Minorities, like you, face strong pre-conceived notions about their credit worthiness. There are real steps that minorities can take; and there are real steps that you can take to make your road a lot, lot smoother.
The road to success is always under construction.
Shown here as "Ernestine", one of her most successful characters
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