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10 Replies Last post: May 19, 2008 3:31 AM by CMJCONSULTING

Loan Question

Jan 17, 2008 12:59 PM

THESPL8 3 posts since
Jan 17, 2008

I am a BOA customer with poor personal credit, due to mistakes with credit early on in life. Just want to be honest. I managed to start a small business and the business is growing. However, now that the business is growing I need to find lines of credit or loans and I have been turned down at least 3 times by BOA a bank I have banked with for about 15 years. Any suggestions on alternatives.

Tags: loans, capital, financing, business_credit, business, capital, investors Report as inappropriate

CEO Space 262 posts since
Jan 13, 2008

1. Re: Loan Question Jan 17, 2008 1:04 PM

Congratulations on your growth.

There are several people in this forum whom will probably help you directly, Conscorp, Triumph and others.

Also, from my own experience, all banks have different criteria, a "no" at one place does not at all mean a "no" at all places.

I once contacted 29 places to get the funding I needed. (Do not let all of them pull your credit.)
I went in already knowing all my credit and with a business plan.

Do you have a business plan?

Good luck!

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CEO Space 262 posts since
Jan 13, 2008

2. Re: Loan Question Jan 17, 2008 1:06 PM

Also, if you want some direction on finding out about what you can do to improve your credit, email me
kathyhadley@earthlink.net

And no, I am not a person selling some program to improve your credit. I have just known many business
people in my experience with this problem. I might be able to help you or direct you to some help.

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LUCKIEST 4,467 posts since
Aug 6, 2007

3. Re: Loan Question Jan 17, 2008 1:09 PM

Welcome and Thanks for sharing. Great that you started a small business and the business is growing.
Do you have an Accountant?? How about Credit cards. It is very important to rebuild your credit SLOWLY.
Start with a Staples or Home Depot credit card. Use it monthly and pay off the balance TIMELY.
That in time will help your credit.
Do you have a Business or Marketing Plan. Lenders or investors will want to see the plan.
Hope this helps a little, LUCKIEST

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THESPL8 3 posts since
Jan 17, 2008

4. Re: Loan Question Jan 17, 2008 1:34 PM

in response to: LUCKIEST

Thank you for your reply.

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THESPL8 3 posts since
Jan 17, 2008

5. Re: Loan Question Jan 17, 2008 1:40 PM

in response to: CEO Space

Yes, we have short business plan. Due to lack of funding we can barely advertise and we are unable to market like we want to and as planned. Those are two things are fundamental to small business growth. We are up and running though dispite those issues. Can you tell me more about Conscorp and Triumph?

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SageTrout 23 posts since
Jan 31, 2008

6. Re: Loan Question Feb 11, 2008 10:34 AM

in response to: THESPL8

I have two programs that may help you get working capital with poor credit if either you invoice customers for your product/services OR your customers pay you on MC/VISA for more than $2,500 a month. If you're interested, please contact me at DougA@equitycorpfinance.com or call me at 888-498-8999 ext. 109.

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financeguy 7 posts since
Feb 7, 2008

7. Re: Loan Question Feb 11, 2008 2:16 PM

Best way to go is to finance your account receivables, you don't have to have good credit to do this. If you need some working capital first I can help you. call or email me if you would like to talk. brett@avalonfundingcorp.com (949) 200-7318

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TJMorehead 98 posts since
Mar 16, 2008

8. Re: Loan Question Mar 17, 2008 12:17 AM

Hello Thspl8,

Congratulations on the success of your business. As oppose to relying on your personal credit for financing, it is wise to establish business credit to secure business loans and lines of credit. Your personal credit eventually suffers when acquiring loans for business ventures. Sometimes when people are starting a business they have to rely on personal credit to acquire capital, however, it is wise to start early with developing business credit before your personal credit is maxed out.

Depending on your credit situations, I maybe able to help you secure a low to no doc business loan. Feel free to contact me at moreheadsconnections@gmail.com for further assistance.

Warm regards,
TJ Morehead

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TJMorehead 98 posts since
Mar 16, 2008

9. Re: Loan Question May 16, 2008 2:11 AM

Hi Thespl8, Have you gotten your situation resolved yet? I may have a source for you to consider. I'll need to know what your scores are exactly. Shoot me an email, moreheadsconnections@gmail.com

Warm regards,
TJM

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CMJCONSULTING 1 posts since
May 18, 2008

10. Re: Loan Question May 19, 2008 3:31 AM

Hello THESPL8,

I just came across your post from January and was wondering if you are still looking for a line of credit for your business. If you are please contact me at info@cmjconsulting.net .
I have a program for an unsecured business line of credit that does not require a personal guarantor.

Best regards,

Chris

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ForumsLoans and Lines of Credit

This Question is Possibly Answered

Loan Question

Jan 17, 2008 12:59 PM

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