ForumsFinancing Tips

Thanks for the welcome. I started a clothing line. I live in Peach County. I started my business with most of my funds from working parttime jobs and using a credit card . Just need a little extra cash to get the business up and running. I guess what i am asking is do just take my business plan to the bank for a loan, regardless of my credit or apply for a grant.

Hello Chocchip,

Thought I might save you some time. Its just about impossible to get a business loan with bad credit. You may get offers with high interest rates from non-bank lenders, but if you're fixing your credit issues, why dig a deeper hole. I wouldn't count on grants either. I see a lot of people selling literature for grants, but in my years as a banker, I've never met a client who got. I'd love to hear otherwise because I would like to share that info with others.

I suggest building your business little by little. If you're the designer, don't take large orders until you can afford to buy the materials and contract the work. If you're just a store, buy your inventory and sell it accordingly. With good cash flow and revenues, the banks will come to you.

You might want to check out this site....

http://www.businessformationgroup.com/resource/

They are very knowledgable and assisted clients of mine with obtaining small lines of credit and helped build their D&B profiles.