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16 Replies Last post: Mar 8, 2008 11:08 AM by Iwrite

Bad personal and no Business Credit

Apr 15, 2008 11:53 PM

Click to view linklitedata's profile Professional linklitedata 5 posts since
Apr 15, 2008
I was wondering if anyone knew of any resources for getting a loan or credit for my company if my personal credit is bad and my business credit is nill. I am losing alot of money by turning down jobs because I can't afford the upfront payroll because I am paid NET 60.
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Click to view dbhousel's profile Professional dbhousel 3 posts since
Apr 16, 2008
1. Re: Bad personal and no Business Credit Apr 16, 2008 1:00 AM
in response to: linklitedata
Consider the following as an option to help:

Q: What is factoring? How does it work?

A: Factoring is the purchase of accounts receivable for immediate cash. Once you have delivered a product or performed a service for a creditworthy corporation or institution, contact us prior to sending your invoice to your customer. We will confirm with your customer that the work has been completed or the goods delivered and accepted, we will advance you up to 70% (up to 60% for the construction industry) of the face value of the invoice amount in cash. When your customer pays us, you will receive the balance less our discount.

Q: Do I need accounts receivable financing?

A: Yes...if you are a new business. YES...if you are a business that can't get traditional financing, such as a small or medium size business or a minority or woman owned business. YES...if you need additional operating capital. YES...if you want to solve your cash flow problems.

Q: How do I qualify?

A: We base our credit decision on the strength of your customers, not you. It's easy to qualify if you meet the following criteria: Your customer must be another (creditworthy) business. Your invoice must be a valid one for goods sold and delivered or services rendered...to your customer's satisfaction. We will verify each invoice with your customer.

DBH Financial Group

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Click to view LUCKIEST's profile SCORE LUCKIEST 7,932 posts since
Aug 6, 2007
2. Re: Bad personal and no Business Credit Apr 21, 2008 5:04 PM
in response to: linklitedata
Bad personal and no Business Credit, Welcome to this web site.
There have been posts like the one below that might help you.
Be Careful, LUCKIEST

My name is Solly and i am a financial consultant at a company called MaxAdvance
in New York city. We are currently helping several small businesses with our
cash advance program. What we do is offer unsecured loans to be used for
whatever you desire without collecting a collateral. We won't take compounding
intrest, just one set factored rate which means you can take as long as you need
to pay it back without any penalties. CREDIT IS NOT AN ISSUE WITH US. All you
need is a credit card terminal. Please feel free to contact me at any time at
1-866-629-4464 Ext:238.

Take care and good luck,

Solly
Mizrahi
MaxAdvance
smizrahi@maxadvance.com
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Click to view dbhousel's profile Professional dbhousel 3 posts since
Apr 16, 2008
3. Re: Bad personal and no Business Credit Apr 16, 2008 1:51 PM
in response to: LUCKIEST
Hello,

I just want to respond to the comments made above. The cash Advance programs do have a high cost tied to them as compared to normal loan packages from the bank. Problem with normal banking loan process is that there can be long delays until the funds are available. The Cash Advance and Factoring are viable methods that can bring the much needed Capital Funding to allow your company to grow and expand in the timeline you need. The best way to look at these alternative methods is to look at what the funds are going to allow your business to accomplish. Is there opportunities that would be missed if the funds were not available. If you can assess the business growth and profits that would be realized from the loan or cash advance, then you can better make decision as to if the offer is good for you.

Hope this helps explain the alternatives that are out there for your business needs.

Thanks,

David Housel
DBH Financial Group

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Click to view FinanceHelp4U's profile Mogul FinanceHelp4U 36 posts since
Mar 5, 2008
4. Re: Bad personal and no Business Credit Apr 20, 2008 3:43 PM
in response to: linklitedata
+Hi, my name is Carol - I am a Financial Consultant. I specialize in working with people/businesses such as yourself. I have many years experience in helping businesses obtain loans/lines of credit.</e<br />Please feel free to contact me, I think I can help you without many problems. That is what I am here for....looking forward to hearing from you,*

Carol, Financial Consultant
FinanceHelp4U
hardwork70@newwavecomm.net
(877) 382-8159 Toll Free
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Click to view bizconsultant's profile Mogul bizconsultant 74 posts since
Apr 1, 2008
5. Re: Bad personal and no Business Credit Apr 21, 2008 1:22 PM
in response to: linklitedata
If your primary goal is business credit establishment, we have a program or if the primary goal is to get financing, we have a program that helps businesses get bank funding regardless of credit,collateral or current cash flow (as long as they have 7% down, a current banking relationship and a solid business) Contact us regarding The Ultimate Funding Solution. ajones@abcsolutions.cjb.net
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Click to view dr_chughtai's profile Authority dr_chughtai 13 posts since
Apr 23, 2008
6. Re: Bad personal and no Business Credit Apr 23, 2008 2:02 PM
in response to: FinanceHelp4U
<stro<br />How are you. It was nice speaking to you this morning. As I discussed, I am interested to set up a TODDLER Pre school business. I am exploring with a few companies who can be a partners in this joint venture. They help to buy land/ building and provide a complete setup along with staff as well. I need to establish a line of credit~ $300,000. Can you help?

Waiting to hearing from you

regards

Dr. Gul M. Chughtai
215-722-2435
Philadelphia, PA
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Click to view dr_chughtai's profile Authority dr_chughtai 13 posts since
Apr 23, 2008
7. Re: Bad personal and no Business Credit Apr 23, 2008 3:03 PM
in response to: FinanceHelp4U
Email Reply 6. Re: Bad personal and no Business Credit Apr 23, 2008 2:02 PM
http://smallbusinessonlinecommunity.bankofamerica.com/images/up-10x10.gif in response to: FinanceHelp4U <stro<br /&g<br />
How are you. It was nice speaking to you this morning. As I discussed, I am interested to set up a TODDLER Pre school business. I am exploring with a few companies who can be a partners in this joint venture. They help to buy land/ building and provide a complete setup along with staff as well. I need to establish a line of credit~ $300,000. Can you help?

Waiting to hearing from you

regards

Dr. Gul M. Chughtai
215-722-2435
Philadelphia, PA Report as inappropriate
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Click to view FinanceHelp4U's profile Mogul FinanceHelp4U 36 posts since
Mar 5, 2008
8. Re: Bad personal and no Business Credit Apr 23, 2008 3:02 PM
in response to: dr_chughtai

It was very nice speaking to you also. With some hard work - this should not be a problem. We will try our best to help you. Different strategies are available. I have that you are located in Philadelphia. Are you incorporated yet?


*Please respond to me at *hardwork70@newwavecomm.net.

*

I look forward to working with you,


Thank you,


Carol J. Smith, Financial Consultant

(FinanceHelp4u)

Corporate Capital Solutions

(877) 382-8159

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Click to view MnlyTechnlgy's profile Mogul MnlyTechnlgy 98 posts since
Feb 27, 2008
9. Re: Bad personal and no Business Credit Apr 23, 2008 5:09 PM
in response to: linklitedata
linklitedata: I am in a similar boat as you. My husband and I funded the startup of our own business and are now faced with growth opportunities and lack of ability to gain the necessary finances to fund that growth. We need new equipment which will allow us to handle the growth and unfortunately our business is not LLC'd to date so we are apparently at a higher risk for obtaining a loan for our growth. The responses are interesting to me as well .. thank you for asking the question.
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Click to view linklitedata's profile Professional linklitedata 5 posts since
Apr 15, 2008
10. Re: Bad personal and no Business Credit Apr 23, 2008 6:03 PM
in response to: MnlyTechnlgy
MnlyTechnlgy- I also funded the start of my company and the necessary supplies I needed. Now I have job offers that I can't take because I don't know any employee that will wait 60 days to get paid. Its a brutal process trying to get credit when you have bad or no credit. I figured that I wasn't the only one out there with this situation...
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Click to view MnlyTechnlgy's profile Mogul MnlyTechnlgy 98 posts since
Feb 27, 2008
11. Re: Bad personal and no Business Credit Apr 23, 2008 6:10 PM
in response to: linklitedata
linklitedata: Definitely not .. and our situations are extremely similar. Have you contacted any of the responders to your original question?
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Click to view linklitedata's profile Professional linklitedata 5 posts since
Apr 15, 2008
12. Re: Bad personal and no Business Credit Apr 23, 2008 6:37 PM
in response to: MnlyTechnlgy
Yeah I responded to FinanceHelp4u answer. It seems like a way out but I want to learn more about it. Another thing is its only for bigger money....
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Click to view FinanceHelp4U's profile Mogul FinanceHelp4U 36 posts since
Mar 5, 2008
13. Re: Bad personal and no Business Credit Apr 24, 2008 9:11 AM
in response to: MnlyTechnlgy

+Just give me a call and I will work very hard to help you with your needs.+</stro<br />Carol, Financial Consultant*
(FinanceHelp4u)
hardwork70@newwavecomm.net
(877) 382-8159 Toll Free
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Click to view FinanceHelp4U's profile Mogul FinanceHelp4U 36 posts since
Mar 5, 2008
14. Re: Bad personal and no Business Credit Apr 24, 2008 10:29 AM
in response to: linklitedata
<address>Hello, this is Carol (post name FinanceHelp4u),

Yes, we do have a minimum of $300,000, but why would you not want to have that amount available, if possible. You only pay interest on the amount you use. It is a great program and one that is needed by the majority of businesses in this country. We work with alot of great lending institutions (such as Bank of America) and vendors.

As you may have read on one of my other posts, I have years of experience working with the U.S. Small Business Administration. One of the reasons the majority of new businesses fail is due to inadequate capital. The majority of people I speak to tell me about the business opportunities (work for their company) they have to turn down due to not having the resources available to fund the project until they are paid. This is sad because they have so many ways of becoming a successful entreprenuer, but they do not get prepared for the financial demands it takes to fund their operations until they receive their payments. These are all hard working people with great minds that get so tied up in their everyday operations they fail to plan and be ready for the "bigger" payday. "It takes money to make money" and no one can pay their bills (keep a roof over their heads) if they don't properly plan and be "capital ready" for their future "growth" needs. No one goes into business planning to fail, but alot of people go into business without properly planning to "grow". Hindsight is 20/20 (whoever said that has to be a genius....lol) - cause you know it's true.

I am a Financial Consultant, I do not know everything or pretend that I do. But I am very candid and as helpful with you and your business as anyone that you will ever find. I have many clients call me after they have tried to work with other companies. They are usually very upset because the companies will not even return their telephone calls, they are not even able to get a "live" person on the telephone, or the companies make them many promises they cannot deliver, and on and on...many of these clients are very upset and feel like their is no one to help them....because most of them needed help "yesterday".

I am in this business because I love what I do and helping people become as successful as possible is very rewarding. When you win, I win. My services not only include helping businesses obtain loans/lines of credit, but it far surpasses that.

We "meaning myself and the other people I choose to be a part of my team (which are seasoned consultants, such as myself, plus our team of legal experts)" help to grow your business. We can help with corporate legal services, offering an integrated variety of advertising and marketing services to build brand equity (which includes services such as Website Development, Direct Mail, Case Studies, Video Production, Graphic Design, Web Commercials, Creative Writing, Ad Creation, Marketing Brochures, Marketing Strategies, Corporate Newsletters, Brand Management and more). We also help optimize organizational effectiveness - which is advanced corporate consulting services for building an organization that is adaptable to today's everchanging marketplace. We help to determine your strengths and weaknesses, assessing your competitive strengths and core competencies and the proper leveraging of such. We offer a wide range of consulting services that encompass everything a corporation needs to optimize their effectiveness.

Just because you are not already a corporation doesn't matter. We can get you properly incorporated. I am by no means an attorney, but I work with a great legal team. We can help with everything "start to finish". Almost any attorney or accountant can do the "paperwork" and get you incorporated and listed as such by the state of incorporation. But, the problem is after you are incorporated, you don't know what and how to proceed to make sure you are protected by being "Incorporated". If you are not properly informed and take appropriate steps, you can still fail to be protected and be personally liable if a lawsuit is filed against your company, due to what is called "piercing of the Corporate Veil". You can think you are getting a bargain by paying a low price to an attorney or accountant to prepare the paperwork to become incorporated, but if you don't know what to do to properly transact your business in the manner set forth by law, then you are not really getting a bargain, are you? It pays to have your corporation set up correctly and to maintain the proper accounting and paperwork as required by law. So when setting up your Corporation, we make sure you are aware of everything required by your State of Incorporation to stay in compliance. Don't get me wrong in thinking I am "trash talking" accountants and attorneys. Because I am not, the majority of these professionals do this the proper way and I applaud them. I admire them and look up to them and can't say enough about how great a service they are doing for their clients. I just wished they all did this the correct way. But in any profession, there are always some that are not ethical.

We also offer credit repair services. We want to get your company to where it can stand on its own 2 feet when applying for future loans, etc. In this, we mean - that you don't have to sign a personal guarantee each time (putting everything your own personally on the line - home, automobiles, etc). We want to help protect you and in doing so - help you become more successful and keep growing.

Sorry for this being so lengthy, but I just wanted to clarify a few things.

In addition, for any of those loan officers/financial consultants out there that need to be able to help consult their clients in the way I help mine - please feel free to call me. I work with alot of loan officers and consultants who want to be able to offer the services I do. I am very stringent in the ones I work with - so if you are honest, hardworking and compassionate to your clients you may want to contact me.

Thank you,

Carol, Financial Consultant
(FinanceHelp4u)
hardwork70@newwavecomm.net
(877) 382-8159 </address>
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