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5 Replies Last post: Apr 27, 2009 2:42 PM by fundme

I need a small business loan for $5000, A.S.A.P

Mar 6, 2009 3:12 PM

allnite5971 3 posts since
Mar 5, 2009

I started a sewer and drain cleaning business 7 months ago with no start up money. We have been struggling but making it, I purchased a piece of equipment that cost $5500, which a relative paid for it with a credit card. I want to pay this back in full, I have been paying her $300 monthly which is only paying the interest on the loan. I don't have a perfect credit score, my credit ratings are excellent though until I pay off my credit cards my score keeps dropping every month, it went from 620 to 550 in 6 months. My main concern now is to pay off my relative, she can co-sing for me to get a small biz loan though because of the loan to me, which is on her credit card, it has made her score drop to about 605. Doeas anyone know if or were I could apply for a loan and be approved under these circumstances. Please help, I need info asap.

Tags: small_business_loan, tag_moderated, financing_options Report as inappropriate

ezloan4unow 4 posts since
Mar 6, 2009

1. Re: I need a small business loan for $5000, A.S.A.P Mar 7, 2009 12:51 AM

Hi, I know a company can borrow you money only if you accepting credit cards in your business?
You need a minimun $2500 income sales every month and you will be aproved in 72 hours,
Thanks

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bmt2008 305 posts since
Jul 30, 2008

2. Re: I need a small business loan for $5000, A.S.A.P Mar 7, 2009 12:05 PM

Three options that I can think of.

First, there are credit companies that provide small fundign amounts that help people and businesses rebuild credit while providing some funding - usually up to $7K.

Second, Micro-Credit loans. Micro-Credit loans are designed to help business owners in your circumstance. They usually provide up to $35K - with the average being around $13K. They understand your situtation and might be able to help.

Third, Peer-to-peer lending (this is social lending where members loan and borrow from each other). Here, you can submit a request - explaining what you need, why you need it, and your credit situation. This way you get to tell your story to people who will ultimately become your lender.

More information about these can be found on our website - no cost to use our site.

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vlakh01 12 posts since
Feb 26, 2009

3. Re: I need a small business loan for $5000, A.S.A.P Mar 7, 2009 3:02 PM

Hi There,

Those credit scores are not good and you will have a tough time getting a loan. Having said that the new TALF program goes into effect on 03/28/09 and that should bring small buiness lending via SBA back. Wait unitl the 2nd week fo April before you apply.

Today the banks that are still lending are local and regional banks. Also we find that credit unions are fairly active in the small business and personal loan area. I am going to recommend that you try this excellent forum and also check out our website for the most detailed listing of bank in your state with small business ranks. Also don't forget to get a good understanding of how a business loan application works.

Good luck.

Vivek L | Business Plans, Business Loans, Free Credit Report and Credit Score analysis and much more..

http://www.smallbusinessplanresources.com/

En espanol

http://www.smallbusinessplanresources.com/spanish/index-spanish.php

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allnite5971 3 posts since
Mar 5, 2009

4. Re: I need a small business loan for $5000, A.S.A.P Mar 14, 2009 12:55 AM

in response to: bmt2008

i did find your website, when looking into the peer to peer I clicked on the companies that this particular website said it trusted, though they wanted money in order for a membership to get this type of funding doe you know if this is a gimmick.

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fundme 32 posts since
Apr 23, 2009

5. Re: I need a small business loan for $5000, A.S.A.P Apr 27, 2009 3:36 PM

i would like to help out please call or email me

brian faulkner
469-402-1125
www.motherfund.com
bfaulkner@m,otherfund.com

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I need a small business loan for $5000, A.S.A.P

Mar 6, 2009 3:12 PM

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