phanio
465 posts since
Apr 7, 2009
5.
Re: Veteran Looking for Funding May 24, 2009 9:38 AM
There are a couple of things that you can do:
First and foremost - try to improve your credit. I know that this does not answer your immediate need - but if you are serious about getting back into business for the long-run - if you don't improve your credit - it will always be an obstacle holding you back from many opportunities. Not only will creditors look at your credit but so will vendors, suppliers and some customers.
While you cannot go back and change the past, you can do things now to make those past negatives have less weight.
There are some financing options that do not put as much emphasis on credit as traditional lenders. Good credit is above 700 FICO (excellent credit is above 740). For most lending these days, 700 is the cut off. However, there are a few companies (usually non-bank companies) that will go down to 640 given that everything else for their decision is inline. There are companies that will lend based on assets (physical assets like equipment that can be purchased (even for start-ups) or if already owned can be sold for cash then leased or bought back (these are just paper transactions) or financial assets a business may have.
There are also a few lenders that will provide unsecured funding in either personal loans or business loans for the amount you are seeking.
We have information and resources about all of these products on our website.
Business Money Today
www.BusinessMoneyToday.com
