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Click to view phanio's profile Mogul phanio 604 posts since
Apr 7, 2009
0. Re: Need financing for purchase of existing business Jun 5, 2009 3:41 PM
To be very honest with you - your only option is to improve your personal credit score first. Unless you have collateral for twice the amount you are seeking - no lender will give you a loan with bad credit. If you can get your score up into the mid-600 FICO - then you could try Micro-Credit lenders for that amount or get your score higher and try a SBA loan.

Your only other options are:

Find a partner that has good credit

Have the current business owner hold the note.

Business Money Today
www.BusinessMoneyToday.com
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Click to view Creditbuilder's profile Mogul Creditbuilder 134 posts since
Jan 17, 2009
1. Re: Need financing for purchase of existing business Jun 5, 2009 3:09 PM
We have companies with Dun and Bradstreet profiles that are well established for 5 years. Go to my profile and call and ask for mike or reply with your contact info and I will have someone call you right away.
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Click to view ilyab0dner's profile Mogul ilyab0dner 66 posts since
Aug 27, 2008
2. Re: Need financing for purchase of existing business Jun 7, 2009 3:48 PM
Try to google "strong business credit" first, see what companies pop up. You should build business credit and get financing through that.

Sincerely,

Ilya Bodner
Small Business Owner
Initial Underwriting Group

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Click to view LUCKIEST's profile SCORE LUCKIEST 8,136 posts since
Aug 6, 2007
3. Re: Need financing for purchase of existing business Jun 7, 2009 5:27 PM
Need financing for purchase of existing business, Welcome Kathie

I would like to read your business plan when finished and then we can talk.

Good luck, LUCKIEST at " pdeig@juno.com "
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