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Starting a Business, Welcome
Tell us more. Are you in Business NOW?? How long??
What kind of business ?? and how much is a "small loan"??
Talk to me, LUCKIEST
No i havent start the business yet..i would like to start it but i need help in getting a loan or a grant.
I just went to an ordeal to get financed for my startup and unfortunatley I didn't get approved...just keep on trying!
Hi There... Well, if you need to get a loan from a bank, your personal credit will have a lot to do with your ability to get a loan. Even though business loans generally do not report to your personal credit, banks do look at your personal credit before giving you a business loan.
You may be able to qualify for an SBA Micro Loan even with not so great credit. I don't work for Bank of America, but I do my banking here, and I would really suggest working with them, because they are a really great bank, and very small business friendly.
As an alternative you may want to consider buying an existing business. Many people over look this option but I believe it can offer several advantages over a start-up:
1) Proven cash flow (less risky)
2) Normally easier to finance (see #1 above - the banks know how the loan is going to be paif back)
3) Training from previous owner (less of a learning curve)
With good credit, you can still get a SBA guarnteed loan with 20% down. Additionally, there are ways to use your 401K money to purchase your own buisness! (called a self-directed 401K).
Best of Luck,