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Best solution is to find a co-investor or partner with stronger credit, tangible assets to use as collateral, and especially a higher credit score.
Most banks will only loan75% to 90% of the collateral value.
You score dude. The site you gave is packed with valuable information. Thank you.
Follow the advice so far, but also try to get a business credit card. Only put small things on it and pay it off immediately. This will quickly build your credit. Start increasing the amount of your purchases, assuming you can pay it off quickly.
Try to get credit with suppliers such as Office Depot and Staples. I've only had a EIN number for 3 or 4 months and they approved me.
tonegarage, Tell us more. What kind of business. Do you have a Lawyer (especially after a nasty divorce).
Sometimes you (or a good lawyer) can explain to credit companies what happened.
How was your credit before the divorce??
Visit SCORE in person or online. They help new businesses FREE.
I would hope that he/she has made some progress since this original post is from October 10th.
1. can you suggest an Accountant in central Jersey-Iselin area who will not only do taxes but guide in taking correct steps in running the business?
2. Can you recommend virtual offices in Centarl Jersey-Iselin area that will offer space for few hrs per week?
You can consider an
asset-based lender. The interest rate will be a little higher because
they are more likely to loan to what they consider higher risk
customers, but it's something.
business owners such as most retail stores or restaurants usually opt
in for a business cash advances since they are not eligible for a
traditional business loan. Especially when repaying traditional bank
loans can destroy a the profits of the business. Thats where the
alternative financing comes to play.
Advantages of alternative financing:
· Business Cash Advances do not have to be repaid if your company were to have a slow day, month, or season.
· Business assets nor collateral have to be pledged to obtain a business cash advance.
· Non credit based. Bruised credit OK.
· Will not tie up your credit lines nor appear on your credit report.
· More cash flow available since you do not have to make debt payments.
· Fixed monthly payments. Slow month? Doesn't matter, you need to make your payments.
· Will not qualify with bad credit
· Healthy tax returns required
· Appears on your credit report and puts a bottleneck on your overall line of credit
· Late on a payment? Your credit will likely get bruised for 7 years.
business cash advance is not a loan. It's a cash advance strictly based
on your credit card receivables. It's the same idea as factoring,
however with credit cards. The organization offering the business cash
advance provides funding based on the average amount of credit card
sales produced over a months time and generally will advance a small
business up to 135% of the monthly credit card processing volume.
Repayment is simple where a specified % of the merchants daily batches
are deducted daily until repayment of the advance.
several business cash advance companies out there. Companies like 1st
Merchant Funding usually provides this type of cash advance as working
capital for most business owners that accept credit cards already at
More information can be found by referencing www.1stMerchantFunding.com or by calling 866-710-2265
Your business needs to establish itself independet of your credit.
Your business can borrow large amounts ($25k or more) with no personal guarantee, without even a credit check, if you agree to hold the proceeds of the loan on deposit. Then you can make monthly interest payments for a while before returning the deposited loan proceeds to repay the loan. This builds business credit in real dollar amounts because it can be done and reported to D&B and Experian Business Credit. You can have more than one account at a time. You can do the same thing with your personal credit, and have it reported to Experian, Trans Union and PRBC.
Also, in both cases, the lender will give you the option of refinancing their loan to you, using a BofA or other bank loan or line of credit. To get it done, they will post your deposited funds as collateral with the bank. Now you become the source of a big deposit and a cash-secured loan or line of credit for the bank, a big leg up. See http://www.creditloader.com
Good Day Tone garage
can you take your time to let me know what type of business you are into and how you intend making funds repaid to an investor,i do want make an investment.do send mail to firstname.lastname@example.org
What do you need the money for? This will help determine how to get the money. Do you need extra supplies or inventory? Looking to purchase equipment? Do you need help with cash flows because your customers are paying too slow? The reason you need the money can help determine how and where to get it.
What type of business, I may be able to give you a loan , This is something I do.
please call me at 727-545-9530 or email@example.com
Please contact me at 781-341-0700. I can definitely discuss with you how you can meet your capital needs.
I would like to ask if you can assist me in my business finance needs. Pls let me know. Thanks.
Firstly, you need to know how much exactly that will be able to carry your business to the level you want it.
How much money you need will give you a focus towards where and how to get.
You have a few options open to you. You could always take on an investor, but this diminishes your ownership. You could get the business credit card; but watch out for the interest rates, as you said, your credit isn't great. You could also look into a business cash advance, this is what I can help you with. There are draw backs to a cash advance, like with everything, but for most small to medium size businesses the advantages far outweigh the draw backs. I would like to go over some of the details with you. Feel free to check out our website - www.ourbusinessloan.com - or send me an email - firstname.lastname@example.org - or give me a call - (866) 942-9199 ext 223.
I look forward to being able to help you with your financial needs.
Making Obstacles Manageable, Inc.