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There are some financing options that don't rely on your credit score all that much - but, they do require collateral like accounts receivable, equipment, property or credit card reciepts - which may not help you much - besides the equipment.
You can bring in a partner or co-signer that has good credit - this could help you receive funding. You can also bootstrap your business asking friends and family for help.
Business Money Today
No one is lending money right now. The only way is to start small. Home Based Business is the option that most people have been taking lately. The internet has made commerce fully automated.
I run a vocational education center called Glamour Beauty College. I am familiar with the beauty supply business. My opinion is that you should go get into Direct Sales. Nearly no overhead expense and minimal operating expense.
Check out the Trump Network Opportunity, its the best home based business that I have seen thus far. http://trumpne2rk.com
Dr. James H. Nguyen
Director, Glamour Beauty College, Inc.
Now, this may not be exactly what you wanted to hear, and you may have already explored this option, but I think the best way to start a business is to bootstrap it. So set aside a certain amount of money, and don't go over that amount. A good number is generally 5000 dollars. Just start with that money, and get your business going. There is no getting rich quick this way, but it can protect you, and you don't necessarily have to have stellar credit to start a business this way. If you want a better explanation of bootstrapping, try Wikipedia or this site about how to bootstrap a business[/url].
Sorry, that link to <a href="http://www.bootstrapbusiness.org">bootstrap </a> didn't seem to work.
A couple of comments:
First of all, I've worked biz-to-biz for many years, and can tell you from
experience that undercapitalization (aka not enough money) is probably the #1 reason most new
businesses fail. So be careful. I know you are impatient to get started, but I think it's important that'you do what you need to do to improve your credit and amass sufficient cash before you even think about
opening your doors.
On that note, you would also be well advised to be VERY skeptical of those pushing 'credit repair' services.
Most, if not all, of them are scams. If you are already capital-challenged, the last thing you need to do is
flush what little cash you do have down the tubes on some credit repair scam .
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Im trying to open a hair and beauty supply store and Im doing a bunch of leg work right now. Im nervous that once I have everything else in place the only thing that will be holding me back is the funding for my business. Im scared that I wont beable to be financed because of my credit which is less than perfect. Although Im working on repairing it Im also trying to get started with opening my business and I'de hate for that to be the only thing holding me back. It could take a year or two for my credit to get where it needs to be and unfortuanately thats not good enough for me. What can I do to help move this process along?