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    4 Replies Latest reply on Jan 5, 2008 9:23 AM by LUCKIEST

    Loan to expand business

    ffranklyn Newbie
      I am looking for a business loan to expand my business. My personal credit is poor but I have recently been awarded two federal contract one as a prime contractor and the other as a sub contract. Can I get a business loan based on these federal contracts?

       

       

      Thanks
        • Re: Loan to expand business
          Lighthouse24 Ranger

          In general, no. Having a federal contract is great for you because you know that the government pays it's debts and is good for the money -- but a traditional lender doesn't know that you pay your debts and that you're good for the money (and poor credit suggests that at one time or another, you didn't and weren't).

          Nevertheless, if there's a "program" that would allow you to get a loan on that basis, someone in this community probably offers it and will make a post to tell you all about it.

          Best of luck to you.
          • Re: Loan to expand business
            LUCKIEST Guide
            Tell us more about you and your business. What kind of business?? How did you receive two federal contracts??
            Is there a time period for the work to get done?? Do you have an Accountant??
            What about a Business Plan.
            Good luck, LUCKIEST