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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.
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
I have a catering business. One of the contracts was received through a prime contractor and the other contract won as a prime contractor. One of the contracts is for 3 years and the other for 5 years. I do have an accountant but not a formalized business plan.
Thanks for sharing. Start with your Accountant. Does he know bankers?? Can he help you get a loan??
You will definately need a business plan. Let us know how we can help you succeed.
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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?