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    10 Replies Latest reply on May 19, 2008 3:31 AM by CMJCONSULTING

    Loan Question

    THESPL8 Newbie
      I am a BOA customer with poor personal credit, due to mistakes with credit early on in life. Just want to be honest. I managed to start a small business and the business is growing. However, now that the business is growing I need to find lines of credit or loans and I have been turned down at least 3 times by BOA a bank I have banked with for about 15 years. Any suggestions on alternatives.
        • Re: Loan Question
          CEO Space Scout
          Congratulations on your growth.

          There are several people in this forum whom will probably help you directly, Conscorp, Triumph and others.

          Also, from my own experience, all banks have different criteria, a "no" at one place does not at all mean a "no" at all places.

          I once contacted 29 places to get the funding I needed. (Do not let all of them pull your credit.)
          I went in already knowing all my credit and with a business plan.

          Do you have a business plan?

          Good luck!
          1 of 1 people found this helpful
            • Re: Loan Question
              THESPL8 Newbie
              Yes, we have short business plan. Due to lack of funding we can barely advertise and we are unable to market like we want to and as planned. Those are two things are fundamental to small business growth. We are up and running though dispite those issues. Can you tell me more about Conscorp and Triumph?
            • Re: Loan Question
              CEO Space Scout
              Also, if you want some direction on finding out about what you can do to improve your credit, email me
              kathyhadley@earthlink.net

              And no, I am not a person selling some program to improve your credit. I have just known many business
              people in my experience with this problem. I might be able to help you or direct you to some help.
              • Re: Loan Question
                LUCKIEST Guide
                Welcome and Thanks for sharing. Great that you started a small business and the business is growing.
                Do you have an Accountant?? How about Credit cards. It is very important to rebuild your credit SLOWLY.
                Start with a Staples or Home Depot credit card. Use it monthly and pay off the balance TIMELY.
                That in time will help your credit.
                Do you have a Business or Marketing Plan. Lenders or investors will want to see the plan.
                Hope this helps a little, LUCKIEST
                • Re: Loan Question
                  financeguy Newbie
                  Best way to go is to finance your account receivables, you don't have to have good credit to do this. If you need some working capital first I can help you. call or email me if you would like to talk. brett@avalonfundingcorp.com (949) 200-7318
                  • Re: Loan Question
                    TJMorehead Adventurer
                    Hello Thspl8,

                    Congratulations on the success of your business. As oppose to relying on your personal credit for financing, it is wise to establish business credit to secure business loans and lines of credit. Your personal credit eventually suffers when acquiring loans for business ventures. Sometimes when people are starting a business they have to rely on personal credit to acquire capital, however, it is wise to start early with developing business credit before your personal credit is maxed out.

                    Depending on your credit situations, I maybe able to help you secure a low to no doc business loan. Feel free to contact me at moreheadsconnections@gmail.com for further assistance.

                    Warm regards,
                    TJ Morehead
                    • Re: Loan Question
                      TJMorehead Adventurer
                      Hi Thespl8, Have you gotten your situation resolved yet? I may have a source for you to consider. I'll need to know what your scores are exactly. Shoot me an email, moreheadsconnections@gmail.com

                      Warm regards,
                      TJM
                      • Re: Loan Question
                        CMJCONSULTING Newbie
                        Hello THESPL8,

                        I just came across your post from January and was wondering if you are still looking for a line of credit for your business. If you are please contact me at info@cmjconsulting.net .
                        I have a program for an unsecured business line of credit that does not require a personal guarantor.

                        Best regards,

                        Chris