I have a small residential and commercial cleaning business that I am looking to expand. I have been shopping around for financing through traditional lenders, but due to my 518 FICO score and millions of charge-offs, I can't get fianancing. I have applied to a few non-profits in the state that I live in. I have also been pitching my case to some friends. I don't have any family that can help. They all have bad credit and so do much of my friends. I really do not know anyone with cash on hand either. I have been looking into getting an angel investor or a venture capitalist, but I do not know if that'll work. I've posted an ad on Prosper and I never get responses. Again, I think that this is due to my bad credit. I am seriously running out of ideas. I have 15 months invested in this and I do NOT want to give up. Does anyone have any suggestions or can anyone suggest a place that can help me? I know I need to fix my credit, but I need the money to do it. Please, please, help!
I think Prosper.com may be your last best chance. Maybe you need to change your writeup. Potential lenders want to know about your past but, most of all, they want to hear your honest description of why and how you think you'll be successful this time. Potential lenders like to invest in people, not in businesses.
Just be careful that any solution you decide on is not taken in desperation and quick judgement. The results could make your situation worse than it already is.
I'm sure you realize it now, but others should learn from your experience that poor financial responsibility has very serious long-term effects that are extremely difficult to overcome.
Best wishes to you.
I was going to send you to a link but I noticed that you've been to Prosper already. Go to www.score.org and talk to a counselor in your city and see if they can get you a meeting with the SBA. If you can sell them on the viability of your business you might be able to get them to guarantee a loan for you. You'll need a business plan and I hope you have one otherwise start working on one.
Go to: http://www.ychange.com/small-business-consulting-articles.html
and read the articles on writing a business plan and on getting a small business loan.
Hope this helps.
Why not you try to get a businees loan if you have a bad credit? Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved onarrange loans or other finance, and usually means you will pay more interest on any loan you take out.
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