Funding for a business

[bjdavis]

I am wondering if anyone knows about any funding for a business if the owner does not have the best credit.

[MarkD]

Previous credit history doesn't necessarily have to be a problem.

Can you post a little about your business & what you want the finance for?

[owesem75]

This thread is old, but I thought it is still ok to share some comments just in case there are others who may have the same question. If your credit history gives you the problem and hinder your chance to get approval when applying for a loan, crowd sourcing is your next best option. Also, if you cannot find the funds, find a venture capitalist, join business clubs, and share your ideas and who knows, your business partner will come your way. There is a social-media-like platform that is going to go LIVE on March 2014 that connects aspiring entrepreneurs to entrepreneurs for sharing ideas and giving them access to capital. Please click this and watch the video and decide for yourself if you want to join: http://owesem75.neurs.net/l/en Good luck!

[CSomm]

I agree with owesem75---you need a combination of an angel investor and some Kickstarter money. That is something you can show the bank, if you need additional funds, as proof that you have the community behind you and that your business is something that the people want and are willing to pay for. Banks salivate for this strategy, and typically are less concerned with your credit than the prospect of being behind a great new project.

[delusional]

Whatever you do, be very careful of things you find on the internet. Chances are that they are trying to scam you. So always be careful and don't go running about because someone is telling you they want to offer you everything you need.

[pahagwl]

If a business does not have a good credit rating, I would recommend you to look for support from venture capitalists. Venture Capitalists are people who fund startup businesses with the hope of reaping returns when the business becomes big. But the main problem is that you have got to make them believe in your idea.

[dolly fsession]

Kindly let me know about your business so i can ask our scoopers about it and you will surly get a positive result.

[DomDom]

If a business does not have a good credit rating, I would recommend you to look for support from venture capitalists. Venture Capitalists are people who fund startup businesses with the hope of reaping returns when the business becomes big. But the main problem is that you have got to make them believe in your idea.

And you have to grow your business really big. Its hard to work with venture capitalists when your company gets bigger.

[cpefley]

Business credit is different from personal credit, so it might not be a problem. However, it would help to know exactly what type of business that you are trying to start. Credit may or not be an issue.

[soopersonic]

Are there any government programs that you would be eligible for? Without knowing much about your business I'm not sure what you would be eligible for, but you can check with your local or state/provincial government offices. There are often programs available for unemployed, under-employed, or for startups that would provide an economic benefit to the region, by hiring local workers for example.

Also worth noting is that you are more likely to get investors if you have a quality plan, so get working on that business plan!