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  1. Collapse Details
    Small business funding with damaged credit?
    I own a used car business, second generation, open since 1952. For 25 years I did it as a sideline while working full time for the USPS. I got downsized and left with no job, income, or retirement. So, my plan became working the business full time. I have:

    Very good location with garage and office; proven spot on a main road where in the past we did very well.

    Well-established clientele

    Unlimited product supply line

    40 years' experience of successfully evaluating, buying, and selling vehicles

    Excellent business reputation

    Business property is owned by me, debt free- LOTS of equity

    PROBLEM: Poor credit

    Five years ago the business was doing great. My brother was running it for me while I worked my job. At night I would do the buying, and handle odds and ends. Brother hired an employee and didn't keep good tabs on him; employee embezzled large amount of money, enough to crash the business. I spent four years cleaning up the mess and paying off the debt. In the process, my credit was ruined. My plan was to reopen the business, start rebuilding slowly, then go into it full time in three years when I would have retired. With the unexpected loss of my job, my time frame has been accelerated. Thus, I do not have the funds to purchase the needed inventory. Currently I have managed to assemble a very small inventory of cheap cars. I have been making some money. The problem is, I don't have enough inventory to create enough steady profit to pay the bils and reinvest in more inventory.

    So, I have set about trying to find alternate ways to raise capital. I have a professionally drawn and detailed business plan with spreadsheet projections that are excellent, drawn by our local Small Business Development Center. The amount that would get me off the ground is very small by average business standards. Every financial institution that has looked at my situation loves the plan, but cannot give a loan because of my damaged credit. For 6 months I have tried every source I could think of or find; it's always the same, we'd love to help, if only you had good credit.

    So, my ongoing quest and Google search has brought me here. I am posting this knowing the reality of my situation, and that chances are unlikely any of you will have my answer. But I write anyway. I will never give up; I have no room for failure.

    Do any of you have any advice or ideas for my situation? I have a written plan, proven business and location, experience and expertise, and strong equity since I am putting everything on the line as collateral. I just need a legal way to borrow enough to get off the ground- without good credit.

    I see people all the time that start low-likelihood-of-survival businesses, go broke, then resurface with another poorly thought out business, crash, and repeat... over and over. All I want is one chance for a proven, operating business to ramp up to a sustainable level. There just HAS to be something I'm overlooking.

    Any help/advice would be much appreciated.


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    Contact Elite Capital Credit is not a disqualifying factor for us . We base our products based on your business performance . Learn more about our loans.

    http://elitemerchantcapital.com/inde.../2-emc-capital or email us support@elitemerchantcapital.com


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    The two things that come to mind are cash advances which are based on your business' cash flows and a hard money loan based on the real estate value of the property. Most cash advance lenders don't like the used car space but you may be able to find a niche lender. Just be careful as the rates can be very high. A hard money loan would be your best bet in my opinion. If you send me some details, I will be able to point you in the right direction.

    Alleon Healthcare Capital
    201-340-6346
    benr@alleoncapital.com


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    Ways to Small Business Funding.
    Factoring
    Retirement accounts
    Government grants
    Peer to peer lending
    Crowdfunding
    Microfinancing
    Supplier or wholesaler financing
    Business plan competitions or other contests
    Business incubators
    Barter


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    #5
    Join Date
    Sep 2014
    Location
    USA, Colorado Denver
    Posts
    40
    For raising funds you must have a perfect credit score but if your credit score is bad then it is not a big deal, you can also raise funds by other different methods also.


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    We should never trust on employess,I have also experienced this and I appreciate your commitment and dedication towards your work.Generally,in this situation people loose their hope but you stick to your plan,so,that's good.
    As far as your business is your concerned,I think only thing you need is Capital to run it and rest of the things you already have like Marketing,Customers which are very important for a business.
    So,more then half of the things are done.
    For capital either you go for the bank where you have to give interest or look for investors which I think you can easily get.


    Best of luck for the future.


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  7. Collapse Details
    Quote Originally Posted by EliteCapital View Post
    Contact Elite Capital Credit is not a disqualifying factor for us . We base our products based on your business performance . Learn more about our loans.

    http://elitemerchantcapital.com/inde.../2-emc-capital or email us support@elitemerchantcapital.com
    just this or something else also?


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    Hi,
    Other options for getting fund for small business are:-

    Angel Investors
    Bank loans
    Credit Unions
    Credit cards

    Thanks!!


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    With bad credit, your only option may be a business cash advance. In that case, you'll need strong bank statements. Strong means frequent deposits, high monthly dollar deposits, decent average daily balances, and few to no overdraft days. If you have all these things, and find a good broker, you should be able to get financing within a few days.


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  10. Collapse Details
    Hi!

    I love your determination and attitude of not settling for failure. As others has indicated, there are always other options. I may have an option you can try but when you say bad credit, that is not very specific. I know of a company that has actually provided funding for many small businesses that the banks told "no" previously. The criteria is that you have a credit score of at least 500 or above. To get an estimate all they ask are a couple questions about the length of time in business, monthly revenue and again your credit score to get a quote. If you want to explore this as an option, just let me know and I would be happy to partner with you to see if this could help. I wish you the best of luck! Don't give up! My email is D33p07@gmail.com


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