Comment from Ted F
Time July 24, 2009 at 5:43 pm

I just answered a question exactly like yours. Really tough to get a business loan with bad credit. What worked for me was a cash advance through Merchant Capital Options. You usually get screwed with cash advances, but Merchant Capital Options worked out great as they only take out money from your electronic sales receipts as you get paid. I borrowed about 5k and it helped me pay a bunch of time sensitive bills and because they only got paid back as I got paid it was pretty much hassle free.

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Time July 24, 2009 at 7:44 pm

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Comment from Ashley’s Man
Time July 24, 2009 at 8:57 pm

Even if your personal credit history was PLATINUM and your credit score was an 850, you still wouldn’t get approved for a business loan. The reason is that when trying to obtain a business loan, lenders don’t only look at your personal credit profile, they also look at your business credit profile.
Platinum personal credit won’t get you a business loan. You have to have established business credit.
And yes there is a difference between personal and business credit.

Comment from dcadranc
Time July 24, 2009 at 11:32 pm

Don’t just look for loans. Think about grants and other assistance programs. The BEST resource for small businesses is the governments Small Business Administration which can be found at http://www.sba.gov
This website has absolutley everything you need to help with your business. In addition, some states and cities will give small businesses very low interest loans if the case can be made that the creation of the business will create a positive economic impact, especially in hard hit areas.

Comment from Winner
Time July 25, 2009 at 5:49 am

Being a small business owner, you need to pay extra attention to management of financial resources. Since growth of your business somehow depends on its financial position, you should always be cautious about cash flaw within or outside your business. It is quite true that lack of finance can become a big problem in the way of the success of your small business.
http://www.worldbestloans.com/businessloans.htm
Since market is crowded with various business loan schemes, every small business owner can manage to get the desired amount without any problem. Therefore if you own a new and small business organization and financial shortfall is bothering you, then these loans can prove to be the best help for you.

Comment from JJ
Time July 25, 2009 at 6:23 am

I respect your resilience and persistence. Business loans still need to be personally guaranteed. In reality, it is no different than a personal loan. I would urge you to creatively come up with ways to earn and have the $12,000 needed to start your business. When you owe money to someone or something, always remember: “The borrower is servant to the lender”. Business now are shifting to being debt-free (e.g. Apple, Walgreens, etc.). Small businesses people (like yourself and myself) will benefit from that lesson.
Currently, I am a real estate investor and business owner. I have transitioned to operate only on cash with no loans. It was difficult but it is possible.
I wish you the best.
JJ

Comment from blessedm
Time July 25, 2009 at 8:40 am

You say bad credit. Not sure if you have it because you have bad debt unpaid, or you had it before. Prosper.com is a great place to get a loan. I don’t have a-1 credit and I received a loan from there. Check it out. It’s better than a bank. Get all the info there. Good luck

Comment from Judy
Time July 25, 2009 at 9:51 am

With bad credit, about your only hope is friends or family, or possibly Louie the Loan Shark. You aren’t going to get a loan from a regular lender – that’s tough right now even with GOOD credit.