I need a $50,000 small business startup loan, but I have bad or unestablished credit.?
A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business. However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are. When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own. Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information. Good luck, Ilya Bodner Small Business Owner Initial Underwriting Group
by Initial Underwriting Group - 14 hours ago
Find a friend to be a silent partner. Or tell the bank you want to buy a business and be able to give them cashflows of what it currently earns and what your expenses would be.
by greatdeals209 - 14 hours ago
Bad credit and all, the only option really is family, friends, your own pocket. If he wants out and trusts you to run it all. See if he will do a payment plan. So the sweeper side profits $5000 per month after bills, expenses, etc. Set up a payment plan like $2500 monthly till the company is bought. No different than a person financing their own home sale. Sure he doesn't get $50,000 in a lump. But he does get it sold and in the end, still ends up with his goal, to sell the company. But before you dive in. I would ask for the books on the sweeper section. Is it really profitable? What are the expenses on average compared to the average sales? Does gas really cut into the bottom line of this business? What will gas do in 2 years when its $6+ per gallon? Just because you run a truck and make your weekly check, does not mean it is a profitable business. And since sweeping is a frill item for business. Do you really see the accounts sticking with you as times get tough? Many strip mall locations are closing and going bankrupt. Will that effect your customer flow? As times get tight, frill items will be removed. Car detailing and washing, lawn care, window washers, etc. As these are frill services and hold no real importance. As times get tight, these are squeezed out. Being a business person in the automotive section. I would guess your boss is wanting out cause he has done the figures and see's he will be broke. So he is looking for a fast bail out. And what tells me this is $80k in trucks, accounts, yet only asking $50k. Most selling profitable companies ask for 1 year of sales. If $50k is one year of sales, the company is already in the hole too deep just in trucks.
by Quiet.Buck - 14 hours ago
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