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The town I live in has a major highway running right down the center of it. There is only one auto repair shop on this very busy highway. I would like to try to find some way to get the startup money to possibly lease, build, or buy a shop to start my business. I do have the experience needed to run an auto repair shop as well as a business partner that is also more-than qualified. With the economy the way it is my credit is not very good at all. Saying that, it’s not like everything I have ever bought on credit has went back or hasn’t been paid for. My wife and I recently had our second child which was a surprise (but a good one). I just need some guidance in trying to get started. Can someone please help.

3 Thoughts on I’m trying to start a small business, I don’t have good credit but I need money to get started. HELP!!!?
  1. Reply
    intheleast
    October 18, 2011 at 5:17 am

    Good luck, unless you can find a private citizen who believes in you and is willing to put the money up front.

    The reason most people never start their own businesses is because they can’t raise the startup capital required. Otherwise we’d all own our own McDonald’s restaurants!

  2. Reply
    Steve D
    October 18, 2011 at 6:02 am

    You will need a formal business plan before anyone provides a loan. Call your local bank (try to stay away from the big, national banks as they tend to not do so well on local issues. Ask for the business/commercial loan officer and make an appointment to see him/her. Explain your idea and ask what they need in the way of a business plan and other documentation. Be honest and try to explore all options. Don’t forget to ask about SBA guaranteed loans. If you can, bring your partner and have professional resumes drawn up showing your experience, etc. (for both of you).

    If the banker seems receptive, start getting the documentation together and working on the business plan. You can get good guidance and templates for the plan at http://www.sba.gov and more advice from http://www.score.org (click on the link to find the nearest SCORE office).

    If he does not seem receptive, try the next bank, and then the next. When talking to the bankers, try to pick their brains about what you need and what would give you an advantage.

  3. Reply
    Maduri
    October 18, 2011 at 6:44 am

    Business Loans are getting tougher day by day as the market crash in Banking and Finance industry. But still in this time, I saw a lot of people getting getting business loan. Their secret being online loan lenders. There are lot of online business loan lenders willing to give you loan. So try to get in touch with them and explain them about the business plan and get the loan.

    I hope http://loan-guides.net/business-loan will help you in getting a business loan.

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