Starting a business
@idontknow2009 (12)
United States
April 22, 2009 11:30pm CST
Ok I have a business idea with a business plan. However my credit is low so I don't qualify for a personal loan. Talked with a couple of people that deal with investors and they say that it wouldnt produce enough profits to fit into their profile. I cant get a co signer. So does my plan go down the tubes? Or is there something i'm missing that I should try? Or does anyone know of someone that wants to invest with the understanding that it will produce low profits?
2 responses
@mylesnarvaez (5450)
• Philippines
23 Apr 09
try to get in touch with a microfinance institution. i don't have any idea how much capitalization you would need for your business, but start-ups can be financed by small mfis. you can try a local credit union in your area perhaps. loan amounts may be less than what you need but it's a start. membership though is required before taking out a loan, but from my experience with credit unions in most countries, they are more flexible than commercial banks.
goodluck! :)
@idontknow2009 (12)
• United States
23 Apr 09
Yep i understand I have 2 different accounts with 2 credit unions.. But my credit report isnt high enough to get help from them...
@mylesnarvaez (5450)
• Philippines
24 Apr 09
how about some form of collateral or a co-signer? in most cases where the credit rating is not high, a credit union member will need to enlist 2-3 co-signers with good credit status (preferably, members of the same credit union as you are). capital shares and savings can form part of the guarantee/collateral also.
@idontknow2009 (12)
• United States
24 Apr 09
Thanks and Yep u are right.. I have tried to obtain a co-signer as well. No luck on doing that as well.. I guess i have to come to the realization that i'm just not going to be able to get this off the ground...
@chigawaga (592)
• Canada
23 Apr 09
well im not sure about what country u are in but i know here were i live the governmetn has a grant system were they will loan u money regardless of what yoru cedit is.allu have to do is put together a buisness plan and send them a copy along with the forms and such.it would def be worth looken into
@idontknow2009 (12)
• United States
23 Apr 09
Thanks however I have tried for a grant and could not get one.. My plan was good it was done up by a professional...
