The community's financial blog, Small Business Cents, has great information on obtaining financing for your business. I suggest reading Loans For Business Owners With Poor Credit Scores to learn about alternative financing options that may work for your situation. Good luck and I hope you are able to pull your business out of trouble and continue operating.

The community's financial blog, Small Business Cents, has great information on obtaining financing for your business. I suggest reading Loans For Business Owners With Poor Credit Scores to learn about alternative financing options that may work for your situation. Good luck and I hope you are able to pull your business out of trouble and continue operating.

If you need help right away - think about consolidating your current debt - if all that $30K is unsecured credit cards - there are many companies that can help you consolidate those balances - reducing your overall cash out flow. It will be very hard for you to get another loan - give so much unsecured outstanding - first consolidate that balance - then seek additioanl funds for growth. You also (depending on your business) may be able to use business assets for funding - like accounts receivables, equipment or credit card reciepts.

If you need help right away - think about consolidating your current debt - if all that $30K is unsecured credit cards - there are many companies that can help you consolidate those balances - reducing your overall cash out flow. It will be very hard for you to get another loan - give so much unsecured outstanding - first consolidate that balance - then seek additioanl funds for growth. You also (depending on your business) may be able to use business assets for funding - like accounts receivables, equipment or credit card reciepts.

We are in the same boat! Please contact me if you find a good place for assisstance.

Sadly, many small business owners are finding themselves in similar situations. We recently wrote an article about managing small business debt, including government loans and refinancing lifelines. You can read it here. There are also counseling specialists who provide free and low-cost services in your area. Check with your local SBA district office or with SCORE (more in-person services near you are available here. Message Edited by NicoleD on 01-06-2010 12:19 PM

Try getting a debt consolidation plan from a thrid party debt management company. They could help you settle the payment terms for your debts. fuel pump --- This post was edited to remove a commercial link. Read the Community discussion policies. Message Edited by NicoleD on 01-21-2010 02:46 PM

I own a small business. Cash flow became aconstant battle to get paid.   I am 54,000. in credit card debt I am not late on any card. The bank that was throwing money at me since I started this business doesn't even return my calls. The problem is the cards are personal cards with busines debt. Personal credit scores are now poor/fair. I would like to combine all cards and make a payment monthly. I am paying combines 2100.00. but to four different cards. The balances are not going down and the card companies are raing my intrest rate to 29.99. Before the new laws go in effect. Please advise what I can do. Husband is my business partner. This could affect my marriage also.   Please send advice  Please 

Are you having the problem of companies like - Mass Development  telling you that you are too small or asking for too little money. I have been all over our state website looking and either I am not getting any response or am being told that can not help because of my size and request.   I really do not know what to do. I robbed peter to pay paul. Our savings is gone.  My receivables are coming on the slow train. Any suggestions?????

You can try peer to peer lending at prosper dot com. Not sure if you will get loans for paying off credit card debt. While a great credit score is not mandatory with them, the lower the score the higher the interest rates. Prosper is great, but still has its down sides. Most lenders only offer very small amounts (under $100) so you need to pool a bunch of lenders or find a group. Preneuraholics dot com was created to help business owners with peer to peer donations however, again, for paying down credit card debt, you likely would not get funded. Good luck.