I am looking to start a small restaurant. I need about $100,000 and can offer 5-7% cash towards the cause. I have been afraid to apply with the SBA or Banks due to credit problems. I have cleared up most of them and seem to be getting back on track but have been unable to get my score where it needs to be. On top of that, my husban;s job had issues with payroll so it put us late on our mtg payments. They are current now but most places I have seen need 24 mos of on time payment history. Does anyone know anything I can try? I have not found a grant I can qualify for and I do-t think traditional funding is an option. I just do-t want to fall for any scams. PLEASE HELP!!
You are in a very hard situation - bad credit and no income - both of the major things that banks and lenders look at.
Plus, forget about grants - they just don't work that way.
Two options: Get out in your community and seek out other business owners or professionals and ask them to invest. Many local doctors like to invest in local businesses.
Or, put this on hold for now and work on your issues - take the time to improve your credit and allow your husband company to get back on its feet.
dec2420,
Take a look at this business article Loans for Business Owners with Poor Credit.
There will most likely not be a grant available. Those are usually reserved for specific programs and initiatives.
JimD
phanio | Contributor | 9/6/2010 - 11:14 am
JimD | Former Moderator | 9/1/2010 - 12:05 pm
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