I'm trying to get money for a business I own which is home based and develops
websites and advertises for businesses online but I am low on money for
equipment purchases and have bad credit. Does anyone know where the best
place to start would be for getting a loan or grant.
Great points about it being it more difficult for small and home based
businesses to get loans. The idea behind that is that these type of business
are riskier and more likely to go under without fully repaying the loan.
However, if you had previous loans, have a strong business plan and
experience in running a business and you can show you have got customers and
previous positive cashflow, then you should approach a bank and make a case
for a loan.
That being said, web design, programming, web based businesses are not that
difficult to bootstrap with your own funds or small loans or equity from
friends and family.
Not sure how much you are seeking but for specific needs like equipment there
may be some alternatives. Have you thought about leasing? Leasing might be a
great way for you to get the equipment you need and could be at lower
payments then taking a loan.
Simply do a search for leasing companies and call a few - tell them upfront
about your credit and see what they say.
Only other alternative is to fix your credit but that will take some time.
kmurray | Community Moderator |
9/18/2012 - 2:08 pm
Hi, BizResearcher makes great points about loans and grants. Here's some additional information about seeking loans from friends or family and peer-to-peer lending.
You can forget about a grant for a for-profit business. Grants are only
available to non-profits and to a very few companies that have invented a new
technology or are using natural resources in a new way. Additionally, it is
generally more difficult for a home-based business to obtain a loan than
other types of businesses. Your best bet is to seek a loan from family and
friends or from a peer-to-peer lending organization.
clevertim | Window Shopper | 9/28/2012 - 6:46 am
businesses to get loans. The idea behind that is that these type of business
are riskier and more likely to go under without fully repaying the loan.
However, if you had previous loans, have a strong business plan and
experience in running a business and you can show you have got customers and
previous positive cashflow, then you should approach a bank and make a case
for a loan.
That being said, web design, programming, web based businesses are not that
difficult to bootstrap with your own funds or small loans or equity from
friends and family.
BMT | Window Shopper | 9/25/2012 - 7:57 pm
may be some alternatives. Have you thought about leasing? Leasing might be a
great way for you to get the equipment you need and could be at lower
payments then taking a loan.
Simply do a search for leasing companies and call a few - tell them upfront
about your credit and see what they say.
Only other alternative is to fix your credit but that will take some time.
ghalechyankaren | Window Shopper | 9/19/2012 - 4:03 pm
kmurray | Community Moderator | 9/18/2012 - 2:08 pm
BizResearcher | Window Shopper | 9/18/2012 - 12:31 pm
available to non-profits and to a very few companies that have invented a new
technology or are using natural resources in a new way. Additionally, it is
generally more difficult for a home-based business to obtain a loan than
other types of businesses. Your best bet is to seek a loan from family and
friends or from a peer-to-peer lending organization.
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