I am 33 years old women from South America, I started my own business eight
months ago with my own savings. The business is a make-over placed and b-day
party placed for little girls from the age 2 to 11 where we do their hair,
make up, nails also we do b-day parties and sale exclusive clothes and
accessories for little one. Up to date people loves my concept, my sales are
good for been first time in business. I payed with my own saving all the
start up, but at this moment I am looking for grants or loans to expand my
business and add new services as photography and others. My credit score is
around 640 I filed Bankruptcy three years ago because my house was
foreclosure. I am working to fixed my credit but it takes times I have a side
job and my husband has a very established job. My questions there is any way
that I can get a grant or loan?
As you are a for-profit business, the likelihood of you getting a loan from
anyone - let alone the government - is not very good.
Regarding business loans. Having just been in business for 8 months and, I
assume not profitable yet or not profitable enough - limits your ability to
get a true business loan. But, there are alternative business loans that
might work for you.
If your customers pay you via credit or debit card - through your merchant
services account - you may qualify for a Business Cash Advance - where they
will advance you money based on your future merchant transactions and then
collect a small repayment each time your process your future transactions. If
you don't accept credit or debit cards (which you should) then there are
other companies that will essentially provide the same type of advance based
on your overall revenue and collect small micro payments out of your business
bank account.
Or, you might look into Micro Credit loans. These do take time but might be
able to provide you with some capital as the average amount of these loans is
around $10,000.
Lastly, with your husbands income and if his credit is better then yours he
might be able to qualify for a personal loan, personal line of credit or
credit card that you can use to boost your business.
But, in the end, you have to look for ways to bootstrap your business as it
is just not old enough or profitable enough to qualify for traditional
business financing.
I joined this site cause i thought it gave loans and grants form the
government. If i were you i get a low income rate loan from the government. I
believe in our president Obama to help give loans to citzens
I joined this site cause i thought it gave loans and grants form the government. If i were you i get a low income rate loan from the government. I believe in our president Obama to help give loans to citzens
Two things. The President does not give loans. He can authorize the SBA and
similar organization to help support loans - but, that is it.
Second, the government does not give loans or grants directly to people or
companies. What the government does do is back loans that banks and other
organizations make. All SBA loans are merely guarantees - meaning that, since
banks don't lend to small businesses due to their risk, this guarantee will
help reduce that risk. But, you still have to qualify for the bank loan.
Know that America is a great country but it is not a country that just takes
money from its citizens and gives it way to anyone (although it might seem
like that) but, if the government just gave away money - then everyone in the
world would be in line for it.
Regarding grants - the government only will grant money to other government
entities who in turn can take those funds and get projects done or needs met
in their individual areas. With the exception of the SBIR or STTR programs,
they do not make grants directly to companies (those half billion dollar
grants and loan guarantees that hit the news are more for political favors
then funding businesses).
Its funny I saw your thread after I posted mine, about the loan that saved my
company or my life. You may find my story inspiring. Here is the thread:
http://www.sba.gov/community/discussion-boards/loan-saved-my-company-and-my-job-or-life
BMT | Window Shopper | 3/4/2013 - 8:44 am
anyone - let alone the government - is not very good.
Regarding business loans. Having just been in business for 8 months and, I
assume not profitable yet or not profitable enough - limits your ability to
get a true business loan. But, there are alternative business loans that
might work for you.
If your customers pay you via credit or debit card - through your merchant
services account - you may qualify for a Business Cash Advance - where they
will advance you money based on your future merchant transactions and then
collect a small repayment each time your process your future transactions. If
you don't accept credit or debit cards (which you should) then there are
other companies that will essentially provide the same type of advance based
on your overall revenue and collect small micro payments out of your business
bank account.
Or, you might look into Micro Credit loans. These do take time but might be
able to provide you with some capital as the average amount of these loans is
around $10,000.
Lastly, with your husbands income and if his credit is better then yours he
might be able to qualify for a personal loan, personal line of credit or
credit card that you can use to boost your business.
But, in the end, you have to look for ways to bootstrap your business as it
is just not old enough or profitable enough to qualify for traditional
business financing.
francis15 | Window Shopper | 3/3/2013 - 11:35 pm
government. If i were you i get a low income rate loan from the government. I
believe in our president Obama to help give loans to citzens
BMT | Window Shopper | 3/4/2013 - 8:36 am
similar organization to help support loans - but, that is it.
Second, the government does not give loans or grants directly to people or
companies. What the government does do is back loans that banks and other
organizations make. All SBA loans are merely guarantees - meaning that, since
banks don't lend to small businesses due to their risk, this guarantee will
help reduce that risk. But, you still have to qualify for the bank loan.
Know that America is a great country but it is not a country that just takes
money from its citizens and gives it way to anyone (although it might seem
like that) but, if the government just gave away money - then everyone in the
world would be in line for it.
Regarding grants - the government only will grant money to other government
entities who in turn can take those funds and get projects done or needs met
in their individual areas. With the exception of the SBIR or STTR programs,
they do not make grants directly to companies (those half billion dollar
grants and loan guarantees that hit the news are more for political favors
then funding businesses).
3TMarketing Services | Window Shopper | 2/28/2013 - 2:59 pm
company or my life. You may find my story inspiring. Here is the thread:
http://www.sba.gov/community/discussion-boards/loan-saved-my-company-and-my-job-or-life
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