I have a very small business with one employee me.I'm the owner,manager,
worker at the same time and business is booming client are calling me
everywhere.My dreams is to grow the business but how would,I grow a business
with out money? my bank don't approved me because of not enough credit,
government grant is a waist of time and all of my contract are
reimbursement.running this business and going through a divorce make it twice
as hard for me.
I am going to be completely honest, the reason why it is hard for small
businesses to get funding is because they are usually a poor credit risk. The
blog that was pointed to by kburger makes this clear when it says "...Seven
out of 10 new employer firms survive at least two years....", you have to ask
yourself why would anybody lend to that type of borrower?
This does not mean that finding funding is impossible. The fact that your
bank declined you does not mean that other funding options are not available.
If you really want to be successful you are going to have to learn to deal
with rejection, and use the "NOs" as an opportunity to learn.
For example, what do you mean by "not enough credit"? Is it personal credit?
If so, what is your credit score? Do you have a copy of your credit report?
Getting a credit report is free. Find out why it is bad, and take steps to
improve it.
Depending on the amount of money that you need, you might want to take a look
at other funding sources such as peer to peer lending. If you have
residential real estate, you might consider getting a residential mortgage.
If you have family, you might want to consider asking for their help.
GrantCentralUSA | Window Shopper |
7/31/2012 - 7:30 am
Show Replied Text…
Sindy:
I am going to be completely honest, the reason why it is hard for small businesses to get funding is because they are usually a poor credit risk. The blog that was pointed to by kburger makes this clear when it says "...Seven out of 10 new employer firms survive at least two years....", you have to ask yourself why would anybody lend to that type of borrower?
This does not mean that finding funding is impossible. The fact that your bank declined you does not mean that other funding options are not available. If you really want to be successful you are going to have to learn to deal with rejection, and use the "NOs" as an opportunity to learn.
For example, what do you mean by "not enough credit"? Is it personal credit? If so, what is your credit score? Do you have a copy of your credit report? Getting a credit report is free. Find out why it is bad, and take steps to improve it.
Depending on the amount of money that you need, you might want to take a look at other funding sources such as peer to peer lending. If you have residential real estate, you might consider getting a residential mortgage. If you have family, you might want to consider asking for their help.
Well stated. NOs are definitely a part of the equation in business. Whether
you are seeking a loan, applying for a grant or just pursuing new clients.
"A rejection is nothing more than a necessary step in the pursuit of
success." - Bo Bennett
What truly separates the successful entrepreneurs from the rest of the pack
are those who learn early how to deal with rejections and find other means to
advance with their goals.
GrantCentralUSA | Window Shopper |
7/30/2012 - 7:49 am
Hi Sindy! Starting any business can be challenging. Many others have faced similar business and life challenges and have overcome them to succeed and so can you. You don't need a government grant or bank loan to move forward. You can still accomplish your dreams in spite of circumstances.
All the best in your pursuit!
loanuniverse | Window Shopper | 7/30/2012 - 7:50 pm
I am going to be completely honest, the reason why it is hard for small
businesses to get funding is because they are usually a poor credit risk. The
blog that was pointed to by kburger makes this clear when it says "...Seven
out of 10 new employer firms survive at least two years....", you have to ask
yourself why would anybody lend to that type of borrower?
This does not mean that finding funding is impossible. The fact that your
bank declined you does not mean that other funding options are not available.
If you really want to be successful you are going to have to learn to deal
with rejection, and use the "NOs" as an opportunity to learn.
For example, what do you mean by "not enough credit"? Is it personal credit?
If so, what is your credit score? Do you have a copy of your credit report?
Getting a credit report is free. Find out why it is bad, and take steps to
improve it.
Depending on the amount of money that you need, you might want to take a look
at other funding sources such as peer to peer lending. If you have
residential real estate, you might consider getting a residential mortgage.
If you have family, you might want to consider asking for their help.
GrantCentralUSA | Window Shopper | 7/31/2012 - 7:30 am
you are seeking a loan, applying for a grant or just pursuing new clients.
"A rejection is nothing more than a necessary step in the pursuit of
success." - Bo Bennett
What truly separates the successful entrepreneurs from the rest of the pack
are those who learn early how to deal with rejections and find other means to
advance with their goals.
kburger | Community Moderator | 7/30/2012 - 10:15 am
GrantCentralUSA | Window Shopper | 7/30/2012 - 7:49 am
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