Financing a Business, Even If Your Credit is Less Than Perfect

By Dustin Heath

How many times have you thought about starting your own business, but decided against it because your credit isn't that great? There are countless things that hold people back when it comes to taking that step, but credit is one of the top reasons. You need money for start up costs, if your credit isn't great it may make financing a little more difficult, but it's far from impossible.

Just because your credit score is low, it doesn't mean that banks won't loan you money. A lot of banks offer loans to those with credit problems. They don't necessarily require them to have exceptional credit to loan them money. Helping them succeed means bigger returns for them in the future so many of them are willing to take the risk.

Something else to check into in order to finance, are grants. Grants are pretty much free money waiting to be cashed in. You will need to research to find the grants that suit your needs and then apply for them. Some grants are easier to get than others. Certain grants are awarded to those in a particular field. Others are offered to people of different demographics. They have grants for only females. They also have grants specifically for minorities. They also have grants for certain parts of the country. You need to research all of these things and apply for as many that you can. You may be able to secure several grants and alleviate the need to borrow too much from the bank. You may not end up needing a loan at all!

You should also consider private financing. If you have a good idea, a great business plan, and a few connections, private financing make be the way to go. Private financing means people will invest in your company to help with start up costs. Often in return they get a portion of the profits, a percentage of the company, or depending on your type of business they may receive stock. Don't let your lack of credit hold you back from your dreams. There is a way to accomplish anything you put your mind too.

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