-
Step 1
Fine tune the business and marketing plan for the business. Often, banks will make allowances when they see well-developed plans for growing the business. Make sure plans are comprehensive including SWOT analysis of business threats.
-
Step 2
Perform an Internet search. The web has broadened the field of available options for businesses. A search for "getting commercial loans with bad credit" will reveal thousands of results. Determine which one works best for you.
-
Step 3
Use family and friends for loans. Approach them with business plans outlined in Step 1. Make sure that family and friends understand the request is a professional endeavor. Include terms in any agreement.
-
Step 4
Obtain credit reports from Dunn & Bradstreet, Experian Business, Equifax Business and Business Credit USA. Review all reports and work with creditors to remove negative information and regain higher ratings.
-
Step 5
Go to sites like iBank.com and corporatecredit.biz. Many of these sites offer great information on commercial loans.
-
Step 6
Seek venture capital money. Investors are looking for new business to invest in. Follow Step 1 and offer venture capitalists an overall view of the goals of the company.
-
Step 7
Join the Small Business Association and go through the steps to qualify for any available loans. Join SCORE to find out from experienced professionals about ways to navigate loans and bad credit.
Comments
ibodner said
on 4/8/2009 This is very good advice. Small business owners need to push for better business credit scores.Sincerely,Ilya BodnerSmall Business OwnerInitial Underwriting Group