eHow launches Android app: Get the best of eHow on the go.

click here
How To

How to Get Commercial Loans With Bad Credit

Contributor
By eHow Contributing Writer
(0 Ratings)

The entrepreneurial spirit should not be limited by the ability to gain start-up cash. Great ideas can come from people with less than stellar credit. Building good credit for a business is similar to building better personal credit. Follow these steps to get commercial loans with bad credit.

Difficulty: Challenging
Instructions
  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. Step 5

    Go to sites like iBank.com and corporatecredit.biz. Many of these sites offer great information on commercial loans.

  6. 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.

  7. 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.

Subscribe

Post a Comment

Post a Comment

Related Ads

  • Have you done this? Click here to let us know.
I Did This
Get Free Business Newsletters

Copyright © 1999-2009 eHow, Inc. Use of this web site constitutes acceptance of the eHow Terms of Use and Privacy Policy.   en-US Portions of this page are modifications based on work created and shared by Google and used according to terms described in the Creative Commons 3.0 Attribution License.

eHow Business
eHow_eHow Business and Finance