Man it’s 100% not easy to find money to start a business if your credit is F’d up. But it can be done. Here are some ways you may be able to get the money you need to get your startup off the ground.
Note, all is not lost if your personal credit is F’d up!
Most startups usually find some type of money for their business – be it from personal savings, retirement accounts or loans from friends and family. But they usually don’t have funding necessary to launch and tend to struggle with their money.
Plus, F’d up credited (or even no credit) will make it hard for tech/business owners to get unsecured working capital for items like marketing, payroll, supplies blah blah blah.
I personally believe whatever liquid capital a business owners has walking into a new venture should be used for the overall development and growth of the business – it’s essentially like putting in your own venture capital. However this method of allocation usually leaves little if not ‘no’ additional money for other items businesses need for their operations to include tools and machinery to provide their goods or services, inventory, rent, or even office equipment including computers, copiers or even vehicles – items used in the day-to-day life of all businesses. But there are other ways business owners can get these items even if the entrepreneur has F’d up credit.
For unsecured working capital, business owners can use numerous social lending (Kiva and blah blah blah) sites. Social Lending is essentially where jokers borrow and lend to each other. Money for these sources tends to be easier to get. Furthermore rates of these types of loans are usually lower than traditional bank lending.
Also something you need to know, some lenders on social lending sites tend to weed out borrowers through credit, race, and geographic profiling (thats another conversation trust me) – leaving many new startups in limbo.
So basically my over all point–even with F’d up credit there are ways to get money for your startup.
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