Looking To Obtain Small Business Loan W/ Bad Credit.?
I just started up a commercial cleaning company up recently and at the moment it’s a home based business.I have bad credit but,I know I can get SOME kind of business loan even if it’s a couple of thousand dollars.I live in NY so can anyone point me in the right direction?There are Altot of upfront costs that we could use some assistance paying.
Answer
In today’s lending environment (08/2009), a managing member of the company needs to have a decent (680+ FICO) credit score to obtain a business cash line of credit or a business credit card.
If you can use a credit partner, then you can obtain thousands of dollars in business credit that will not show up on your credit partner’s personal credit report. The credit line will show up on your business credit report.
However, there are a few companies, like Staples and Home Depot and BP Gas (in NY) that will offer small lines of credit to your company (get the store card, not the visa/mastercard), without reviewing your personal credit score. This will allow you to get a couple of thousand dollars.
A company I found that offers cleaning supplies to business is www.cleaningstuff.net. You can pay by purchase order instead of paying upfront. Most likely, the full amount would be due in 30 days though.
Lastly, I recommend you get your business duns number. It is basically your business social security number. To obtain small business loans down the road, you will need to have this number and have a few business trade lines report to it; that you pay on time.
-Joe Lawrence
http://www.businesscreditworkshop.me
