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Old 11-08-2013, 12:32 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
33,136 posts, read 60,179,694 times
Reputation: 36635

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Keep in mind that despite the growing popularity, credit for a web-based business is far harder to get than a brick and mortar establishment.
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Old 11-16-2013, 09:43 AM
 
59 posts, read 88,486 times
Reputation: 49
Screw credit reports and getting loans! Either one or two options stand out:

1.) Start an easier and lower cost home based business...

OR go the route of many other social entrepreneurs:

2.) GoFundMe
3.) CrowdFunding
4.) KickStarter
5.) StartSomeGood
6.) RocketHub
7.) IndieGoGo
8.) Somolend

Just to name a few...Good Luck!

P.S--To get even more Pros and Cons on various social funding sites:
http:// marketingmoxie.biz/the-big-list-of-crowdfunding-sites

Darn it! One day I swear, I'm going to learn how to post clickable links to this site!
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Old 11-16-2013, 09:44 AM
 
59 posts, read 88,486 times
Reputation: 49
Quote:
Originally Posted by Hemlock140 View Post
Keep in mind that despite the growing popularity, credit for a web-based business is far harder to get than a brick and mortar establishment.
Right. That's why people helping people, social funding platforms are on the rise! Banks are losing out...
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Old 11-17-2013, 09:23 AM
 
1,475 posts, read 2,336,317 times
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Quote:
Originally Posted by tallchick View Post
So I'm trying to start a business, but I have no clue on where to find a start-up loan: THEY DON'T EXIST!
You need funding not a loan. Get creative! As long as no one is going to touch you while your clothes are off then that might be the answer. You're talking about doing a clothing web site so your appearance might be able to get you selling clothes sooner rather than later. Those profits could be the funding you need. Maybe modeling the clothes you're going to sell could be the first marketing you do.

Remember every overnight success took 10 years.
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Old 12-02-2013, 03:04 AM
 
Location: Summit County Co
166 posts, read 276,304 times
Reputation: 189
Banks are not doing these loans due to risk, PERIOD!

I have been in the commercial funding business for close to 18 years. Semi-retired right now.

First off. If a prospective client needs a loan for less than 500k i refuse. The chances of getting approval are also zero.
If you need 40-100k for a start-up loan..other than crowd funding, its not going to happen.

Some tips,

Resumes of all principles.
Assets and financial breakdown for all principles.
Detailed business plan. Make sure you have a great exit strategy. Use SBA guidelines. Its a good start.
Detailed start-up cost projections
1/3/5/7 years sales projections

Detailed demographics and market analysis.

A good start for you! Good luck

JT
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Old 12-03-2013, 04:22 PM
 
Location: North Idaho
25,253 posts, read 33,183,633 times
Reputation: 52081
Bad credit and you don't know where to go to get money. That means you don't have a good business plan and you don't have the knowledge to start a business.

Sorry, OP, but you are a very high risk investment.

Maybe start with a few clothing items and sell on eBay, so that you don't have to maintain inventory or pay for a web site. Save up your profits until you have enough to get established.

Clothing. Wow. Nothing like jumping into one of the very toughest fields to compete in.

I hope it works out for you. Very sincere well wishes.
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Old 12-04-2013, 01:53 PM
 
Location: Los Angeles (Native)
25,305 posts, read 17,125,812 times
Reputation: 12206
How much are you looking to raise? I also think starting smaller than you imagined is a good idea too. Then you can show people that you have a track record ,etc.

Maybe selling

Is there anything you could possibly sell for the money? A car for example?
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Old 12-04-2013, 10:12 PM
 
1,566 posts, read 2,881,938 times
Reputation: 1262
why would any sane person lend someone with awful credit money to start a business?
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Old 12-05-2013, 09:04 AM
 
Location: All Over
4,004 posts, read 5,007,378 times
Reputation: 3104
what industry are you in, its tough to get loans for anyone but certain industries your not gonna have a shot.how much money do you need? i started a business with $368 and do over 2 million a year in sales 2 years later. its not optimal but i found a way. most businesses like mine start with capital of hundreds of thousands if not a few million. yeah i run into problems and have growing pains but im doing it. dont rely on a loan get out there and figure a way to make it work with what you got
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