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Old 03-11-2014, 02:57 AM
1 posts, read 987 times
Reputation: 10


I am a disabled person that lives on less than $800/month. I want to start a home based business that I can do but I am hitting a wall of extreme discrimination against the poor and the disabled from getting a small business loan.

I live on the equivalent of $4.75/hour if I were working a full time job. The banks require payments right away and I'm not allowed time to start a business. They don't do what student loans do is wait until you can use that money to put yourself into a position to make money. The bank's policies makes it impossible for the poor to get a loan. I applied at three places; one conventional bank, a non-profit that helps people like me and another but they don't help people in my zip code.

What I have done and what I want to do is this... I wrote a book last year that explains the temporal and dimensional physics of immortality and the meaning of life and how to save the world where the end result is human race ending the diseases of aging. It is a non-fiction/educational book. Every single person I have mentioned this book to has expressed a desire to read it. The first publishing company I submitted the manuscript to offered me a contract but wanted $1000 from me to get started as a retainer because I'm a first time author and that's about 140% of my month's income. So I decided to start a business teaching via seminars/webinars/teleseminars and give a copy of the book away to participants. To start this it costs money.

I was told by banks that I should get a cosigner for a small loan but I've noticed that word is very taboo. Nobody wants to hear it. It is like every individual who isn't part of a collective or organization is an automatic criminal, scammer or con artist and not to be trusted. I have tried crowdfunding but it doesn't work for individuals. They are designed for those who already have community support. I have thought about teaching classes but I cannot afford to rent a venue and if there is a place that doesn't charge they ban you from charging money making it impossible for a poor person to access something that could make them some money.

I have thought of a few ideas but they all take some kind of money, not much, or community support which I don't have. I have no family or friends to help. What I'm experiencing is like a financial embargo or blockade against the poor from every being able to make a living. I have even contacted a foundation that helps writers but they have a policy to not help anyone who has never published a book and made a living for over three years in writing. So no matter where I go I find nothing but policy that discriminates against me because I'm poor and I am not presuccessful. So what does one do to make a living when by policy poor and disabled people are not allowed to invest in being able to make a living? So I am at a complete loss. Any ideas that you know work?
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Old 03-11-2014, 12:07 PM
Location: Sierra Vista
308 posts, read 749,470 times
Reputation: 698
You are not being discriminated against. The banks make loans to those they feel can pay it back. You are a bad business risk, nothing more. You have no collateral, and no way to pay the loan back if your business fails.

If you are able to teach at your seminars, you are able to teach elsewhere as well. Get a job doing something you can do. Save up some money and then start your business.

Another idea is to speak with some of the people who love the idea of your book and put together a group of investers who believe in your plan. Then start your business.

You could also begin teaching your ideas with a webinar only format at first. Startup cost would be minimal. Grow your business from there.

I feel your biggest obstacle is your insistence on labeling yourself as poor and disabled. People who start businesses have all sorts of personal drawbacks to overcome. If you wish to be successful you need to think outside the box and find a way. The fate of your business rests with you not the banks.
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Old 03-11-2014, 03:17 PM
Location: GoJoe
713 posts, read 1,393,560 times
Reputation: 318
what JAinAZ said sounds about right. a loan is money against a risk. whether or not that money transfers to you is likely 100% based on the risk calculated from the metrics the bank uses to figure out that risk.

there are certain plateaus you have to be at to get a bank to loan $$, and unfortunately the banks dont see the risk the same way you do..... its unfortunate, but lenders are in the risk business, they want their $$ back and then some, etc. banks see real $$ as instruments for manipulating risk, if their risk calculation is favorable for them, then they dish out the instrument, etc.

bank loans $10k to a guy that has $50k cash (low risk)
bank loans $2k to a guy that has an unproven business model (high risk)

in either case, the bank can likely afford to lose the $$ loaned, but its not in their best interest to not do their due diligence.

hopefully these explanations take away some animosity you might have for the bank......
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Old 03-11-2014, 11:40 PM
16,042 posts, read 28,319,672 times
Reputation: 24530
Why doesn't crowdfunding work? Two of my nephews have successfully funded projects in the $1500-3000 range. However, it takes a bit of salesmanship and effort.

Also, have you tried Proper and Lendingtree? There are several other microfunding sites.
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Old 03-12-2014, 08:17 PM
Location: Tucson for awhile longer
8,873 posts, read 15,602,824 times
Reputation: 29200
I know someone in Pennsylvania who recently raised more than $5,000 through Kickstarter. Personally, I thought of the project as a rather improbably business venture, but the request for funding was beautifully written, had good graphics, and a couple of influential early supporters. It was a success and more than $5,000 was raised.

You can also get help for your business — or even preparing an effective formal proposal — via crowdsourcing, which is a very popular way to get professional help at a very low cost.

I agree with the others about keeping the fact you are disabled and currently poor out of your requests for support. That information is not relevant to the business proposal. Good luck.
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