Can you start a franchise with bad credit, and get financing?
Aug 14, 2009 in
Small Business
momoney
Bad credit, no capital, and no Collateral. Is this possible? This is a functioning franchise with great sales intake.
Bad credit, no capital, and no Collateral. Is this possible? This is a functioning franchise with great sales intake.
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3 comments
Worldly25 on August 15, 2009 at 12:29 pm
No. Suggest you get a co signer or partner.
eskimooinc.com on August 18, 2009 at 10:43 pm
No matter how well the franchise is performing, it is a virtual certainty that the franchisor will not approve someone taking on a franchise with bad credit, no capital and no collateral.
The reason that franchises are often more successful than independent businesses is that they rigourously vet the potential franchisees to ensure they are a good fit and likely to perform to the standards required. With the history that you are describing, you’re not likely to fit that description – sorry.
Lisa R on August 19, 2009 at 10:45 pm
Probably not. If you want some advice – try – this a group of retired business folks. Never heard a bad thing about them, but haven’t used them.
Self employment requires lots of capital & credit. Good luck.