How do I get a loan to open a business if I have bad credit?
Apr 22, 2009 in
Small Business
Michelle S
My credit is very bad and I was wondering how I can get a loan to open a daycare center here in Orlando Florida?
My credit is very bad and I was wondering how I can get a loan to open a daycare center here in Orlando Florida?
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3 comments
Sharon F on April 23, 2009 at 6:09 pm
You will need a lot of financing for opening a daycare center
I know because i was in the same boat but I live in Texas; the only difference is that i dont have bad credit
It is my understanding and some personal knowledge that you will need some sort of good credit
So if possible try fixing your credit before opening your business
Car Guy on April 26, 2009 at 9:55 am
The short answer – you don’t. Starting a new business and getting a loan to do so means you have to personally guarantee everything. If your business goes bankrupt, you’re still personally responsible for repaying the loan. Your house, your wages, etc. are all fair game. Because a lot of businesses fail and banks have to resort to the personal guarantor for repayment, they’re not going to take a chance on you if you have bad credit.
You’ll have to come up with other financing ideas.
Jayla on April 27, 2009 at 7:53 am
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