Minority Business Loans Bad Credit
minority business loans bad credit
How can you start a business if you don’t have enough collateral to get the loan approved?
If someone is trying to start a small business in this economy it is harder than it used to be. According to the banks, and credit unions the bad economy has limited the loans available for startup funds. And you have to provide a higher percentage of collateral for the loan. Even if you could qualify for a minority loan under normal circumstances it is more difficult now. How can you start your own business if you can’t gett the funds to get it off the ground?
It appears that you have never been in business before, therefore, I would strongly recommend that you talk to a business counselor before you do anything especially spend money. You have to determine whether you’ll start a web based business or one with a store front ands nail down all of the one time and ongoing costs. I’d call the local office of SCORE (go to the link below and input your zip code to find the chapter nearest you), the advice is FREE.
The counselor at SCORE will most likely advise you to write a business plan which is very good advice because it will force you to dig out all of the start up details and the costs of starting your small business and force you to also understand all of the aspects of this business including the customers you’ll concentrate on (your market) and how you’ll go after them.
You’ll need to register the business with your state controller’s office and make sure that you check to see whether any city and county licenses are needed where you live. All of this will come out in a business plan.
Try linking to YCHANGE International and read some of the articles especially the ones about a business plan and getting a loan.
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