Searching for information on bad credit business loans? Have you considered bootstrap financing? Millions of would be entrepreneurs just like you, are frustrated because they just can’t seem to qualify for traditional bank loan financing.
My Personal Journey
Here’s why you should avoid bad credit business loans at all cost… About 4 ½ years ago, my husband and I sold off all of our assets in Ireland and moved to Georgia to escape debt. Our company was sold off, as well as our big “American style” home and most of our assets. (We were masters at living way beyond our means.) Although we netted a nice profit, we were living in a credit nightmare. Since our business was seasonal (we sold educational supplies to the schools, universities, etc.), our operating costs were fairly high. Cash flow was a real concern. For almost 7 months of the year, our small company survived on a business line of credit — essentially a BIG bank loan. Believe me when I tell you that we had many sleepless nights and an awful lot of stress.
After selling off everything, we moved to America and started all over again. Since neither my husband nor I had any established credit, we did not have access to traditional bank loan financing when we started our business in Georgia. After contacting a start-up consultant, it was suggested that we apply for “bad credit” business loans as a means of funding our new business.
This was just not a viable option for us. We decided to rely solely upon bootstrap financing to get our business up and running. It was then that I embarked on a journey to learn all that I could about starting a business without bank loans. My quest for information and creative solutions is what spurred me to become a Certified Start-up Business Consultant who specializes in cost reduction strategies for new start up businesses. I now run three profitable businesses — without owing any money to lenders. It’s a great feeling.
Don’t Be Tempted To Dig a Deeper Bad Credit Black Hole!
Don’t let anyone tell you that the only way that you can fund your start-up is to rely on bad credit business loans — even though you may have less than perfect credit or don’t own a home. If you are overextended, with a mountain of debts you just can’t seem to tunnel your way through, there is still hope. You can achieve your dreams of business ownership without borrowing money. I have personally seen this dream come true for many of my clients.
The Secret is Bootstrapping
You just need the know-how. The secret ingredient for learning how to start a new business without bank loans is to bootstrap. Before you can get started with bootstrap financing, you may need to make some lifestyle changes. Honestly assess where you are right now financially, and how you got there. This is the first step to getting out.
Source by Kimberly Kelly