Where to get 1000 loan for a small business

Discussion in 'Entrepreneurship' started by Scouttyke, Mar 1, 2019.

  1. Scouttyke

    Scouttyke

    Hello! I'd like to ask the community if some of you had an issue with getting a loan without credit check? I want to start a small business and I need your advice on how to do it.
     
  2. I should have read your post more carefully before posting all the stuff at the bottom.

    Sounds like you may be currently in a tough spot. If not, skip below where I cover private money funding ideas.

    Assuming pride is not the issue and family/friends can’t help, a vehicle title loan, probably 130% APR, payday loan, or pawnshop can be a temporary solution. A income tax refund anticipation loan hopefully could work in your situation. Try H&R Block for this.

    Reach out and connect with people around you. If you are late with rent, talk to your landlord. If you are getting kicked out, contact several churches in the area for a free or cheap place to stay. If you are not employed, they often times can find something for you. Obviously temp agencies or employment websites such as craigslist.org can help.


    Below is information for finding private money for starting a new small business:

    Depending on where you are and the nature of the business you are starting, you might find private funding sources that might be open minded to your situation. Most people are not looking to advance someone’s rent, however.

    Peer to peer lending, such as prosper.com will probably require a credit report, even if it has a low score and there are public record derogatories on it.

    Owners of retirement accounts are increasingly becoming aware of higher yielding private investments and are actually seeking them out. There is private money available for business startups through real estate investors, dedicated business investors, and certain real estate service providers.

    The way to find these private investors through IRA Trust company educational events, Real Estate Title Company events, or possibly through real estate investors. Direct contact, craigslist.org, and eventbrite.com are good places to find where these investors have their meetings.




    Below is what I wrote before fully reading your post:

    If you live in the US and have a FICO credit score, Try applying at a major US Bank such as Chase or Wells Fargo. They will use your personal credit history to qualify you for business credit. Their business credit products include business credit cards, Business lines of credit (Secured and Unsecured), and Business installment loans. It would increase your chances of approval if you opened a business bank account with them and had a business plan.

    If you don’t have a FICO credit score, work on obtaining one. Myfico.com or an appropiate google search can help point you in the right direction.

    $1000 seems to be a very modest amount to request. The number one reason new small businesses fail is lack of capital. Number two and three would have to be a lack of a comprehensive business plan or expertise in the industry you would be competing in. Hopefully you have a side gig that brings in reliable income so that you can at least be able to pay for your basic living expenses.

    Their are lots of free resources available in the US for new entrepreneurs. Google SCORE and Small Business Administration (SBA). The are grants available for minorities, vets, women, and the disabled. The main branch of many public libraries usually have specific information on starting new businesses and may have information on free business-related meetings you can attend.

    Go to business-related events listed on Eventbrite.com. Join Toastmasters International as most of the time, you will find a few people there extremely helpful and well connected.

    If you put forth the planning and the effort, there is no reason why you can’t find what you’re looking for.
     
  3. Go get a minimum wage job for 2 weeks. Boom. You have $1000 now.

    Everyone checks your credit. There are probably only two places that will give you a loan without checking your credit. One is your family, the other is a loan shark.

    I'll be honest with you though. People with bad credit generally always fail at any business they try. Why? Because they're bad at managing money.