You have big dreams but not much cash. To complicate matters, you’re credit is not all that great. In order to start or grow your business, there must be in infusion of cash. Given your current state, would lenders be willing to work with you? While some won’t, there’s a chance that others will. Consider these points and see what can be done.
Cash Advances for Franchise Owners
Do you operate a franchise? Even if your credit is not that great right now, the franchiser may be more interested in your track record and the the plans you have for making your place of business more profitable. While your credit may still have some impact, a thriving operation and a history of keeping the franchise reputable may outweigh any issues you have at present.
Even if you want to start a business and have poor credit, past experience and a good business plan could get you what you need. With help through World Franchise Solutions and similar plans of action, getting the money you need may be easier than most people realize.
Maybe there’s someone who knows how much sweat equity you have in the business and believes that it’s possible to make a good thing better. While personal loans are not usually the first choice business owners consider, now may be a good time to talk with some friends or relatives. If you know someone with a history of investing in small businesses in return for some kind of compensation, this may be your best bet. Remember to make sure the terms of the loan are clearly defined. Doing so will minimize the potential for hard feelings later on.
High Risk Lines of Credit
Did you know there are lenders who are willing to extend limited lines of credit to business owners? Even if your current score could use some work, it may be possible to lock in a credit line that helps you move closer to those goals. This approach may mean prioritizing what you want to do, taking care of one task, paying it off, and then moving on to the next thing on the list. While less convenient that doing everything at once, it will still get you where you want to go.
There are individual and groups of investors who care less about credit scores and more about the potential for generating a lot of profit. They will need to be convinced that investing in your business really is a sound option. You will need to make sure that providing the type of return they want is doable.
Taking Out a First or Second Mortgage
How's the situation with your home? Perhaps it's paid in full and you're not already using it as security for any type of debt. Choosing to take out a mortgage as a way to secure the funds needed is a possibility. Remember that you want to keep the mortgage as low as possible and ensure that you can make the payments without any difficulty.
Even if you do have an existing mortgage, a second mortgage may be possible. Lenders may take a chance and approve up to a certain percentage of the home's equity. If you're wondering how this would work, taking a look at resources offered by Waupaca Home Loans and other financial websites will provide a good idea of what to expect.
Never make assumptions just because your credit has taken a beating in the last couple of years. There are lenders who will place more emphasis on other factors. Review your options, talk with several experts, and see what happens. You could have the resources to fund that expansion a lot sooner than you hoped.