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A very common pitfall many of us find ourselves in when we are looking for a way to finance our business is bad credit. Business loans are a little bit harder to come by in these troubled economic times, and bad credit makes the problems even more difficult. However, one need not be overly burdened by such issues; while repairing your credit can take some time, there are other avenues you can take to find for yourself a reasonable bad credit business loan.
Check out the options that the SBA has available. The SBA has an excellent Microloan program that will help you get yourself some small financing, and many of these options are available to people with bad credit. While these loans are not substantial, they are an excellent start for both getting financing and helping you repair your credit. Keep in mind also that you can easily apply for several of these Microloans at the same time without suffering any damage to your credit.
Another creative option you can take for a bad credit business loan is student loans. If you have any need to further your education, you may want to register for a few classes, and use the remaining money to help finance your business. Federal student loans tend to be much lower than conventional business loans, and very accessible even to people with bad credit.
Business loans can also be found “under the table†in the world of P2P lending. While this seems like an antiquated, and possibly even shady method of doing business, P2P lending is an excellent way of finding excellent loan options that you would not normally find in the marketplace. You can also use some excellent resources like virginmoney.com to help you conduct your P2P loan in a professional and legal fashion.
No matter how limited you may think your options are, there is always a way to money when your business idea is sound.
