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Are you starting a business for the first time? Is your credit terrible? Well, while this particular economy is probably not the best one to be starting a business in, there are still some excellent opportunities for getting business loans for bad credit. It may sound a bit tricky, but it is actually not so bad, as long as you know where to look.
The first thing you are going to want to do is rule out the big banks entirely. You are not going to have too much success with Bank of America, Wachovia, or the like because they have very heavy regulations that protect against start-ups or poor credit. However, if you target smaller banks and credit unions, you will very likely have a better chance at being heard by someone who is higher up in the decision-making process, and if the business is pitched properly you will have an excellent shot at getting business loans for bad credit.
As long as the business is sound, you will also have a good shot with a government loan. Applying to the SBA for a small business loan is an excellent way to find the business credit that you are looking for, as they are one of the best places for people of many demographics to go to. The SBA is a strong, solid organization that offers excellent interest rates and does so for a number of different criteria. Make sure you have your stuff lined up well and you will have no problem qualifying.
Another place that you might want to consider going to for business loans for bad credit is P2P lending. As long as you have good connections, the “underground†world of financing is a perfect place to turn to for the business financing that you need. Just be sure that you have a lawyer examine the loopholes of anything you are looking at and you will be just fine.
