Sunday, March 25, 2007

Wanta-be entrepreneur has bad personal credit history. What are his options for getting startup capital?

QUESTION.
How do I attain start up capital with a bad personal credit history? I am cleaning it up and will be on track very soon but still look bad on paper. My small business venture is a full Interior Design service focusing on Re Staging and Re Design. I have been an Interior Designer for 16 years. This experience is like gold. I have written a full Bussiness Plan and know that $10,000.00 is the amount needed to start my dream. So?

ANSWER.
The simple answer is to bring in a partner who has good credit. Use the partner's credit history instead of yours. If you don't want a partner, then you will have to save the $10,000 before you start your new venture. That way you won't have to borrow anything.

I hope my comments are helpful. If you want to have someone examine your business plan for soundness, then contact us at SCORE and schedule a face-to-face session for an hour. You'll sit with two of us and we can troubleshoot it for you. See http://www.score.org/findscore/chapter_maps.html and type in your home zip code to find the closest SCORE chapter to you. Good luck! Regards, -Jeff

Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com

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