Board Topic: Small Business loans with bankruptcy.
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Small Business loans with bankruptcy.

Posted by: Kelliee Nov 8 2004, 12:17 AM
What does a person do when they have a sound business plan but need a loan for start-up money. I have filed bankruptcy and am discharged but I cannot find the money for my business. How do you find banks or lenders that will give you a chance, or how do you get started leagally establishing business credit. Does anyone know of any real Angel Investors that are legitimate?

Posted by: loanuniverse Nov 8 2004, 08:58 AM
To be completely honest this is a near impossible situation to find credit.

First, it seems like you do not have any equity to contribute {this is bad}. Then, you are talking about a startup {this is really bad}. Finally, you have a bankruptcy in your personal credit report. I don’t think that you will find a bank-lender that would lend you money without the participation of some kind of government guarantee. Even with a guarantee, the loan is not a “slam dunk” by any means.

You can start building business credit by getting store credit cards and buying supplies on credit. But while vendor credit is good and not all that hard to get, working capital financing will depend on your financial information.

Also do not get confused at the term “angel investor”. They are still for profit the last time I checked.

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