Expert: Marina Lando - 7/23/2006

Question
I have horrible credit.  I am looking to start my own business as I know it can succeed.  It is a great business idea, much needed items for the area, and would succeed.  I cannot get financing because of credit?

Ideas, please?

Answer
Dear Brandy:

I am afraid that commercial loan is not for you. Even do not try.

On the other thought... Open corporation. Take a partner with good credit. Give him 81% ownership. And apply for a loan. Owners with less than 20% ownership do not need to sign loan application, so nobody will care about your credit score.

Grants? Might be.

First of all check with your local authority. Some states have Entrepreneurial Development Programs. They might have small grants for rural area development.
Also check SBA website at:

http://www.sba.gov/expanding/grants.html


Sincerely,
Marina Lando
President
Business Loan Quest
http://www.blquest.biz