Bad Credit? No problem! You can still raise business capital Fast.
Normal 0 false false false EN-US X-NONE X-NONE
Nowadays everyone has a story as to why their credit rating is in the 500’s or lower. Divorce, lawsuit lottery mentalities, bankruptcy, student loans in default and the list goes on, the point is, few people have that prized 700+ credit score anymore, so if you’re an entrepreneur, how do you raise capital to start a business? Before we talk about how to raise capital, let’s go over how not to raise capital. Don’t believe the myth that buying an aged shelf corporation will allow you to open $100k’s in unsecured lines of credit without a credit check, this scam is becoming more and more prevalent as the economy worsens and the conmen come out of the woodwork. Don’t use credit enhancement because, um well, it’s fraud and the government is cracking down on that black hat credit enhancement method with a vengeance. Stay away from people that are acting as brokers for individuals with high credit ratings that are willing to ‘cosign’ for your loan. When you get down to the soup and nuts of the transaction you’ll find that there is always an upfront consulting fee that is paid regardless of whether you are funded but they convince you to pay this fee by dangling the individuals credit report in front of your face boasting a 760 FICO, but at the end of the day they have so many inquires on their credit report no bank will touch them with a ten foot pole. With all these scams infecting every aspect of the subprime finance genre of finance are there any serious ways to raise money if you have bad credit? The answer is a resounding YES! Companies that are taking more of a proactive role in assisting their client’s fund raising process are becoming more widespread as companies have less options for funding. Some corporate branding and publicity firms that focus on startups and corporate expansion campaigns have devised databases of global investors and funding sources that are more interested in your business experience and product/service than they are with your credit score. In large databases like that focus on alternative finance from a global perspective you’ll find angel investors, private investors, liberal lending hedge funds, factoring companies exploding at the seams with cash and countless other finance solutions that are seeking profitable opportunities to invest. Don’t sell yourself short of you have poor credit, you still have options.
