I would like to start a small business.?

Question

I have bad credit and no money, does anyone know where I could get a loan or find private investors that would be willing to help me? I need about 40,000.

Answer 1

Try getting an SBA loan through a local bank.  Go to http://www.sba.gov/ for information on how to do this.  Besides SBA loans, you may be able to get a government grant.  You will find information about that here:  http://www.business.gov/guides/finance/f...

The only private money that you are likely to get is from friends and family unless you have a new technology, concept, or idea that will be hard to duplicate.  If you want to open a hardware store, you won't find any private money.  If you have a patent on a unique process or product investors may be more forthcoming.  

Good Luck!

Answer 2

Another option would be to place a small classified ad in your local newspaper or classified ads paper.

For example:

"Investor Wanted"

for local business.  Seeking $40k.

Serious Inquires Only.  [phone]

Otherwise as suggested, you may qualify for an SBA loan.

Something I did many years ago, was to offer anyone wishing to invest any amount of money in my business (anywhere from $100 up) was to pay them each a 20% return on their investment over the period of 6 to 12 months depending upon the investment amount.  Once I repaid the investor, I offered to let them re-invest the money in the business for further and future expansion.  99% of the time they gladly reinvested, but you have to make sure you pay them on time every single time the payment is due.  Not even one day late.  Better yet, pay them at least one week before it's due.

This method was done with an ad in the local newspaper, though I did have a great deal of leg work to do.  Pretty much I had little ole church ladies (no offense intended) offer around $100 each, so I made sure they all got little extra bonus of $25.00 each on their repaid investments.

Additionally, some churches now loan money so long as they are paid on time and they get an additional 10% for the church.

Just some options that may or may not work for you.  It all depends on the options you take and/or the amount of leg work you want to do.

Answer 3

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Answer 4

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