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Finance & Accounting
Does having a poor credit rating mean I can never secure financing?
I have an idea for a business that I know will take off. However, my poor credit rating is being held against me. How do I win? I'm trying to be self-sufficient and not rely on welfare. All I need is a small loan. What are people in my position to do? Give up completely?

Asked by Thea
Posted: Sunday, August 03, 2008  |  Found in Finance & Accounting

More answers by Rosalind Resnick
Answer by Rosalind Resnick
While poor credit may disqualify you from obtaining a bank loan, as a startup with no cash flow, you're unlikely to get bank financing anyway.

You'll probably have better luck with an investor who believes in you and your vision and is willing to contribute capital in return for a stake in your company.
Rosalind Resnick is the founder and CEO of Axxess Business Consulting, a New York consulting firm that advises startups and small businesses.
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