Currently, I have a credit score from EFX of 509. I'm sure the others are about the same. I have not worked since early 2000, and am not likely to anytime soon. I was in school for 2 years, and now I'm trying to get a business off the ground. Why? There really just aren't any jobs to be had in the area. The business has a decent chance to succeed, but I am severely hobbled by my non-creditworthiness. A family event in 1996 (someone's death) ultimately ended up in our filing BK in 97. My wife is a professional, and makes pretty decent income - when she's working. We go through regular short periods of no income, followed by 3 to 6 months of exceptional income. This instability, along with a lack of credit, causes us to hang onto our cash, rather than pay debts, because we're never quite sure when we'll have income and when we won't. We try to keep at least 2 months' worth of cash sitting around. The issue: I have, and the wife has, debts that we're making very slow progress upon. Altogether, I estimate we've got about $12K in various debts - almost all of which are with various collection agencies - medical bills, debt from a failed business in '98, and so on. We don't have credit cards with balances, we don't have car payments, and we're renting. (lost our home in BK) My business startup needs about $3000 in funding. I need it in about 15 to 20 days, to be operating. It WILL make money, and has almost no risk whatsoever. I have done an immense amount of legwork and research to lower the cost of this venture from a normal Min of about $20K to just $3K, so please don't suggest economizing more there. What would you do? How would you attempt to raise it? Thanks for reading, and any and all ideas ARE considered.
I know you said you need it in 15-20 days. Why the rush? What about getting a job and put the money away solely for the starting capital? I know you said there are no "decent" jobs in your area, but heck, even flipping burgers, if you put your whole check away, you could have the money in about 4 months.
You said you don't have credit cards with payments. Does that mean you have cards with available credit? If so, you could use them.
There is always a risk isn't there? If not, sell your business plan for big bucks. By the time you have it nearly sold you would have saved the money from say,,, flipping burgers or whatever. My mother ran a daycare to come up with $1,500 to open a restaurant years ago and continued the daycare until the business took fully over. It was a huge success. ;-) Gretch
