Hello,
I have a small residential and commercial cleaning business that I am looking to expand. I have been shopping around for financing through traditional lenders, but due to my 518 FICO score and millions of charge-offs, I can’t get fianancing. I have applied to a few non-profits in the state that I live in. I have also been pitching my case to some friends. I don’t have any family that can help. They all have bad credit and so do much of my friends. I really do not know anyone with cash on hand either. I have been looking into getting an angel investor or a venture capitalist, but I do not know if that’ll work. I’ve posted an ad on Prosper and I never get responses. Again, I think that this is due to my bad credit. I am seriously running out of ideas. I have 15 months invested in this and I do NOT want to give up. Does anyone have any suggestions or can anyone suggest a place that can help me? I know I need to fix my credit, but I need the money to do it. Please, please, help!
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I think Prosper.com may be your last best chance. Maybe you need to change your writeup. Potential lenders want to know about your past but, most of all, they want to hear your honest description of why and how you think you’ll be successful this time. Potential lenders like to invest in people, not in businesses.
Just be careful that any solution you decide on is not taken in desperation and quick judgement. The results could make your situation worse than it already is.
I’m sure you realize it now, but others should learn from your experience that poor financial responsibility has very serious long-term effects that are extremely difficult to overcome.
Best wishes to you.