Starting Up a Business

[Karen]

Is there someone who might cosign a loan for you? That can help while you establish good credit. To build credit, start by taking out a small loan, one you know you can repay easily, and on time. And there are credit cards you can get that are 'starter" cards - just be very, very careful with them. Make an appointment and talk to the Small Business Association in your state or county. And they may even be able to hook you up with a retired former business person who can act as a mentor.

[sleepgrazed]

Is there someone who might cosign a loan for you? That can help while you establish good credit. To build credit, start by taking out a small loan, one you know you can repay easily, and on time. And there are credit cards you can get that are 'starter" cards - just be very, very careful with them. Make an appointment and talk to the Small Business Association in your state or county. And they may even be able to hook you up with a retired former business person who can act as a mentor.

We figured as much. An aunt offered to be a partner which is great because she is providing "some" additional funding. She also has an account our community credit union and from what I hear, their rates are better than the bank where I have an account. Anyway, I am not really sure how they are different. I was told that it is easier to get a loan for bad credit with a credit union? Is that correct? I checked "loan for bad credit" in google and I am a bit encouraged - BUT - things are going the way they should ...

[Karen]

We figured as much. An aunt offered to be a partner which is great because she is providing "some" additional funding. She also has an account our community credit union and from what I hear, their rates are better than the bank where I have an account. Anyway, I am not really sure how they are different. I was told that it is easier to get a loan for bad credit with a credit union? Is that correct? I checked "loan for bad credit" in google and I am a bit encouraged - BUT - things are going the way they should ...

You should avoid those "loan for bad credit" people, as they can tend to have predatory rates and bad terms. Definitely check with the credit union, and as you aunt has an account there, maybe she can go with you, just so they know you are connected to the community, etc.