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Not too long ago I spoke with a small business owner who had a great idea, a really good business plan, but no income and a really bad credit score. He wanted to ramp up his business (which made sense), but he just wasn’t poised to make it happen.
Unfortunately, he misinterpreted the reluctance of a lender to invest in his high-risk credit profile as disinterest in his idea—which it wasn’t. No income, no track record, and no credit usually mean no loan. My advice to him is the same advice I’d give any small business owner in the same situation—and will likely put his small business in a better position to grow.
Trying to grow before you have your ducks in a row is possible, but it’s unlikely you’ll find a sympathetic lender willing to throw the dice on your venture—even if they believe in what you are trying to accomplish.
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Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business financing and trends accessible in common sense language devoid of the jargon.
Blog
9 min read • Aug 15, 2022