How can I overcome poor credit?FSB expert Patrick Thean explains how to get financing in this tough situation. (FSB Online) -- Dear FSB: I have experience in business and hope to start a new venture in the future. However, because of some mistakes in the past, my credit is in poor condition. How can I get financing in this situation? - Robert Khachatryan, Glendale, Calif. Ask FSB
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Dear Robert: I would recommend seeking startup financing from friends or family or concentrating on finding a customer who will help you generate enough cash flow initially to boostrap the business. For entrepreneurs who are already in business, banks may be willing to provide financing based on the value of any receivables. The key is to prove that you have reputable clients with a good track record of paying their bills on time. Did you overcome a bad credit score? Tell us how you bounced back. |
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