Ethical Resources For Ethical Small Business Owners
Wednesday February 8th 2012

Small business loan with no credit, no income to speak of?

Here’s my dilemma. I’ve been recording my band and other bands around the area for 7 years now and I’d like to start a recording studio. I just graduated college and have no job at the moment. (Summer job lined up, but not much money)
I checked with my bank about a small loan and was told that I need at least 30% of that money to apply. I also have no credit at all, (no debt either) and no collateral to speak of.
My plan at this point is to work and save up what I need to start. But – I thought even though it sounds ridiculous, maybe there’s some other way to get the money? I’ve also been turned down by every credit card I’ve applied for, so that’s also out. Any ideas?

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2 Responses to “Small business loan with no credit, no income to speak of?”

  1. Frank L says:

    word of advice..
    1. Don’t listen to these people telling you to go to these websites. They are either spammers or work for the company.
    2. Try to save up money, Its going to be very difficult and I also recommend applying for a capitol One credit, They offer a credit card for people who dont have credit..Although its going to be a high interest rate around 21%. Just don’t use it for stupid things, use it for buying gas then pay most of what you spent off every month off. keep paying on time and you will soon build a credit score. Do not forget about paying every month because it will effect your score for years.

  2. M&B says:

    Good plan but try first this it is cost less that $10 and If your in a hurry, just go right ahead & take a
    look at this web page to see what I’m talking about
    http://www.ondemandprofits.com/?cb=minibook1
    Do you get the hang of it? Keep it simple & catchy – give them a reason to click.
    Generate curiosity. I am sure you can do a good job at it.

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