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It’s going to be a frustrating uphill climb, but if you want it bad enough, there are some solutions to the problems. If you work diligently and expeditiously, you can crawl out of the hole that you have dug for your business.

Here’s a few tips where to start:

Don’t call the small business administration expecting them to have loans. They don’t loan any money to anyone. They do however, have a list of places that can and will help you out. They might even be able to point you to a grant program, if you qualify.

A small way to jump start your credit again is a credit card. Don’t ask for a large amount. Begin with $500 a month and pay it off each and every month. That way you are building your credit again and you don’t have a large balance to deal with.

Getting a small business loan with bad credit is like trying to get the sand out of swim suit at the beach. It won’t all come out and it’s hard. So, negotiate and remind them you are aware of the issue. Nicely inform them that you are willing to pay a higher interest rate and pay it on time each month, just to prove to them that you can do this right this time.

We all know the economy crash was not easy on anyone, and it still is affecting several parts of the country. The delayed reaction occurred in many waves across the land, so talk to them like they were your best friend. Somewhere in there is a solution.

Merchant cash advance. This is a program that started with the merchant account servicers. They are regulated with a group in amongst the merchant account owners to insure that no one takes advantage of the program. It is designed to help anyone that needs it. Loan sizes vary with each merchant and it is repaid through the credit and debit card daily sales. Payment also varies on the daily sales. If you have a bad day, so does the repayment plan, thereby helping you stay afloat.

Anywhere from a 1% to 9% daily amount will be removed from your sales and paid into the advance repayment. The amount is set upon agreement from you, the business owner.  Very few are turned down and even though the interest is a bit higher than other places, you are not likely to lose with this program.

So, programs are there

Even if hard times have happened, the only way to get them in the past is to work harder for the future. Don’t give up because one grouchy banker turned you down. The only happy banker in the country right now belongs to a club known as, ‘bailed out.’ The rest are not sure what direction to go, so don’t necessarily turn to them for assistance. Look for alternatives that will work for you and your business. It’s the best thing to success and you get to run it. Good luck!

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