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Embarassed But We All Have to Start From Somewhere..Need Direction

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New Visitor

Embarassed But We All Have to Start From Somewhere..Need Direction

Hello,

 My business is a Corp thats 4 years old bringing in over 100k.  However my PG is embarassing Ex 675(BK showing since 2011), TU 720 EQ 508(BK showing since 2011) 2 Inquires on each. My DUNS is 80, EXP 72, EQ 371 showing from NAV.  I am seeking to raise 100K funding to use for my real estate business.  Currently I have $25k Card from Firstbank, $2k from American Express Blue, $15k LOC from Kabbage(high interest), Lots of Net 30 cards from fuel, office and more.  What would be a good route to go to raise more funds via cards or LOC without getting turned down everywhere?  I love this forum and I am new here.  Thanks for any great words of wisdom 

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Established Contributor

Re: Embarassed But We All Have to Start From Somewhere..Need Direction

Nothing to be embarrassed about....many of us have had scores all over the spectrum and honestly they aren't terrible.
But as far as to the point I don't think raising 100k is going to be feasible even with the decent amount of biz credit you have established without it being some sort of collateral related loan.
100k in unsecured funds is a big stretch for most of us here.
And the terms for 100k loan through the lenders we see the most are going to be pretty heavy duty for a biz the generates 100k in revenue. Like backbreaking.
My best advice would be go to the bank you have your biz accounts with and sit with a loan officer and discuss what is possible since you have established a relationship already.
Wish I had better advice and good luck.
Jax

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Senior Contributor

Re: Embarassed But We All Have to Start From Somewhere..Need Direction

Make sure you have a good business plan when you go see the bank.   For a $100K the branch manager  usually can approve.

Scores are little low however and  may ask for collateral    

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