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How to get a small business loan without credit history?

Im looking to start my own clothing line, i cant find a local job, ive been looking for a year and no success and ive wanted to start a clothing line for years so im deciding to do it. Ive looked at many banks and websites and the only way they will approve me is if i have a credit history of like 650+ i have no credit history. So what are my options? im only looking for under $5000.

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  • 1 decade ago
    Favorite Answer

    You can get a loan from other people at Prosper.com. You can tell the members of the site your story and why you need the money. The loan is funded by several members investing in you so that you can start your business or whatever else you may need the money for. Their incentive to loan you the money is to receive interest income for the money they loan you. It is like a normal loan but without the bank. People loaning directly to people. Check it out. It is easy to use.

    Source(s): www.prosper.com
  • Anonymous
    7 years ago

    I'm confident that you might find many financial solution at= loandirectory.info-

    RE How to get a small business loan without credit history?

    Im looking to start my own clothing line, i cant find a local job, ive been looking for a year and no success and ive wanted to start a clothing line for years so im deciding to do ...mostrar más

  • Anonymous
    7 years ago

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  • Anonymous
    1 decade ago

    im guessing that this "year" you looked for a job probably wasnt hitting pavement everyday...you should probably work and save your money for chasing your clothing line

    even if you did save the money up...your going to need credit history anyways so you can have a line of credit for your new business and dont think for a sec you wont need credit cuz you will

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  • 1 decade ago

    Hey there, Scotiabank has an offer of a $5,000 overdraft for business banking on their website, I started my business with them in 2004 and basically asked them adhere to the website, guarantee a of $5,000 overdraft! You just have to be out of your overdraft every 35 days, if that helps ya! Good Luck!

  • Anonymous
    5 years ago

    It's not alot of money, so at first blush I would think yes. Show the profits the business has earned the last few years. Maybe a co-signer for the loan?

  • 1 decade ago

    If you do not have a bad credit getting business loans are easy. It is generally seen that bad credit acts as an obstacle in the smooth running of a business. Are you also facing the same problem? No need to worry, as bad credit business loan is here to solve all your problems<!--The perfect use of bad credit business loan comprises of the improvement of credentials so that you can avail any loan in the future. You can find more information on Business loans here,

    http://badcredits.awardspace.com/businessloans.htm

    You can first gather complete information regarding these types of loans. Move ahead in business with bad credit business loans. An effective way to get rid of your bad credit score and to speed up your-->business dealings is bad credit business loans. You can maintain your perfect credit score as long as you pay off your installments in time. This credit score improvement can enable you to avail any future loan with better terms and conditions.

  • 1 decade ago

    Here is an excellent site with some wonderful options 4 U. Check it out……..

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  • Anonymous
    1 decade ago

    Talk to your local Small Business Association (SBA). they will help you write your business plan so you can get a loan or investors. Most services are free.

    Source(s): Small Business manager
  • Anonymous
    1 decade ago

    tell them your an in port from the far east

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