Presently my book is in reprint. However, small business should
go to microloan/finance organizations like Accion and Grameen Bank. You can also google them.Accion started as a Latin/Hispanic Microfinance organization (but they loan to all minorities in the US). They've given out over $30 billion dollars to small businesses. I got numerous loans from them without credit. I can personally vouch for them.
They did check my credit and actually helped me build credit. They give money to minority business in the US. Accion USA, loans out billions every year. They are even in Africa and India giving out business loans.
You do have to show income in your business or a job to pay back the loan. But unlike traditional business credit, where it is difficult for even million dollar businesses to get SBA loans, microfinance organizations look to finance small businesses. They look to help a lot of minorities and immigrants who don't have good or any credit.
Google: Accion USA, and Grameen Bank. There may also be microfinance organizations in your state. Microfinance organizations give out $2,500 to $25,000 in the US.
BTW having a good relation with a microfinance source is essential for cash flow situations. When I had my loan with Accion and made my payments on time the would call me every 1 year or so and ask if I wanted more money or refinancing. So as long as I paid on time and was in good standing I could keep borrowing.
In short, it was like I had a $10,000 revolving line of credit for slow seasons and cash flow crunches. Before I signed up for them I had no credit. After paying on time and them reporting to the credit bureaus I built my credit up to over 750. But in business when you need supplies or to expand your business you need a reliable "go to" finance source.
Also everyone should know you never give money to a loan source upfront. Incur no up front fees.
A legitimate loan source will charge you fees on the completion of the loan as part of the repayment. Also legitimate business loan sources will put part of all your payments toward principal and not just initially towards interest.
Lastly, a good source of business loans with all the paper work and catch 22 with banks is PayPal. If you generate more than $15,000 a year in sales with PayPal you may qualify for PayPal Working Capital.
They will give you loans without credit checks and paperwork. I got 3 different loans with PayPal and paid them all off. Their loans go up to $250,000 based on your income at the time of this writing.
They will give you loans up to about 25% of your income. These aren't theories I'm sharing. These are companies and organizations I got legitimate business loans with in the past.
They will give you loans without credit checks and paperwork. I got 3 different loans with PayPal and paid them all off. Their loans go up to $250,000 based on your income at the time of this writing.
They will give you loans up to about 25% of your income. These aren't theories I'm sharing. These are companies and organizations I got legitimate business loans with in the past.
By Kamau Austin, Publisher AMS Digital Scoop Publications
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