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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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Featured Biz Question

My partners and I have just started up a company that sells retail household items.... Competition will always be there and I enjoy it very much. It keeps me on my toes and helps me come up with new innovative ideas to distinguish our company from the others. I love what I'm doing! I really look forward to waking up every morning and can’t get enough out of creating new things or ideas for my business. But I feel the need to do much more.

My goal is to help the community as well as help others like me get motivated and inspired to live the most out of life! I want to create a magazine or newsletter dedicated to inspire people. All people! Not just those who are down on their luck. I want to help those who have nothing, to those who have millions! I have writers, some artists, and many other people who feel the same and are filled with inspirational ideas and stories. They all want to share them.

The trouble is start up capitol. It seems I have gone everywhere. I used all the money I had, in savings, to start the retail business that I'm currently working on. I have gotten some sales, but not enough to make much of a difference. I'm not in the best of health and am putting everything I have into getting this going. I have tried to get loans, with no luck. And will be attending a micro-loan meeting next week. But I was told that they only offer loans between $500 and $1000. That will help a bit, but not enough.

I went to the government sites and didn’t see much that would help a company like mine get off the ground. My credit isn’t so good, mainly due to medical bills, and even though they say it doesn’t count, it seems to.

Does anyone know of alternative funding for the type of publishing I want to do? The start up I need is between $15,000 and $20,000. That's the bare basics for what I want to accomplish.

Please let me know if you have any ideas or suggestions. Thank you so much!

Answer from our Guest Expert Lillyvette Montalvo

Funding a Startup Biz

Hi, Annie,

Credit Counts!

First, let's clear the table and get it prepared for the main course -- finding funding for your startup. In doing so, I must stress that credit always counts.

Although many unforeseeable things come our way -- such as health issues and accidents -- and strain our pocket books, unfortunately, creditors and others don't view these events as we do. In reality, what matters is where the results are reflected. In your case, it’s reflected on your credit history… an unforgiving history that needs to be nurtured and cared for very intently. The good news is this doesn’t mean that you can’t whip your poor credit history back into shape! You can! Dig your heels in and make some sacrifices in various areas, areas where you can be better prepared for those unexpected financial pitfalls.

Set some credit goals as quickly as possible. Speak with a friend or mentor who has a solid credit history. Make an appointment with a financial expert. Ask them for strategies and advice for getting your credit back in a good light. Make a brand new start for yourself in the credit department. Doing this will reflect very well for you and start to open "dollar" doors as your situation continues to improve.

Now, for getting to that main course.... continued

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About the Expert

Lillyvette Montalvo

Lillyvette Montalvo

Lillyvette is a Certified Diversified Cash Flow Specialist who used her years of public relations, marketing, and financial experience to create Star Capital, Inc. which helped biz owners get the dollars they need to make their businesses grow and succeed. more