Ok, so I'm in the idea/planning stages of putting a small business together.
I am recently divorced and as a result my credit took a huge hit!
My question is...can I still obtain funding through grants and etc. even though my credit is shot? If not, how do i get around this, aside from trying to get my credit back up to par, of course.

Thanks,
Tommy
:P

Tommy first grants epecially from the government are mostly for non-profit business. In term of for profit business the business has to be something the would benefit the community at large - housing developers, technology, new energy innovations, etc.

Second I highly recommend you start repairing your personal credit. Contrary to popular belief but for small businesses 90% of any funding sources will check your personal credit history. Now, you can send a letter to all three credit bureaus explaining why your credit took a hit and ask them to include it with your credit report. This way whoever pulls it will have a readily available explanation.

Lisa Douglas, Inklusion PR
PR service packages priced from $500-$2,000
www.inklusionpr.com


>Ok, so I'm in the idea/planning stages of putting a small
>business together.
>I am recently divorced and as a result my credit took a huge
>hit!
>My question is...can I still obtain funding through grants and
>etc. even though my credit is shot? If not, how do i get
>around this, aside from trying to get my credit back up to
>par, of course.
>
>Thanks,
>Tommy
>:P

It is difficult to obtain funding through traditional lenders even with great credit. If you have bad credit you can forget about bank loans. And investors have no interest in little start ups.

Realistically, what you will need to do is first put together your business plan so you know exactly where you stand; how much funding will you need, how much money do you have to put into the business, etc.

Then ask yourself if you can work at a job that will allow you to build your business "on the side" and clean up your credit score? Or can you scale it back to keep the start up costs as low as possible?

You can also try peer to peer lending groups, although a good credit score is a plus, you can still get funded with bad credit.

Sylvia
http://smallbusinessstartup.biz
Startup & Biz Plan Help
http://smallbusinessstartup.biz/blog

Its best to establish business credit totally seperate from your personal credit.

Its easier to do and there are more financial benefits to it. You should always take care of and build up your personal credit of course, but business credit gets what you need done for your business.

If interested in business credit lines/establishment, we offer a free business credit builder program when you purchase an annual membership to www.thebestincredit.com and if interested, just send an email titled "FREE Biz Credit Promo" to info@thebestincredit.com
>Ok, so I'm in the idea/planning stages of putting a small
>business together.
>I am recently divorced and as a result my credit took a huge
>hit!
>My question is...can I still obtain funding through grants and
>etc. even though my credit is shot? If not, how do i get
>around this, aside from trying to get my credit back up to
>par, of course.
>
>Thanks,
>Tommy
>:P