If you have poor credit and you want to get a small business loan, you should really think it through. Do you really believe it's a smart idea for you to begin a business that way? Having poor credit is a good indicator that you haven't been careful with your money so far.
Do you honestly think you can be trusted with a bunch of money when you haven't been keeping up with your money already? Are you hoping for a miracle that will give you the money you need to start your small business? It's more realistic to buy a lottery ticket, or fantasize that you have a rich relative who wrote away their money.
One well-known proverb states: "Someone who is faithful with little will be given much, while someone who is not faithful will lose all of his possessions." It's a good idea to work on being happy and faithful with what you do have, instead of trying to throw money around to get out of your situation. Spending to much is very likely what put you in such a predicament.
You have to realize that an incredible amount of new businesses never make it past the first year. Many start out dedicated and hyped-up about their new business, and they try as hard as they can to keep it up but they still fail. Passion alone won't bring about success.
Maybe you have poor credit only because you grew up poor, but you're actually responsible. It was simply you're financial situation that held you back. In that case, you should start off small, like Bill Gates. Gates diligently worked to sell his first software, and his success grew from there.
The best chance you have of successfully starting your own business is to gain experience as an employee of someone else. This makes it possible for you to build up your finances and learn about business personally. You'll be able to think ahead about problems and how to get past them when you start your own small business. Going through this process will extinguish any hardships you had with poor credit, and won't hold you back when you start your business.
Get rich quick schemes realistically make you poor faster. That's what happened to the U.S. economy. People bought stuff they couldn't afford. Therefore, their momentum was quickly stolen from them, and people who try small business loans with poor credit almost always fall into the same trap.
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