I am trying to find financing to buy an existing business with bad credit. Any suggestions?

I am trying to buy an existing restaurant with two other partners. The others have the money to buy. I still need $30-$40K. I have bad credit from hardships faced 5 years ago and cannot find anything online about where to even start looking. Anything will help.

you are opening yourself up to more financial damage

some companies prey on folks with bad credit and offer those business loans with interest rates that are extremely high

I can only suggest getting yourself together before thinking of getting into a business/partnership

Fix your credit FIRST

Try this one , it will help you get your credit get repaired fast and also teach you how to do it to earn income doing the same thing to help people get their credit repaired.. this system really rocks....

http://www.creditrepairprofits.com

When purchasing an existing business, it is important to realize that you are assuming reliability for it鈥檚 future success and it鈥檚 existing assets, liabilities and customer base. It is also important to carefully examine the business鈥?strengths and weaknesses, recent financial statements and financial projections to properly evaluate its potential success and continued profitability. Although it seems that there is a lot to consider when purchasing an existing business, there is usually a better chance of success than from starting a business from scratch. And many times, it is cheaper as well.

Some view a failing business as a greater risk than a thriving one. However, others see this an opportunity to improve the profitability of a struggling business. In many cases purchasing it, and its existing customer and client base is cheaper and less time consuming than starting a new business and developing everything from scratch. If the purchaser of the business has knowledge of the industry the business is in, his/her strengths and new vision for the business could take the business to new heights of success and profitability.

Unless a buyer comes across an available business with unusual ease, sometimes finding an available business can take some time and a lot of hard work and research. Sometimes attorneys and accountants are good resources for business that are up for sale. Once a business is located, do your due diligence and research it by contacting the current owner and requesting to review its financials, preferably for the past five years.

To get funding for these situations is not difficult, it is only a matter of obtaining a business credit profile. Consult a professional mentoring company in this industry. Begin your search online, type in "strong business credit" (just like that in quotes) in google or yahoo. You will encounter many businesses that offer the business credit mentoring for $1000+ as a fee.



Good luck,



Ilya Bodner
Small Business Owner
Initial Underwriting Group