What to Do if You Have Less Than Stellar Credit
Recovering From Having Less Than Stellar Credit
What do you need to do if you have less than stellar credit? If you would like the answer to that question keep reading. Every business has set backs. Each has to break free from their past in order to maximise its potential. This requires fixing past missteps and learning new skills.
We want to introduce you to Ivan. This case is a good example of how to recover from set backs. In order to grow, Ivan needed to take a step back so he can move forward. He had to recover from a few early missteps and events outside his control. This case outlines his journey.
“The business is doing fine and needs to expand, but banks keep turning me away. I’m frustrated and angry. I know that I didn’t always make the right decisions, but that was then. Why do I have to keep paying for it now?”
Ivan a boutique fitness studio that has been successful in recent years. To continue to grow, Ivan needed to expand beyond his current location. Ivan is a people person, who has a lot of friends and had a lot of fun. He wasn’t always careful with his credit, so he’d taken some hits. He got his current location from a friend, but when he came to us, he needed capital to grow. Banks weren’t willing to work with him, so he felt stuck and frustrated.
Many small businesses don’t realize that their personal credit can have a negative impact on their ability to get a business loan especially if they are new and do not have sufficient assets to use as collateral. This was the issue that Ivan was facing.
How We Helped Ivan
The front of the tile describes the problem. Flip it to see the solution.
If you are like Ivan and have less than stellar credit, the options are out there if you are able to make trade-offs and get creative with funding solutions. If you’re business isn’t quite like Ivan, please take the Business Assessment to be guided to a guide that is right for your business. Otherwise, you can contact us directly and we can have a chat about how to help you succeed!