Currently banks and financial institutions are not giving out loans as freely as in years past. If you have not saved your own money to start a business you will need help. If the bank turns you down, what is next?

  1. Get a current copy of your credit report. Review the report thoroughly.  Dispute incorrect information. Check www.annualcreditreport.com for a credit report from Experian, Equifax and Transunion. The reports are free from this site. There is a fee if you want your FICO score.
  2. Catch up all past due accounts.
  3. If your debt is overwhelming, get help.  Call your local credit counseling agency or the credit company directly. Creditors want your business and are open to making arrangements to help get your debt reduced.
  4. Stop charging. If you cannot afford to pay cash for an item, then save for it. While starting a business, every penny counts. Make a budget and stick to it.