Raising Funds?

Submitted by marcoponce on Wed, 06/11/2008 - 11:53.

Any ideas for someone with bad credit on how to rebuild and/or raise funds?

How about getting business credit not associated with your personal credit?

Any ideas for someone with some surmountable debt would be nice. :)

Some ideas

Submitted by darrengill on Wed, 06/11/2008 - 12:44.

Well this is something that I went through when I graduated from University. I came out of 7 years of schooling with no assets and as you can imagine huge liabilities. I know in Canada here there are federally funded lending organizations geared towards Entrepenuers who may not be able to get financing with banks due to credit problems that a number of people use. I would take a bowse around your state govt site for whatever country you are in I am assuming the US and see what they might have. I know another one they have in Canada for instance is the Self Employment Benefits program where you will get top Employment Insurance for a Year to try out your own business. Just some thoughts that might help you. Also if you read some of the following titles it may help you. "The Art of the Start" and "Investors in your backyard"

I know it can be discoraging where you are at as I have been there done that. One thing I kept in Mind was Kevin Smith the director did Clerks off of his Credit Card that he happened to have but could not get other lending as he was an unemployed recent drop out of university at the time. Now look at him!

As for getting Business Credit not associated with Personal Credit dont really think that is possible unless you have partners with you who look very favorable to the lending agency as the lending agencies are going to look at any start up with very different eyes on lending then they would an established business. Hope this helps some, as I am not from the US I am not overly familiar with your system(s).

Same boat

Submitted by skeever on Wed, 06/11/2008 - 17:25.

As far as I know when you are trying for business credit, they will request your ss# which would link to your personal credit in some way. I am in the same boat, I've got a good amount of debt and have sh*t credit and I am jumping through hoops for credit, business or personal. I have been using a credit card that has a very small limit ($500) and instead of waiting for my once a month due date I call billing and have them push a payment through. So pretty much every week, the card is fresh.

Reguarding Kevin Smith, his story is pretty incredible but just keep in mind, he used about 10 different credit cards and racked up almost $30k to shoot his movie. He caught "lightning in a bottle" as most movies don't get picked up like that. IMO, it was somewhat reckless, but he took a chance and it worked. Sometimes you gotta nut up and just go for it to make things happen. I have been shooting short films for about 4 years now and that is why I do AM, it will fund my films. I have been lucky as I have had experience in one way or another in most of the skills needed that bip outlines...so instead of cash I have spent many late nights getting stuff setup.

Anybody got any thoughts on this? Would love to know more about business/personal credit and how to establish them together or seperate.

-Skeever

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