I'm going anonymous because no one in our family knows about this.

My sister and I have gotten together a business plan for a business we want to start up together. We'd like to get a small business loan of about $20,000. Problem is, due to some health complications in my past, and some with her husband in the past, neither of our credit is great due to medical bills. It's improved a lot since these are being paid off now.

My question is this: Do we still stand any chance on getting this off the ground?

By Kym on Tuesday, July 8, 2008 - 03:47 pm:

If I may butt in here on another subject Going into business with a famil member almost always spells disaster....BTDT, worked out fine in the end, but should have not started in the beginning.
Plan B would be for one of you to be the owner, that owner hires the other as VP and pay strictly from profit percentage. You can also offer shares of the company to any employee. But single ownership really is the key! You take a bigger risk but it far outweighs the potential problems. Almost any biz consultant, attorney or small business owner would tell you the same thing.

As far as the loan, it's very difficult to fund businesses without outstanding credit or long term business, even then it's hard for small business, in actuality it's easier to get a large sum of money than a $20K loan, it's not enough of a ROI for a bank to take the risk.

If you want anymore info feel free to email me at k b a l t u n i s at c o x . net. Owning a business is a lot of work, but is tons of fun too! Good luck with your venture