How To Get Funding For A Business With Bad Credit

How to get funding for business with bad credit? Well, we have experts that do this and they have over 500 institutes you could qualify for. Now, if you have super bad credit and your partner doesn't have good credit, then you're going to find a partner. So I'm going to teach you a few things today about how to get funded. How do you leverage OPM? And I'm going to call it OPI, which is other people's IRAs. Second thing, I'm going to talk about other people's credit and how do you actually put a partnership together, which was going to require an LLC or some sort of corporate structure and an operating agreement. And then the last thing I want to share with you is how do you explore government loans and more non-conventional avenues for how to get funding? And those of you who really understand the wealthy and how we work, we live in the alternatives. We don't live in the traditional stock and block boring stuff that doesn't really work. It's a square box and you have to fit in it because when you get wealthy, when you have a lot of ventures and a lot going on, you don't have a square box anymore. You have a pretty complicated estate, which complicated does not mean difficult. It's different. And we said it that you own nothing, control it all through corporate structure. So let's start. What's your first way? If you need some money for your business, other people's money. You can go friends and family. That's what most people would tell you to do, which I agree with. There's over, I don't know how many trillion dollars of IRA money. So if somebody has an IRA and they're still working, you can actually get up to $50,000. They could actually borrow against it, loan it to you. You pay them back at a certain interest rate. Right now, going interest rates are somewhere in the 10, 12. I know some people getting 14%. On the low side, somebody might pay you 8% or you may have to pay 8%. You say, well, that's really expensive money. Well, you have bad credit. So you're going to have to figure out how you want it. And you're going to really need to know that why you want it. The project can cashflow enough to pay them back those loans, whether it's OPI, other people's IRAs, or other people's money, which is cash. So once you've explored those options, again, you need to call us at any time. Go to asklaurel.com, A-S-K-L-O-R-E-L. Ask a question, make a request, make sure you're always asking questions before you go jump and do something that damaged yourself more. And let's go on to number two. How do you use other people's credit? So there's some times and I've done these deals where you can use somebody else's credit. Sometimes I have been the credit, somebody else's money and you do all the work. So then you need to put an LLC together, which is an operating agreement with two or three people, depending if you have OPM and somebody else's OPC, their credit. The person with the credit better be in control of the payments, because if you miss a payment and it's my credit on the line, I'll be the one hit. That's usually got to be in the operating agreement, how you're going to have transparency of the control and use of the money because someone else's credits on the line. The other way to do it is just to go into a 50-50 partnership or 33-33-33 some points. And all three of you come together and in an operating agreement have total transparency about who's going to do what, who's going to put up the credit, how the payments are going to be made and how are you going to dismantle it and make sure that the project can pay everybody back and get everybody whole. We are masters at this and you're going to have to have an entity with an operating agreement. Typically in America, that's an LLC and do it right and call us, call our office before you jump and do these crazy things. You go to LegalZoom or sump.com and get just a free or cheap entity. You won't have the operating agreement, you won't have enough documents and enough mentoring and guidance about how to be in these partnerships. Now, before I go to the next point, I want you here five days a week, subscribe to this channel. It's a family-friendly channel. Bring your five-year-olds. You say, well, they aren't going to learn anything about this. You want to immerse them in this conversation so they start, believe it or not, their subconscious mind is not developed until eight to eleven years old. So the faster you get them listening to this conversation, the faster they're going to arrive knowing business, knowing money and just common sense. So the last thing I want to talk about is our government loans and unconventional loans. There's a lot of merchant cash advances. They're very expensive loans. You're going to have to have some cash flow somewhere in your life or a big job to qualify for those. During the EIDLs, which are not really a thing anymore, but that was like 3% money from the government that businesses could apply for, different than the PPPs, which were for the payroll services. There's a lot of ways to get other people's money or international money. You have to be careful in international waters because U.S. laws will not stand, which means if you lose it, going after them in their country is going to be almost impossible. So lean in. We know how to do very creative funding, very creative deals, whether it's IRA money, credit, just to teach you and navigate around these agreements, banking systems. By the way, there are very alternative banks, which you got to know. I'm in the cannabis space, so very alternative banks because it's not federal on how we do bank. And we do bank and we do merchant services, which most people say it's all cash. No, it's not. You just don't know how to do it. So you don't know what you don't know. If you want to learn, then lean in and let us teach you. Stay on this channel five days a week. And if you have any other topics you want me to talk about, put it in the comments below. And if you want, just search a topic. I have hundreds and hundreds and hundreds of videos that are about a variety of topics. If you have any questions during any of this journey, go to asklaurel.com. You can say, I'd even want to talk to Laurel. And if you make your way to the stage every twice a month, I actually bring people live to an Ask Laurel. And I do like money makeovers on you. And I give you some sequence. So you actually have some clues on where to get some direction. Look forward to seeing you there. We'll talk to you soon.