My dream is to open a child care center in my area. But my credit score is horrible?

What advice can you offer to a person in my situation? I am positive that once the center is up and running it will be a success. Is there anyway I can get started without having a perfect credit score? Mostly likely I will need a loan from the bank. Any advice would help.

Public Comments

1. Check with the small business association, there are alot of ways to get the money to start up a new business, even grants that you don't have to pay back. They have additional help for women and minorities, look up the women's business association also.


2. I am not real sure. This will depend on how bad your score is and how much you need to borrow. You may have to find some one who will co-sign with you. Contact one of your local banks just to see if they can answer your question. Good luck.


3. Where I live, many people operate small daycare centers from their homes. You could start by taking in neighborhood children, and once you're established with clients and can afford better accomodations, you could think about moving up. I don't know about whether your house is a feasible option, but I think many people like the idea that they are taking their children to a homey environment.


4. proving that you have a good business is the first way to attract investment. You dont necssarily need a bank to access money. If I heard a person say "I am positive that once the center is up it will be a success". I would never invest in their business. You need a business plan and a projected PL statement that shows what the salaries, rent and other expenses and a breakdown of profit based on numbers of children using the centre and what the break even point is etc etc. this is ust one of many pieces of information an investor needs. Get a share prospectus of a company that is about to float and you will have an idea of how to attract investors


5. I doubt if a lender will even listen to you, good credit or bad, without a business plan. You should be able to pull up a model to use off of the internet.

   Good luck!