I want to start my own business. I have no collateral. My credit has some blemishes, but it isn't horrible. I also have less than $5000 in the bank. Is there a possibility to get the bank to cover 70% of my start up cost? I am a disabled veteran, and I understand that helps, but I dont know how much. I know there's is no easy answer, but I'm wondering about my chances of even getting my business off the ground. Any advice is good advice.
Unless you find a lender participating in some sort of guarantee program, it isn't hopeful. You are asking the lender to take most of the risk and especially in today's economic climate, they are hesitant to do that.
You might investigate Small Business Administration (SBA) loans that have some guarantees from the government. They are encouraging banks to make loans and the federal government is considering making funds available for commercial loans, to small banks submitting program plans for these. Research SBA lenders in your area, talk to them, and consider what you may be able to do to revise your business plans to fit into a program they offer.
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Unless you find a lender participating in some sort of guarantee program, it isn't hopeful. You are asking the lender to take most of the risk and especially in today's economic climate, they are hesitant to do that. 