Snall Business loans using VA & GI bill benefits?
Good afternoon everyone. Currently I run an exterior cleaning company out of Colorado. Ive recently moved here from NY with my work truck thats fully equipped, and ready for work. So far ive gotten a few bids, but the rate im going id like a small loan just to increase volume. Currently I've living with my brother whom will be joining the business.
Currently I am rated 30% and he is rated 70%. He is on the GI bill aswell so our combined income is around $4,400 combined. Our credit score is not great, sitting at 520 and 560. A lot happened in the last year, homelessness, job loss, all the sob stuff.
We've recently gotten on our feet when we started using the GI bill to get back up and we are doing well, our monthly expenses are only around $1500 combined, and we have no outstanding debt.
I really believe this business can work, we've gotten great responses, all documents, branding, and equipment in order, and even proven work with the business, id just like to specifically use MY $350/m as minimum payment for a business loan or credit for advertising, yard signs, and other startup. Id be asking around $10,000 to $15,000 from a lender. We could payback the minimum 6x over, but im worried about the credit.
Anyone go trough anything similar leveraging the va income to start a business with crap credit?