Poor credit rating

If you’re coming from a place of a bad credit rating, without any real cashflow or credit, but have a great business idea that you believe in 100%, how would you fund it…?

Hi Theo, if you can bootstrap it, that is great. Sometimes you can get some initial sales without too much upfront expenditure, particularly if you are selling your time and your skills.
Our grant programme is very much designed exactly for people in the position that you are in as well.

Hey Theo. Ah, I feel your pain. That’s a tricky one, and would need some creative approaches.

You could go a couple of ways.

Firstly, you could approach non traditional forms of investment - for example you could apply for grant funding/accelerator programmes which aren’t based on your personal credit rating/other social investment which looks at the merit of your idea rather than your personal credit history.

Secondly, you could bring another person on board as a director who does have a good credit rating. This could offset a low credit rating when applying for more traditional forms of credit such as business loans.

Hope that helps to get your thoughts going.

Hello, echooing previous answers. Depending on where you are in the UK, i would contact Purpleshoots https://purpleshoots.org/ they do exactly this for people who have been held back by circumstances but who want to create a business.
The founder is Karen Davies.
Take care,
Servane

Thanks @Servane and I can testify that Purple Shoots is a great organisation for this. @purplekaren herself was incredibly generous with support and advice when the Angelfish Community was first being set up and she is one of our members.