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When I started my business, I really had no clue about running a business. And knew far less than I should have about fixing cars. 10 years later the shop is doing well, somewhat profitable but it's paying for bad decisions that caused credit issues and a fairly significant amount of debt in the wrong places. For instance instead of getting a business loan (due to lack of collateral ) I financed all my tools from the tool dealers, got stuck in the buy from the tool truck rut and pay a small payment. I'm currently working on improving that posistion & all together we currently hold roughly $30,000 in debt and within the next two year my credit will be in great shape. My question(s) is this - what are the financing options with no collateral - is it smart to expand with a business loan (purchasing a piece of property, building etc) - and are their any tips or advice you might give someone looking to acquire significant financing for the first time? Most banks I've spoken to locally make it pretty clear that business financing is hard to attain right now - is this the norm or is it my inexperience causing their response?


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