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Unless you were born into money, one way or another you get into debt. For most of the people it’s manageable debt - revolving accounts (also known as credit cards), small and big loans (also known as car financing and mortgage). But the whole bunch of people are suffering from unmanageable debt (the one that leads to bankruptcy). For some people the thought of debt is so heavy they don’t even do anything about it. Others become refugee entrepreneurs, escaping from debt into running their own business.

Debt Negotiation, debt consolidation and debt help are considered lesser evil. They don’t usually pay your debt for you, but they refer you to services that may help. How it works for them is that they either buy your debt from your creditors for less then amount you owe thus making a profit. Alternatively, they negotiate easier repayment terms under the assumption that bank has high chance of not seeing their money anyway.

Any debt is like a swamp - you better off not get into it, but if you got yourself in there - get out as fast as you can.

Popularity: 12%

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Start Ups (unless we’re talking about Silicon Valley creatures) usually financed through three main sources. They usually identified as triple-F: Friends, Family, Fools. However, when entrepreneur exhausts these sources, he may either go for debt (getting bank loan) or equity (inviting investors). Having debt is better for a small start, if the entrepreneur is sure that his venture will bring the money back. Equity means giving up part of the company, whereas even bad credit loans with high APR could be a better option for refugee entrepreneurs to retain 100% of ownership of the company.However, before agreeing to be hit with sky-high percentage rate on bank loans, make sure you get your credit history and score from three main credit bureaus. Personal or business credit cards may turn out to be a better option.

Popularity: 16%

You might also be interested in reading this:

• Small Business Loan (January 7, 2008): As taught by my professor at Small Business Management class - Small Business Loan is the hardest thing to get, especially when you don't have a proven track of successful and established businesses behind you.However, SBA - Small Business Administration helps you to obtain loans with little or no collateral and with as little of [...]
• Small Business Will Step Up… Later (September 15, 2008): There was an article in Sunday NYTimes - Economy to Entrepreneurs: Turn Back (link) discussing how small business owners and entrepreneurs seek refuge in corporate life at the harsh economic times. Given the high fuel cost and tight budgets it is no wonder the profits are shrinking. For small businesses, that operate on much thinner [...]
• Get A Coach! (January 7, 2008): The second part of our blogging day happen to be dedicated to small businesses and entrepreneurs. Let's take a look at ActionCOACH. They are a team of successful businessmen who coaching entrepreneurs. Their task is providing advice and knowledge. Their goal is to push your business to higher level of success.It worth noting that not [...]
• Entrepreneurship Quiz (plus a really good book) (January 7, 2008): Guy Kawasaki posted in his blog a link to a really neat test - Entrepreneurship Quiz. Nice and short - it gives you an approximate idea on how well you know the state of entrepreneurship and its history. I scored 35%, even though I just completed a class just in that - Entrepreneurial Management. Definitely should [...]

As taught by my professor at Small Business Management class - Small Business Loan is the hardest thing to get, especially when you don’t have a proven track of successful and established businesses behind you.However, SBA - Small Business Administration helps you to obtain loans with little or no collateral and with as little of (or bad) credit history as it gets. After all - dire straits is a good incentive to start a new business.Any help in securing a necessary finances is much appreciated - by upcoming entrepreneurs and existing small businesses. Especially the way the some companies do it, by requiring no collateral and (with good FICO score) almost no documentation (”the stronger your Credit History, the less documentation you will need to provide“). If you have a business to run, one more hassle you just don’t need is keeping up with paperwork. Trust me, I am business owner myself.

You can apply for a loan right on their web site via secure web form. There are two fees - application and consulting - due upon submitting application and application approval respectively. Other then this - the process seem to be very transparent. Oh, and there is no fee for cancellation, which must be a good thing.

Popularity: 13%

You might also be interested in reading this:

• Small Business Money (January 15, 2008): Start Ups (unless we're talking about Silicon Valley creatures) usually financed through three main sources. They usually identified as triple-F: Friends, Family, Fools. However, when entrepreneur exhausts these sources, he may either go for debt (getting bank loan) or equity (inviting investors). Having debt is better for a small start, if the entrepreneur is sure [...]
• Small Business Will Step Up… Later (September 15, 2008): There was an article in Sunday NYTimes - Economy to Entrepreneurs: Turn Back (link) discussing how small business owners and entrepreneurs seek refuge in corporate life at the harsh economic times. Given the high fuel cost and tight budgets it is no wonder the profits are shrinking. For small businesses, that operate on much thinner [...]
• Get A Coach! (January 7, 2008): The second part of our blogging day happen to be dedicated to small businesses and entrepreneurs. Let's take a look at ActionCOACH. They are a team of successful businessmen who coaching entrepreneurs. Their task is providing advice and knowledge. Their goal is to push your business to higher level of success.It worth noting that not [...]
• Entrepreneurship Quiz (plus a really good book) (January 7, 2008): Guy Kawasaki posted in his blog a link to a really neat test - Entrepreneurship Quiz. Nice and short - it gives you an approximate idea on how well you know the state of entrepreneurship and its history. I scored 35%, even though I just completed a class just in that - Entrepreneurial Management. Definitely should [...]