Can Felons Build Business Credit???

Can Felons Build Business Credit???
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Loans for Felons

Getting a loan is harder for someone with a criminal record, as background checks might screen you out of landing your funds.
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But there are some small business loans for felons you may qualify for.
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The first place to look is the government’s Small Business Administration, as SBA loans do not specifically screen out felons, though anyone with a history of financial crimes or anything that involves dishonesty may be denied.
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Because these loans are backed by the government, not the bank’s own funds, banks are more willing to lend to a felon through the SBA program.
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Grants for Felons

There are some limited programs out there for former criminals to get access to money for a business with no repayment requirement.
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Of course, grants for felons are not without any strings attached. But they do give another route to get started.
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Start by talking to leaders at your past correctional facility or your local community. A religious leader, community official, or other knowledgeable person may know of local programs to help you start a new business.
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Also check out these programs, which each offer potential access to help funding your business, or at least guidance in getting started with your unique background:
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👉🏽Inmates to Entrepreneurs
👉🏽Small Business Development Centers
👉🏽SCORE

Be Mindful of Your Rights
Starting any new business is an uphill battle, but even more so with a misdemeanor or felony conviction on your record.
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BUT if you can handle the extra work to get funding, if needed, you will be able to overcome the challenges and get on a path to a new, prosperous life.

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