I'm a small business owner with bad credit in need of financing. Is it possible?

I am currently leasing a suite in an office building. I have opened a nail salon and am having a hard time keeping up with the rent. I want to get some sort of financial help to purchase equipment that would allow me to rent booths to other operators, which would help me generate revenue. I need money to purchase manicuring tables and chairs. If I could just get a little help, I could really get this thing up and running, I have been told that I am very good, and being self-employed is wonderful. I am a licensed manicurist and I have big dreams of having my own franchise of nail salons. I just don't know how I can do that when I don't have the money already. I'm just trying to better myself and provide stable work environments for others. You can check out some of my work at http://www.myspace.com/nailit2em

First of all you need to, if you haven't yet, draft a business plan to show a lender what you plan on doing to generate money. A lender will look at your plan and decide what the risk is. Unfortunately your credit is a problem, but some lenders will take the risk if you have been in business for at least 24 months. You may to take a higher interest loan or use collateral to secure the loan as well.

Well first, dont get upset. But you put the cart before the horse. You should have though this through before signing a lease. Next, I can really relate. I have excellent credit, have been in business 2 years, have a great set of books showing incredible gross income and have been finding it very hard to get financing. We are owned by a US and a German citizen, which is our problem. So, dont think you are in it alone, however as a mortgage person (my other life) I think you will have a tough time getting the financing on these items, as a loan. Have you asked the companies themselves to finance the chairs ect? Next is there a way to rent space to someone who maybe owns these items already? CAn you find used equipment? Maybe joes nails will open a "chair" in your location under your name, joe does well and he can expand this way ...think creatively because i think traditionally will be hard.
Good Luck

***Business credit? It is all signed for by personal promises until the business credit has been ongoing for a few years***

Separate your personal credit from your busines credit

By the term "bad credit" I'm assuming you've only thought of trying to get a loan from a financial institution. But, that's only one source of money for small businesses. Many go to friends/family, "angel investors," or "friends of friends." If you can convince someone that you are able to make money and you're a good business risk, then you will find someone to put up the money. Of course, you could simply work for someone else in this line of work for a period of time until you save the money to start your own business.

Every situation is different. Although you've provided good details about yours, you may also want to consider getting expert advice from legitimate people who are in business to help business owners to get business credit. It's important to distinguish between business credit and personal credit. For example, if your business is incorporated, it is treated as a separate borrowing entity other than your own personal circumstances. Look at what I've found:
http://tinyurl.com/2j2u7c . I listened to one of the owners of this business who provides advice on business financing. They operate on sound, ethical business principles.