How hard would it be to get a business loan considering these factors?

We, my husband and I, both have horrible credit.
We’re both 33.
We aren’t able to save very much and have very little now.
Our debt is our mortgage, my college loan, and a car payment.
I have the ability and help to write a good business plan.

What other factors are important? We have been thinking hard about a business idea, but I feel that our financial situation will never allow us to have it. Am I wrong? What could we do?

(His credit is repairable and we’ve been working hard at it for about a year now. Mine is ruined forever due to a defaulted student loan.)

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