How do you go about getting a business loan when your personal credit is not stellar to say the least?
Posted by admin on 2 Sep 2010 2:12 am. Filed under Small Business.
jimtumbo
I have a brilliant business plan and company structure to put into operation and I am not sure how to get the capital for such a venture since my credit is not great.
I have a brilliant business plan and company structure to put into operation and I am not sure how to get the capital for such a venture since my credit is not great.
3 Comments to “How do you go about getting a business loan when your personal credit is not stellar to say the least?”
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On September 4th, 2010 at 12:32 pm
You will probably have to find investors and you will probably have to give them equity stakes in the company.
On September 8th, 2010 at 12:05 am
A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer “business” credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.
Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for “strong business credit” (just like that in quotes) to find services that sell the information.
Good luck,
Ilya Bodner
Small Business
Owner Initial Underwriting Group
On September 9th, 2010 at 12:20 am
don’t know how much you need but this company does personal loans and you can use it for your business. don’t know how your credit is but if its low score then the interest will be higher.
never pay upfront fees.