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| *Loan,banking and credit>>>business credit |
I'm looking at starting a small business do you need excellant credit to get a Small Business Loan? |
This is a small go-kart business, would be a partnership, but new to this game any ideas on how to get capital to start would be great I bought a small business last summer. I got a debt consolidation loan on the equity of my house. I paid off my other outstanding loans and also borrowed enough to buy the business plus I had a good amount for start up costs. I went through a smaller bank, of course it helped that my nephew -in- law works for this bank. He was able to get me a great loan with great interest. My credit was good, better than my husbands and so the loan is solely in my name. Some Small Business Lender will use a whole life insurance policy for collateral. The interest rate will vary depending on the risk. don't they advertise on tv about small businesses like american express. i would say you need fairly good credit either individually or by business. best money you will spend--have a good res. made for you and convince the bank you dont realy need the money--they can wait to loan it to you 30yrs buisness owner perhaps you could get by with a 650 minimum, but 700 would get you an SBA i believe. a friend of mine had a 700 and was 26 with no business experience and he got one. he also had collaterol also. Another thing they told him is that it helps if you are going in with a partner, like a spouse, and one of you keeps your job. they like to see an additional outside income other than your business so you will have some cash to pay your bills if it doesnt make money the first few months. |
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