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| *Loan,banking and credit>>>business credit |
How does personal credit affect you if you're trying to start a business? |
My brother and I want to form an LLC together and purchase an apartment building. If my credit isn't so good will it mess us up? Yes, your credit is what your vendors will look at to setup accounts. My current employer has to use his credit to get all his accounts. lign="right" > Sign in to vote! Your ability to keep the business alive if the business does not turn a profit immediately lign="right" > Sign in to vote! Poor credit will make it difficult, but not impossible. If you have collection accounts against you that need to be paid then most lenders will not touch you. I suggest going to your nearest Small Business Development center (local chamber of commerce most likely). Talk to them about it. You will need financial assistance from lending institutions to be successful in business. It is extremely rare for a business to not need aid from a lender. Also talk to the Small Business Administation. They tend to gaurantee loans for small businesses that have owners with poor credit. Write a serious business plan with projections for the first 5 years. This is the most crucial part in my opinion. Research what other similar businesses have done as far as financial projections. The SBA and SBDC will be able to help you with all of this. Best of Luck! lign="right" > Sign in to vote! lass="explain-text">Sometimes none of the answers get it just right. If so, pick "No Best Answer". Voters DO NOT get any points for voting on the No Best Answer. |
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