Q. Is it possible to get a business loan with bad credit?
Area of Expertise: Accounting and Finance
4 answers | Asked on 05/13/10 by:
vanity mcknight
Rome, GA, United States
Answers
Sol Betancourt
Irving, TX, United States
sometimes, depending on the collateral you have to secure the loan. Most lenders will consider cross-collateralization for an exiting business (eg, securing a real estate loan with other hard assets that don't already have liens on them...equipment, etc)
Are you looking for an SBA loan?
Posted on 05/16/10
Jerry Maguire
West Nyack, NY, United States
If you are a sole proprietorship then your personal credit report would matter. However, there are government GRANTS out there that will assist investing into startup businesses. There are many places that will help you with raising capital for your endeavors http://www.grants.gov/ is a good place to start.
Posted on 06/08/10
Elizabeth Garlow
Charlestown, MA, United States
Hi Vanity,
Credit is becoming more of an entry point for some lenders. Beyond getting a minimum credit threshold, lenders really want to see that you have the cash flow to cover payments, and that you have handled a variety of types of credit (both revolving - credit cards and installment - term loans) responsibley. Check out ACCION USA's 'understanding credit' section at www.accionusa.org/financialeducation and our small business loan requirements at www.accionusa.org/apply
Posted on 08/09/10
Erik Kaiser
Newport Beach, CA, United States
Vanity,
Can you tell me what your laon is for? You see, if you just need business equipement or certain items, you can set up your business credit report and just deal with vendors for your supplies. If you need more infor or want to discuss it, contact me and we can talk.
Erik.
Posted on 03/19/11
