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8 Replies Last post: Jan 21, 2009 1:53 PM by ocffactor

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How hard is it to get a loan with a new Corporation.

Jan 21, 2009 12:35 AM

Start-up

briansonfirre 2 posts since
Jan 14, 2009

I was wondering, I have started a Full Service Advertising Agency, Its working out great locally, but I am in need of money to move forward and grow. Can anyone tell me how long I should wait after starting a Corporation to get approved for a loan. Also if I get a new EIN number will they look at my personal credit ?

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Mogul

Creditbuilder 134 posts since
Jan 17, 2009

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1. Re: How hard is it to get a loan with a new Corporation. Jan 21, 2009 5:08 AM

You can get funding for your company not having to use a FICO score, but if you can find a guarantor you can potentially get up to 500k. In fact we sell corporations that come with guaranteed funding if that is what you are looking for, or we can potentially help get your corporation funded, but if you are going to use your own corp then we do not provide any guarantee for funding. There is more info at www.businessformationgroup.com/resource also check out www.businessformationgroup.com/newsletter

Good luck.

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Mogul

Creditbuilder 134 posts since
Jan 17, 2009

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2. Re: How hard is it to get a loan with a new Corporation. Jan 21, 2009 5:08 AM

I dont know what happened, but I replied and for some reason it did not post. The answer is yes you can get funding. Check out www.businessformationgroup.com/resource and www.businessformationgroup.com/newsletter

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Mogul

Creditbuilder 134 posts since
Jan 17, 2009

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3. Re: How hard is it to get a loan with a new Corporation. Jan 21, 2009 5:08 AM

Brian it is very very easy if you are lender compliant. Unfortunatly a lot of people dont understand corporate structure and they exhaust their personal credit in persuit of cashflow -- but as you probably know that is a downhill issue. This is an area of expertise for us. We assist corporations get funding all day long everyday. visit businessformationgroup.com/resource and businessformationgroup.com/newsletter

Good luck

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Mogul

Creditbuilder 134 posts since
Jan 17, 2009

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4. Re: How hard is it to get a loan with a new Corporation. Jan 21, 2009 5:08 AM

I have tried 4x to post a lengthy reply but for some reason it does not take. Visit us at 800-270-5960 x 1 and ask for Frank businessformationgroup.com/resource and businessformationgroup.com/newsletter

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Mogul

Creditbuilder 134 posts since
Jan 17, 2009

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5. Re: How hard is it to get a loan with a new Corporation. Jan 21, 2009 5:08 AM

call 800-270-5960 -- its simple, you just have to structure it correctly.

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Mogul

bmt2008 305 posts since
Jul 30, 2008

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6. Re: How hard is it to get a loan with a new Corporation. Jan 21, 2009 11:08 AM

Unfortunately, nearly all lenders will require your personal credit - not matter how strong your business credit (unless you are a very well known or public company).

It does not matter if you have a corporation or not. They do this to ensure a personal guarantee should your business fail or default. It is just the way they protect themselves.

So, forming a new corporation or changing the EIN will not help you.

Do you have bad personal credit? If you have a score of 700 +, there are many options to available to you - but, they will be based on your personal score.

Think about this - if just anyone can form a corporation and get funding, everyone one in the country would be a corporation. Now, I am not saying that forming a corporation and establishing business credit is not a good thing - it is and can help your business get credit - but, you still will not be able to by-pass providing your own personal backing - which will be based on your personal credit score.

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ocffactor 2 posts since
Jan 21, 2009

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7. Re: How hard is it to get a loan with a new Corporation. Jan 21, 2009 1:57 PM

in response to: bmt2008

bmt is absolutely correct. Our company bases our funding decisions on the creditworthiness of your customers (account debtors). We still need to check personal for guarantee reasons as the previous poster stated. We might be able to help you. Call me @ 800-231-3878

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ocffactor 2 posts since
Jan 21, 2009

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8. Re: How hard is it to get a loan with a new Corporation. Jan 21, 2009 1:57 PM

bmt is correct regarding the personal credit issue in order to get any type of loan for your business. Our company bases its funding decisions on the creditworthiness of your customers (account debtors). Personal credit is checked for personal guarantee issues as mentioned by the previous poster. Call me, I might be able to help. 800-231-3878. Thanks. Phil

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