vlakh01
12 posts since
Feb 26, 2009
0.
Sources of Business Loans Feb 27, 2009 5:20 PM
Hi there,
You seem to be stuck in a very commom quandary that some of our small business clients find themselves in. Your best bet it to understand how underwriters work and try and get a solid D&B rating on your sole proprietorship or company even if your personal credit is weak.
I would contact D&B and start a credit file with them. It may cost like $300 but if you give the names of vendors that you done business with and your payment history with them (even if it was in cash) is solid, then they may do the research and add that to your profile.
Alternatively getting letters of referral from vendors and suppliers whom you have paid in cash is not a bad idea - you create what is known as alternative credit that some local banks, credit unions and regional banks may take into account.
For a more detailed discussion on personal credit and business credit I am going to recommend that you visit our site that provides a ton of free information like this forum.
Vivek L
http://www.smallbusinessplanresources.com
