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    6 Replies Latest reply on Apr 10, 2009 6:38 PM by Blessedalways

    Need loan to help get new business running

    Blessedalways Newbie

      My husband and brother are ready to get there business running. They have already invested some money to purchase a Van, and equipment, but have run our of money. They want a loan were they do not need to use there own personal credit, because there credit is not good. Is there anyone that may have any information on who can help obtain a loan for a new business. The business is an auto detailing business, they have completed all legal stuff, such as obtaining a tax id number, the business name has been registered, we have started on the business plan, open a business checking account, business telephone service, obtained a permit from the county the business is in, and applied for a duns number through the federal government to bid on contracts. The only thing we need now is more money to purchase remaining equipment and have some for working capital.
        • Re: Need loan to help get new business running
          phanio Pioneer
          Without good personal credit - you are going to have a hard time - all lenders look at credit. Might think about equipment leasing - easier to get than a loan. Could ask friends and family for a loan - or seek a partner or investor that could help - for the working capital part.

          Business Money Today
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          • Re: Need loan to help get new business running
            wilfin Adventurer
            Well you have done all the right things to get started. I agree with phanio that an equipment
            loan might be the way to possibly go. Is the business actually up and running at the present
            time?

            Email me or call me and maybe there may be a solution. Without good credit it is tough but
            not totally impossible. Don't want to get your hopes up or mislead you, but with more details
            maybe we can find a way. You've gone this far so don't give up yet!

            You can contact me at either chris.harper@wfginc.net or call at (910) 392-8740
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            • Re: Need loan to help get new business running
              Wayfarer

              A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own.

               

              Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.

               

              Good luck,

               

              Ilya Bodner

              Small Business Owner

              Initial Underwriting Group
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