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    2 Replies Latest reply on Jan 13, 2010 3:38 PM by dozer20

    is it possible to get a start up loan off business credit?

    dozer20 Wayfarer
      Hello to all who could help me
      I have had a dream of opening a vintage retail store, due to my husband being laid off all of "08" our credit it is less than perfect. A friend of mine advised me to establish an LLC, so i could get funded off business credit vs personal. Long story short i am now stuck with an llc wich i will have to pay an 800$ fee and no established business...What do i do!

      thank you
        • Re: is it possible to get a start up loan off business credit?
          phanio Pioneer
          Business credit is a hard way to financing unless your business has been established for some time. Most lenders do not report to business credit. Thus, given that, very few lenders will pull it knowing that it does not have the most accurate information. Further, most lenders also know that people try to use business credit to get around their poor personal credit histories. Lastly, most lenders - even those that will use business credit also pull personal credit histroies as they will require you to guarantee the loan for the business.

          Having said that, there are still new businesses that finb a way to get money based on their business credit. But, I personally don't think this is a good strategy - you might be better off findings ways to improve your personal credit - then try to get a loan using everything together.

          Business Money Today