You might still be able too. I know at our bank, when we do SBA loans we look at the whole picture. Personal credit, money down, business plan/financials, etc.... But it's probably not a good start. Is the business turning around? How much would you be looking to borrow?
Thanks for the reply,
Yes the business is profitable .. Specially we have annual contracts with DD and we have home users and small businesses. Also forgot to mention this is a women owned business. Looking to get about 40K
Personal credit is over 8 years with timely payments made on time , except of the high balances.
I would gather up all your information and go to your local bank. Our bank tries to keep SBA loans at 100k or more but for our local customers we try to fit their needs. Hopefully your local bank can help you out. Good luck!
If you are going the SBA route, you should also contact SCORE.
SCORE is FREE and also online.
Good luck, LUCKIEST
I have been in business for over a year time. I have a store in NY and am into computer repairs and consulting. As the business was new initially I put money from my personal credit card ( which is know about 90% used) I was wondering with my personal credit max can I still get a small business loan.
Secondly we do not accept credit cards so the option of cash advance is also ruled out.
Any advice is appreciated.