July 19, 2008
Business Line With Bad Credit? Yes!
It shouldn’t come as a surprise that banks are more than willing to loan money to people with good credit, but shy away from those whose credit is less than perfect. Does that mean the loan you need for your small business is doomed? Not necessarily, because bad credit financing does exist.
First, there are other lenders out there who will, and they generally come in two forms-wealthy individuals (often local) who will make loans to local businesses. Uncovering them may take a bit of detective work, but they certainly are there. Then there are firms that specialize in small business loans to those whose credit is shaky. There are hundreds of them across the country, and they can easily be found on the Internet. But just because they’re there, doesn’t mean they’ll automatically approve your loan. Far from it. You have to persuade them that you’re a viable candidate, and to do that is going to require some work.
Here’s what you do: The very first step is separate your bad personal credit from your business credit. This is very, very important. You can do this by forming a corporation (S or C) or an LLC (Limited Liability Company) and […]
Full Article At: KnowHow-Now.com Articles
