Do i need personal credit to obtain a business loan.?
543715
you'll need personal credit and a business plan
826921
If you have absolutely no credit. "ZERO" credit scores, I can get you 100% financing using utility, cell phone, cable or other non-reporting bills as alternate credit. 2 year job history is all that's needed and must be an owner occupied home. Hope this helps! www.TheLoanPro.com
609995
The major business credit bureaus that provide reports are: \n\nDun & Bradstreet \nExperian Business \nEquifax Business \nBusiness Credit USA\n\nThe information provided to these business credit bureaus is completely voluntary. \nTo establish a business credit profile you must find companies that will establish credit for your business and then report the payment history to the business credit bureaus.  This will help you establish your business credit profile.\n\nObtain an FIN or EIN from the IRS.\nRegister with the business credit bureaus.\nFind other companies willing to grant credit to your business.
1157254
You might want to try to rent from a private owner...usually these people dont do credit check..but if they do you might have to get a co-signer or pay a few months ahead of time
745121
Have you heard of micro credit?\nApproach your government. Go with your business plan that is solid. \n\nMicro credits are small amounts of money - no or very little interest rate. No collateral is necessary. They just want people to get on their feet and help those who want to work hard and make the money the old fashioned way - earn.\n\nYou repay when you become successful. Note I said when not if.
1130491
If you are talking about a small business loan from financial institutions, you stand very little chance of getting a loan without any capital and collateral. Collateral can be personal and business assets such as house, receivables, stocks and bonds, furniture and fixtures, among others -- that can be sold to pay back the loan. \n\nCollateral provide banks with the assurance that they can get their money (or at least parts of it) back, even if you cannot pay. Even SBA-guaranteed loans as well as micro loan programs require some form of collateral to secure a loan.\n\nBanks, including the Small Business Administration will not give you 100% of the financing you need. You can read here the requirements of Small Business Administration for the small business loans that they guarantee http://www.sba.gov/financing/preparation...\n\n1. Equity investment\n2. Earnings Requirement\n3. Working Capital\n4. Collateral\n5. Resource Management\n\nThey need to see that you are invested in your business -- which means they need to see you have money before they give you money. Otherwise, it's an extremely tough deal.\n\nIf you do not have collateral or capital, you will need to have a co-signer who has collateral and can pledge to cover your loan in case you default on payment.\n\nOr you can go and pitch your ideas where investors gather. Here are some places where angel investors come and those looking for funding can come and pitch their business plans. Be sure to have a strong business plan and describe what makes your business idea stand apart:\n\nAngel Capital Association http://www.angelcapitalassociation.org\nAngel's Forum http://www.angelsforum.com \nBand of Angels http://www.bandangels.com \nCommon Angels http://www.commonangels.com \nKeiretsu Forum http://www.k4forum.com \nLaunchpad Venture Group http://www.launchpadventuregroup.com\nNew World Angels http://www.newworldangels.com \nNew York Angels http://www.newyorkangels.com \nPrairie Angels http://www.prairieangels.org (charges $125 to submit idea)\nRobin Hood Ventures http://www.robinhoodventures.com (charges $250)
831936
If it's tied to a business, it shouldn't show up on your personal credit account.  However, If it's a small business, the credit company may use your personal background to assess credit risk.
1080162
You may find a tough time getting a loan from financial institutions with poor credit, even from SBA. SBA requires a number of factors to avail of their loans, and one of them is good credit history (see SBA Basic requirements http://www.sba.gov/financing/preparation... )\n\nIf you cannot get loans, try to get a loan from your parents, family and friends. If they cannot give you any, use your credit card. Credit card requires no collaterals but are an expensive source of funds. \n\nOtherwise, either downscale your plans and amount of capital needed; or wait until your financial situation improves.
105427
SBA provides through its conduit lending institutions loans to credit-worthy startup and existing businesses. The borrower, however, must meet these criteria: borrower must have a stake in the business, strong business plan and good personal credit rating.\n\nSBA has prepared a detailed loan package checklist that applicant must have in order to get a government loan through SBA. The list includes personal financial information such as personal financial statements, tax returns, resume of proprietors or partners, amount of owner's capital infusion and credit report. You also need to submit information about the business such as business plan, cash flow projections, projected profit and loss, business credit report, among others. You would also need to submit collateral requirements, and other supporting information that can help prove your credit worthiness.\n\nRead SBA's Preparing and Presenting a Loan Proposal:\nhttp://www.sba.gov/starting_business/financing/loanproposal.html\n\nSBA's Applying for a Loan\nhttp://www.sba.gov/starting_business/financing/applyloan.html\n\nHope the above resources help
172547
Depends on where you are. \n\nSee here in the philippines the only loaning thing here is for small business units. They gove loans up to 5m or if your business plan is really good it can be up to 10m...\n\nSometimes the most important thing in your business plan or study is the ROI and stability.
1008747
Depending on the information contained in your work and credit history, many banks,credit card and finnancing companies will consider  special or non-traditional applications.\nThere are goverment agencies that can provide loan gaurantees for small business or education.\nYou can consider going to family and friends. If you can secure even a portion of the needed amount it may help you if and when you approach a lending institution.\nYou may also consider asking your employer.\nRemember that there are special government loan programs for person's with disabilities who wish to start a small business.\nFinally, professional associations, alumni associations, social service clubs are all potential loan sources for members.
473707
you need someone to co-sign for you a small loan at the bank. That will start your credit. As long as you pay it on time every time then you'll have good credit.
1013252
Unfortunately, you personal credit worthiness is probably the single most important criteria but it is still possible to get a loan.  Some things that may help you are a co-signer, a good business plan, and an income statement if the business is still operating.  You can find much more information on www.entrepreneur.com.
92232
There's no logical or legal reason to need credit instantly.  It sounds like you're in trouble.  Better to solve your problem than compound it.
1150878
Let's first look at why you don't have a credit card and its implication to your getting resources for your business:\n\na. You have poor credit - if you have no credit cards because no company would approve you for line of credit, chances are also very high that no banks will lend you loans. Having a business plan is not enough; some banks would not even look at your business plan if you have poor credit history. Even SBA loan is a long shot.\n\nb. You have no credit history - either because you are an immigrant or you are a young person just starting out in life. In this case, you have to have a business plan PLUS a collateral or loan guarantor when you approach a bank.\n\nCredit cards have become an important source of financing for many small business entrepreneurs, especially those who cannot get a loan or will not require a significant amount of money. They use credit cards to buy their equipment, pay their suppliers, buy inventory, etc.\n\nWithout access to credit cards, your best sources of capital include your savings, your family, or your friends. You may also be able to find an investor willing to help you out, but the investor must either believe in your business idea so much, or the investor must believe in you as a person and your determination to succeed. I know some entrepreneurs who got financing because the investor just loved their tenacity to succeed.\n\nOtherwise, you scale down your plans or wait for a better time to start a business -- and that is if your financial condition improves.
528495
Building business credit is not a quick process - it takes time, normally around 3-4 years. The first step is to set up the proper business structure and take basic steps to ensure your business appears "real" and stable to the business credit bureaus. That means getting the proper occupational licenses, and a phone number that is listed with directory assistance in the businesses' name, among other things.\n\nOther than paying a company to do it for you, here are some ways you can build a business credit fast:\n\n1. Register your phone in your business name\n2. Get a business checking account\n3. Register with DUN & BRADSTREET and get your DUNS Number\n4. Find vendors who can give you lines of credit (start with Staples or DELL)\n5. Apply for a business credit card - giving your business EIN instead of your SSN\n\nI recommend reading the article "Building Business Credit" at http://www.powerhomebiz.com/vol146/credit.htm
738222
Apply for what?  A credit card, a business loan, a mortgage, a job?