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Can small business investment loans be solely based on the business plan rather than my poor credit?

August 28, 2008

egglxi asked:


Im a frustrated engineer looking for a way out by going into business. Im looking to get a small business loan for a business idea I have.
Im a frustrated engineer looking for a way out by going into business. Im looking to get a small business loan for a business idea I have.

Keep in mind I do not have a business yet. Im looking to put up something new.

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Comments

2 Responses to “Can small business investment loans be solely based on the business plan rather than my poor credit?”

  1. Galilea on September 1st, 2008 12:32 am

    If you do not have a bad credit getting business loans are easy. It is generally seen that bad credit acts as an obstacle in the smooth running of a business. Are you also facing the same problem? No need to worry, as bad credit business loan is here to solve all your problems. The perfect use of bad credit business loanbusiness dealings is bad credit business loans. You can maintain your perfect credit score as long as you pay off your installments in time. This credit score improvement can enable you to avail any future loan with better terms and conditions.

  2. Acey G on September 4th, 2008 8:26 am

    I Think it would be easier to get a personal loan and use the money for your business. A Business loan is not easy to get if you have little experience or starting a new business.

    The reason being the new businesses often fail. It’s might be easier to get a personal loan.

    Even if you apply for a business loan you will need to personally guarantee the loan, therefore why go through all the red tape of applying for a business loan?

    Another benefit to taking out a personal loan is that when your business makes a profit you can repay the loan to yourself tax free. Rather than than taking that money as profit from the business.

    Hope this helps