Small Business Loans With Bad Credit

Posted by admin on September 29th, 2009 at 12:00am

Question:
How does one acquire small business loans with bad credit?
I am not able to obtain a bank loan because my credit isn’t very good. My husband and I co-founded a local church in late 2007 but we don’t have the money to put some programs that we’ve put into motion and needed supplies for an established marketing program. I have been writing since 1975 and have had five books of inspirational readings and a young adult collection published.

Answers:
A valid business credit card is a line of credit that is applied in the name of the business, through the business’ credit. Activity, whether positive or negative, is reflected on your business’ own credit report through D&B and some other financial companies, and the liability for any debts acquired and bills owed is with your business. On the other hand, some companies out there issue “business” credit cards which they need a person guarantee for. These companies will often request for a personal guarantee, and would almost always request a social security number from the person trying to apply for the card. If this is the situation, the credit card would not be a business credit card, but is merely a personal credit card which is utilized for the business. The business is not responsible for bills and debts; you would be. When applying for any credit card under your business, watch out for times when they are asking for your SSN (and not your EIN or TaxID) and be aware of!
any credit card that requests a personal guarantee. By making sure that your credit card is under the name of your business, you can be successful in building your business’ credit, while staying away from creating problems regarding your own.
Many institutions offer a list of credit cards that are given under the business name only. Those lists generally run $300 to about $900, based on the quality of the details inquiring. I would recommend starting your search online through google or yahoo. Type in “strong business credit”, such as that in the quotes, to look for services that sell the information.

Under Loans for Bad Credit