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Starting New Business, but Poor Personal Credit

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nhcredit

Guest
What is the name of your state? NH

I'm looking for advise on how to get credit for a new business I'm trying to start, without using my personal credit history (which is poor).

I already have an IRS EIN setup, business name, and plan as well. I'm trying to open up a small garden stand (less than $20,000).

However, to try to use the business for credit and expenses is difficult and I'm not sure how to start to get credt. Everytime I try, I get rejected as my personal credit is poor.

What are some suggestions? I hear you can get $5000 to $20,000 in business loans without personal credit, is that true? Sound to good to be true.

Thanks!
 


JETX

Senior Member
nhcredit said:
What are some suggestions? I hear you can get $5000 to $20,000 in business loans without personal credit, is that true? Sound to good to be true.
Simply, if you don't have sufficient credit (personal or otherwise), no one is going to risk loaning you money.
I suggest you find a good friend who is willing to loan you the money.... or save up enough money to do it on your own without a loan.
 
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nhcredit

Guest
Online Business Credit a Fraud??

Now I'm guessing the answer is YES, however I have read about loans and such that don't use a person's individual credit. Are those all false??
 

JETX

Senior Member
nhcredit said:
Now I'm guessing the answer is YES, however I have read about loans and such that don't use a person's individual credit. Are those all false??
Nope. There are lenders out there who will make loans under almost any condition.... and usually make up the higher risk by higher 'deposits' and/or interest.
Bottom line..... the lender requirements for a particular loan are COMPLETELY up to the lender.... and the borrowers willingness to agree to them.
 

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