*Plus get instant access to the 3-part Fundability™ training - a systems that helps your business become more Fundable and makes you look great to credit issuers and lenders
For virtually all business loans, particularly if your business is new, you will need to provide a PG. Hence, you provide personal details and they will likely perform a ‘hard pull’ to check your credit history. To check eligibility, a loan provider will review your business plan. They often check personal credit. Personal FICO score is often a factor in lending terms and interest rate.
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One of the biggest advantages of debt financing is, you retain full ownership of your small business. And while you will most likely need to use profits in order to pay debts back, you won’t have to siphon off profits forever. And, without handing over any portion of the business, you are not losing any measure of decision making or control.
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It can be difficult to figure out how to get as startup business loan if you don’t have good credit, collateral, or cash flow. Here are some tips, including one few know about, that can help you get the funding you need to get your business up going strong.
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For a trucking business that has poor cash flow, an enormous truck loan can end up being a millstone around the business owner’s neck. This is one reason why lenders want to see bank and cash flow statements.
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It doesn’t take much to figure out that a business website is important for many reasons. Of course, if it isn’t well designed, it won’t do you much good. However, did you know bad website, or no website at all, can actually affect your ability to get funding?
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Have you ever heard of a credit line hybrid? Most haven’t. However, if you have okay personal credit, you could be missing out on this awesome form of business funding.
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Equifax combines financial data with industry trade credit data, and adds utility and telephone data. It also adds public record information (bankruptcies, judgments, and tax liens).
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It’s not easy to get no personal guarantee credit for a business. It’s not impossible, but the real question is, is it necessary? There may be a better option.
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