Question by April D: Do you have to have good credit to get a small business loan?
I am going to start an online business that requires me to bascially pay someone to maintain and run a website. The site will be ad supported, but I need a small business loan to get it up and running. Does my credit have to be excellent? If I come up with an in-depth plan, will they approve me for a smaller one of like….$ 15,000?
Answer by Renard R
Yes you do But the trick is to build credit without going into debt for garbage like office furniture or stuff that clobbers your balance sheet. The best way I found is to borrow funds to hold them on deposit, make some interest payments, then give back the deposited money. If you agree to just hold it on deposit, creditloader dot com will let you borrow the funds with NO CREDIT CHECK and NO PERSONAL GUARANTEE. They got mine reported to Experian Business Credit
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