Question by ? Mad Luv ? aka ~Pril~: Can someone with bad credit get a business loan. for a small business?
Also Let say i clear my debt up it’s not much of a debt under 10,000 so would that still hinder my chances on getting a business loan even if i had a buisness plan created? With my debt clear… Would i have to have a co-signer? does my co-signer need to have good credit! if so would he have good credit if he has made mortage payments for over 3 years?
THanks
Best answer:
Answer by ev3rlazt3nluv
Once, i was talking to this guy about how to start a business because my boyfriend wants to open his own. But he doesnt have much credit of his own. So the guy gave me this idea…bring something to show that you will be successful to the guy you want to get the loan from. I know this sounds strange but for instance my boyfriend wants to start a bakery…so he would bring a batch of my best cookies or pastries. also make sure you have a business plan…if you are really serious about this..show him how you expect to pay for it…good luck.
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I’ve looked into it and you have to have enough assets that you own to equal or add up to more then what you borrow, and the bank your dealing with may look at you like if you can’t keep good credit you maybe a bad risk.