Do you have to have good credit to get a small business loan?

business loan
April D asked:


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?

6 Responses to “Do you have to have good credit to get a small business loan?”

  1. Renard R - April 2nd, 2008

    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

  2. golferwhoworks - April 3rd, 2008

    yes as most business fail in the first 2 years

  3. rello - April 6th, 2008

    U NEED PERFECT CREDIT…

  4. Mcsmith Brown - April 8th, 2008

    Hello my dear,dont fall prey to those hudlums out there that call them selves money lenders.All they want is your money after that you wont hear from them again.They have done it to me twice before i met davidson Loans venture Inc plc.If you really need a legitimate money lender,i will advice you to hurry down to davidson Loans venture Inc plc.They give at 2% interest rate.I have full assurence of their service because my loan was giving to me within two days of application.Here is their company address THEY OFFER ALL CATEGORY OF LOANS WHICH ARE!!!!!!!!!!!!!!!!!!!!!!

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  5. Donald George - April 9th, 2008

    Hello Dear,
    I am Donald George, the (MD) of Donald Loan Firm Inc, am a Reputable Money Lender, who give out loans to individuals and companies in need of loan.
    Do you have a bad credit? Or are you in need of money to pay bills? I will be glad to render you a loan service at 2% interest rate.

    ARE YOU SEEKING FOR A LOAN AT A VERY LOW INTEREST RATE FOR ANY LOAN DURATION?
    Have you tried to obtain loans from the bank but no success?
    Do you need urgent cash to get out of debts?
    Do you need finance to expand or establish you own business?
    We offer long Term and short term loan.

    We can also offer to help refinance your home mortgage. If your credit is in the good to excellent range and your looking to get out of your current program we could refinance your mortgage into a fixed rate.
    Application is available for applicants who are 18 years and above.
    Services Rendered include:

    *Refinance
    *Home Improvement
    *Inventor Loans
    *Auto Loans
    *Second Mortgage
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    *Unsecured Loan.
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    Please, I await your reply if you are interested. Upon response, you’ll be mailed a Loan Application Form to Fill. Looking forward to hear from you, you can reach us via….

    Email:donald_george82@yahoo.com
    Donald George (MD)
    of Donald Loan Firm Inc.

  6. Initial Underwriting Group - April 12th, 2008

    A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer “business” credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.

    Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for “strong business credit” (just like that in quotes) to find services that sell the information.

    Good luck,

    Ilya Bodner

    Small Business

    Owner Initial Underwriting Group