What kind of credit is needed for a large business loan?

business loan
jt6341 asked:


I’m wondering what kind of credit is usually required for a business loan. I’m looking to buy a business but curious if a credit score of 600 could get a quarter million dollar loan?? The business generates major profits. Any information would be great. Thanks

2 Responses to “What kind of credit is needed for a large business loan?”

  1. Gerald S - August 22nd, 2008

    It’s not your credit score but the viability of your business plan. Go to , or for instructions on how to write a business plan and sample business plans.

    Then go to and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review it.

  2. Louisa - August 24th, 2008

    I would say that it’s much more about your credit score than your business plan. Should you go to SBA, and should they approve of your business plan (and I personally don’t see why the federal government needs to approve of anyone’s business plan…but that’s just me) they’ll have you fill out an application and they’ll forward it to a bank on their preferred lenders list…i.e. Wells Fargo…so you still need to meet the lender’s criteria.

    I can’t say whether or not you could get 250K with a score of 600 since it’s hard to get a credit card with such a score. You’d really have to fish around for a solid secondary market lender and with so many of those types of lenders being forced out of the lending business…I don’t know….

    But, look around, there may be a lender still out there with flexible lending standards and reasonable interest rates.

    If you are committed about your idea and are going for it no matter what…then you may want to take some time and search for an individual or entity looking to invest in a business.