is business car loan interest tax deductible
are business loans better than personal loans
Find out …How to Start up Your Own Small Business with No Money — and Bad …bigenoughbusiness.
most popular small business loans
Due to improper debt finance planning or just circumstances, many small business owners often go through a phase of bad credit. Getting business loan for one with bad credit is difficult but not impossible. Bad Credit Business LoansIf you have credit score below 650 and have tried applying for business loans at various traditional financial institutions, you already know how difficult the process and how slight your chances of approval are. More than 80% of loans get rejected by financial institutions and banks, as they club the personal credit scores of the individual with other scores to gauge the personal repayment capability. Yet, there are many different institutions that are willing to take the risk. To learn more about them, let us first start with a few steps that need to be taken by the person, before applying for a loan. What should one do?If you wish to apply for a small loan, here are some things that you need to do well in advance. Detach you social security number based credit personal from your EIN Employer Identification Number based credit business. In layman's words, what you need to do to separate your bad personal credit from your business credit, is to start a corporation or LLC. Use your acquired EIN to establish a business credit profile, which tends to be separate and thus unaffected by your personal credit history. This way, it is easier to build a strong business credit profile, despite having a weak personal profile that requires urgent repairing.