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How will my personal credit score affect my ability to get a small business loan?
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It may not impact your ability to obtain a small business loan at all if you can show enough financial strength in the business on its own. If not, then the lender will probably require a personal guarantee from or more majority owners. Obviously, if your credit is good then it will probably help your ability to obtain a business loan and if your credit is poor then it will probably harm your ability to obtain a business loan.
Another way to avoid consideration of your personal credit to look at alternative business loans, or asset-based lending. These types of loans typically do not require a personal guarantee; the funding is based on the businesses ability to completely fulfill all services and/or product delivery and the credit worthiness of the end-consumer rather than the credit-worthiness of the business and/or the owners.
Feel free to contact me directly if you would like to discuss further.
Eric Schoep, RRP
Marketing Director
Conrad Companies
800-826-6723
http://www.conradco.com
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