the higher the better, but before going there make a financial status of all you have and owe, resources planning and write a business plan with conservative projections, patience, common sense and self discipline will get you the loan you need, remember you may be better of having an equity partner and never forget the taxes

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I imagine your profile would have to pretty healthy to get a business loan friend.

680 is a pretty good base. We've been funding loans but guidelines are getting tighter. Some good guidelines to think about:

At least 3 years in business (2 years profitable)
Line of Credit amount = 80% of accounts receivables or 10% of Annual Sales
Loans = debt service ratio of 1.25 or higher or liquidity ratio of 2.00 or higher

Honestly speaking, I would suggest you to not to take any loan on interest for small business as I have seen many businesses sinking due to such loans and I advise you to rely completely on your own equity. This is the best and safest way to run any business. Always remember "Slow and steady wins the race".

I`m planning to open a cafe ($200K-250K). I would most definately form the business as an Inc or LLC and obtain an EIN...but without buiness credit, wouldn`t they still check my personal credit for the loan?

Yes why not. It is possible. higher the credit level you have, good financial help can be provided to you. It also depends upon the type of business you want to commence.

i took small business loan and i made myself as personal guarantor...biggest mistake of my life!

hahaha..... lolzc

Small Business Loans are possible. If you are a startup, you have a slim chance. If you are a young business ( 1- 2 years old ), there is an alternative type of funding product available known as a Merchant Cash Advance.

Anything beyond that, pray you have above a 700 FICO score.

I heard with all the new regulations against short term lenders such as payday loan and title loan lenders, many of them maybe switching soon to small business small loans.

I know small businesses that would pay $200 fees on $2000 loan because they knew they could buy inventory and make $4000 so $200 would not be big deal.

Hi,

Weather you are starting business or expanding your business it needs the right financing at the right time in order to succeed. As a small business owner, your most difficult task is finding the money to operate your business. Many of the financial company now offers small business loans. You don't need to worry about that.

Thanks

The government has programs to help Small business, if you do some research perhaps there could be funding

you should keep in your mind relationship are the key of a bank. when you trying to start a business and you want to need a small business loan talk to the bank manager and explain what kind of need of your loan.


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Its better you have higher credit and a good relationship with the bank.