I am starting two new business this year and next year and I would like to know how would I go by applying for a business loan and what is need? I have currently have a Discharge Ch.7 and currently have business plans for both.
When was BK Discharged?
You will have to start with trade accounts, not sure on what kind of business' you are starting, but credit could be hard.
Capital One - Reports to Personal also but they might give you small like as you get up over the 650's
Find Credit Union that does Business products too!
It is very hard to get a business loan or credit. Sadly, a lot of new business fail. A lot of banks and credit card companies require two years in business before thinking about extending credit. Without knowing what kind of business you have, Capital One has a credit card they are more lenient on with requirements. There was about 4 months between the time I got my FEIN and the time I opened and I got my Capital One about the time I opened. I also got a Staples card about 3 months after I opened. A gas card may be an option for you. Even opening up a merchant account requires a credit check - I opened my merchant account including an Amex merchant account about a week before I opened.
If you have a good relationship with the bank who has your personal account(s), you may want to open your business accounts with them - that is what I did. If you do that, talk to them about your options for getting a business credit card, a business loan and a merchant account if you will need to accept credit cards.
What about a daycare ?
If those are your current scores, I'd be more worried about personal credit and not with new business credit, because just about everything you apply for under a business will require your personal credit too. You can try the small business card from Capital One, otherwise, you may need to open up one or two secured cards that will report. Start by opening up a business account at your bank.
I am waiting to open a towing company in Hawaii and a trucking company in Georgia that will haul in 48 states. I will be using the loan for operation and equipment.