01-01-2013 07:05 PM
im looking to help expand my family business. between myself, father and brother we have close to 70 years experience within our industry. we have been in the same location for over 40 years. our industry opens up different revenue streams that we have been unable to explore because we often get too busy to extend the effort. we are licensed however we lack the liquidity needed to expand in the direction i see fit. im not sure if we can walk into a bank with our business tax id and ask for a loan? do they base your lending power on your business gross revenue? net profits? between myself and my brother we can probably utilize our lines of credit and finance this venture but i dont think thats the best avenue.
01-02-2013 09:29 PM
Unless you have some serious business credit all loan decisions will be based mostly off of your personal credit scores and not much else. Years in business and business income do count for something but at the end of the day your personal credit will be the deciding factor and you will be personally guaranteeing the loan.