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CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loan.

Regular Contributor

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

RED_Knives,

 

There are a few sources I know of that offer financing for startup businesses. However, these sources are involved in secured equipment programs meaning that the funds would not go to you, they would go to the vendors who would be installing your trade fixtures and other business equipment (furnitures, computers, software, etc).

 

I am not sure of the nature of your business, but if you are using most of the funds for purchasing hard assets, then this might work for you. The other posts are correct though that you are looking at about 25% APR for a startup (anything under 2 years time in business from the date you legally established). This is a hard rate and will not change based on your credit score. There are cheaper programs if you can prove home ownershp with greater than 20% equity, but the rate will still be in the teens.

 

If any of this might be of help to you in learning more about, PM me and we can discuss.


Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)
Current Scores (myFICO 4/4/11): 768 (EQ)
Goal Scores: 800


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Valued Member

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

why do they make it so hard to start a business. its already pretty difficult.

Starting Score: 651
Current Score: 730
Goal Score: 800

Credit Cards and Credit Limits: Barclay 7250, AMEX 2000, Discover 6250, Cap OnePlat 3000, BestBuy 3000, Chase 3500, Paypal 4300, Walmart 1000, BOA 2000, Kohls 800, Target RED 500, Les Schwab 500, TOTAL 34900 OldestAc1.8 years
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