12-20-2011 03:13 PM
I want to buy an office for my business and I would like to know if I can get a loan only for my business or do I need to have my personal information attached to the business? The reason I'm asking because I went to the bank other day to get a credit card for it, and they told me that I they would need my SSN number and other personal information. IS that the same for business loan?
12-20-2011 07:29 PM - edited 12-20-2011 07:29 PM
It's possible as we got one for our office condo way back when. You will be required to attach your name and personal information as a personal guarantee (PG) to the loan so that if there is a default, they would come after your personal assets. The same applies to most all business CCs too now. It used to be that all Visa/MC/Amex CCs would require a PG, but some store cards like Staples, Dell, Office Max, Exxon, etc., would not require a PG. I don't think that's the case anymore with this economy.