New Business Loan?

[Taoron]

I'm interested in starting my own company but do not want to use my personal money or personal credit cards in order to do so.   

Is there a way to start a new company, get a loan for said company and have it under the company's name (not mine?)

The industry involved would most likely be a data services company, which required some capital, physical assets and operating costs. 

It really stinks though, my background is in IT and the market is really saturated and I almost feel like I'm worthless because I'm not doing something I like.   I have an Associates degree in Network Administration and Bachelor's in  Business Administration.

Not looking to be rich, I'd just like to be able to do something useful in my life.

[Creditplz]

I think at this point you can only get a personal loan with a PG, maybe even possibly a credit card with PG in all honesty.

[Anonymous]

Correct. You are not going to get funding for a startup without a personal guarantee.

[Anonymous]

For a new company, you'd have to personal guarantee it. After 2 years in business, you should be able to get a business without much hassle.

[tpatterson2k9]

Hey Taoron,

If you are alright with a personal guaranty, then there are lenders out there who will finance your new business. The cheapest rate I have seen for startup businesses though is 20% if you own your home with some equity. Without homeownership, you are looking at 35%+ rates and a max of about $35,000 that would be extended to you.

Unless the equipment will help you make a return of 40%+ with your business, it might be better to hold off until you are 2 years in business as rates go down considerably after the 2 year marker.