Okay so here's the situation:
Personal FICO 730
Time in Business 9 months
We have 10.5k of debt in business credit cards and next month they start charging interest (the 0% intro ends). Rates are 18-20% which is steep, we got the cards when personal FICO was 670.
We've tried to get a Business LOC but the ones we've seen are asking 18% which is crazy, or requiring a minimum of 2 years in business.
I'm thinking of maybe getting a personal LOC at 8-10% for the 10k and just loaning my business the money. It only needs to be for 4-6 months then it should be PIF, but in the meantime at 20% I'm getting charged about $200 a month just in interest
Any thoughts or alternatives?
If it is only for the stated time then I agree with the option - in blue. Your time in business is what is really limiting you. Once you are over that hurdle, things should get easier in getting a business loan.
What State are you in? Depending on your state, new businesses considered in the start-up can get small loans. For example in CT, you can loan for as low as 4% for your new small business.
Update on what you decide to go with.
With a 730 score why not just get another 0% balance transfer card under your personal credit, Citi Simplicity is 18 months, I think. Or if you're under 5/24 try chase ink business..