Business loan

[busyone]

Have a company that is a LLC. I've just started this company roughly 1 year

ago. I would like to get a business line of credit just to make some purchases

for my company and help with cash flow as my business grows. I currently

have a 650 middle score. I have 15 k in revolving debt and 2 30 day lates, one with

Target and one with citi credit card. By the end of Jan. I should only be about roughly

7-8 k in revolving which should help my score increase. Therefore, where should I turn

for a business loc say in the amount of 25-50K? With todays climate of the credit crunch

am I wasting my time?  Thanks in advance. Oh, btw  the 2 30 day lates are well over a year

ago.

[Red1Blue]

Hi Busyone, you should never give your personal guarantee or personal credit for business credit. You can build the credit for your business easily. Take a look at this link, it will give you starting point for building your business credit. You need to get D&B number for your business and you can start building the credit for your business with out using your personal credit or with out providing PG. Good Luck.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=30614

[Anonymous]

Some of those companies that claim they don't want a PG will still check out your reports and make sure they have the info. In the terms they'll have some blah blah about how they can hold you responsible.

[busyone]

I don't mind giving a pg on business credit. My business has not been in

existence long enough to establish a d&b score. I'd like to get a loc now

if possible. Any ideas out there.? Thanks

[Anonymous]

If you don't mind a PG then BOA might be a good place to go.
But I think they're doing the 2 years thing...
Can still apply for their business cards though and they may be generous on the limit.
Citibank, Chase, Well Fargo. The usual suspects.

But you'd probably be going for cards and not an actual LOC because most want 2 years in business for LOCs.

I'm sure someone will come along to correct me if I'm wrong.

Wells Fargo for an LOC needs 3 years unless you're a customer though.

Message Edited by EddieX on 12-30-2007 08:04 PM

[Red1Blue]

Hi Busyone, if you want to give PG that is your choice. I strongly recommend against it as it is possible to build business credit with out PG. As per getting the D&B number you can get it the day you start your business. You can apply on their website, If you pay $99 they will give you the same day. If you dont want to pay that then you'll get the number in 30 days. Once you got the number, you start setting up 3 net 30 accounts like quill / deluxe and others. Once you purchase $50 from each of them the start reporting to D&B. Then you can apply for gas cards like exxon/shell and them move up to cards like staples/OD and others. In 6 months you can build a very strong business credit to your business. I have done it. I have over 22 Tradelines established for my business in the last 6 months and going strong. Also consider First Equity Business card. Though you give PG to that card they report to Business CRA and they will not report on your personal CR. There are different ways to build the business credit. Feel free to send me a PM and I can help you.

[Anonymous]

Small opinion.  I think PGs are good only to establish credit.  Once you have established a file, and try and do biz with those that report to the biz bureaus, Its timeto cut the cord and get ridof PGd credit.  The reason for this is simply that sould your biz fail, your PG allows your creditors to come after you. Get that DNB number and start establishing.