Frequent Contributor
kimmiller112
Posts: 472
Registered: ‎04-09-2012
Re: BUSINESS LOANS INFO

It is very hard to get a business loan or credit.  Sadly, a lot of new business fail.  A lot of banks and credit card companies require two years in business before thinking about extending credit.  Without knowing what kind of business you have, Capital One has a credit card they are more lenient on with requirements.  There was about 4 months between the time I got my FEIN and the time I opened and I got my Capital One about the time I opened.  I also got a Staples card about 3 months after I opened.  A gas card may be an option for you.  Even opening up a merchant account requires a credit check - I opened my merchant account including an Amex merchant account about a week before I opened.

 

If you have a good relationship with the bank who has your personal account(s), you may want to open your business accounts with them - that is what I did.  If you do that, talk to them about your options for getting a business credit card, a business loan and a merchant account if you will need to accept credit cards.

Barclays USAir World MC $8300 - DCU $7500 - USAA World MC $7000 - PayPal Extras MC (GE) $5500 - Chase Saphire Preferred $5000 - Discover It $6000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500