Trade Accounts and Personal Loans

[adelpit]

I'm planning to start a business. I've noticed that when applying for credit with vendors for trade accounts, they request bank references. I've never taken out a business loan in my life and I have only one personal loan with my bank although I expect to take out another personal loan this year. Will vendors consider personal loan history in granting a trade account?

I realize this is entirely at the discretion of the vendor. I just thought other entrepreneurs on the forum might have wisdom to share on the topic. Thanks!

[Anonymous]

Tier 1 vendors even though the apps ask for trade references you don’t really need them. Once you have 4-5 tier 1’s you can use them as a trade reference on tier 2 app’s. Your business banker is also a good reference. Some app’s will even specifically ask for your banker.