Qualification for small business loan for new business? -

Will securing a small business loan for a new business be based on my personal credit? What is the minimum a first time borrower will receive? If I am planning to purchase a house in the next three years and I secure a business loan this year will it affect applying for a home loan in the next three years?

Yes, Depends on your current income and personal credit, Yes.Right now it s extremely difficult to get any sort of business loan. I wouldn t want to put a hard number on it, but I would venture that if your credit score is less than about 750, there s little to no chance for a business loan. Additionally, you re going to need something to secure the loan with, probably a house. Loans are very risky for startups, and banks aren t lending much right now.

I think there are more options than you think- have you seen prosper.com or businessloanrates.org? Report Abuse

Being a small business owner, you need to pay extra attention to management of financial resources. Since growth of your business somehow depends on its financial position, you should always be cautious about cash flaw within or outside your business. It is quite true that lack of finance can become a big problem in the way of the success of your small business. http://www.worldbestloans.com/businessloans.htmSince market is crowded with various business loan schemes, every small business owner can manage to get the desired amount without any problem. Therefore if you own a new and small business organization and financial shortfall is bothering you, then these loans can prove to be the best help for you.

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