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A Question about getting a small business loan from chase bank?
I trying to see, if I can get a small business loan for $300,000.00 for my business. My credit score are 604 right now. But I getting a Business Grants from Leadership Grants for $100,000.00 in two month and I have a business plan and also have Equipment and tools for Collateral around $5,000 -$6,000. So when I get my Grant money for $100,000.00, can I use this for Assets and business plan and Equipment and tools for Collateral to show chase bank for I can get a business loan?7 months ago - 1 answers
Bank, financial institutions, venture capitalist all look at you and what your experience and education are.
These loans are as much about the businessman as they are about the business.
Your background check is going to bring up that 604 credit score. A person has that kind of very low credit score because they have a history of making promises to pay money and failing to honor their promise. The bank would have no assurance that you would pay them back either.
I think you should figure out how to make your business work without that loan. Fix your credit (this will take a couple years of doing everything right), then try again.