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I bought a small business last summer. I got a debt consolidation loan on the equity of my house. I paid off my other outstanding loans and also borrowed enough to buy the business plus I had a good amount for start up costs. I went through a smaller bank, of course it helped that my nephew -in- law works for this bank. He was able to get me a great loan with great interest. My credit was good, better than my husbands and so the loan is solely in my name.

by janeegirl

2 years ago

Asker's Rating: 

Some Small Business Lender will use a whole life insurance policy for collateral. The interest rate will vary depending on the risk.

by Andy- 2 years ago

don't they advertise on tv about small businesses like american express. i would say you need fairly good credit either individually or by business.

by koifishlady- 2 years ago

best money you will spend--have a good res. made for you and convince the bank you dont realy need the money--they can wait to loan it to you

by imneiflim- 2 years ago

perhaps you could get by with a 650 minimum, but 700 would get you an SBA i believe. a friend of mine had a 700 and was 26 with no business experience and he got one. he also had collaterol also. Another thing they told him is that it helps if you are going in with a partner, like a spouse, and one of you keeps your job. they like to see an additional outside income other than your business so you will have some cash to pay your bills if it doesnt make money the first few months.

by Matt- 2 years ago