Can small business investment loans be solely based on the business plan rather than my poor credit?

Im a frustrated engineer looking for a way out by going into business. Im looking to get a small business loan for a business idea I have.
Im a frustrated engineer looking for a way out by going into business. Im looking to get a small business loan for a business idea I have.

Keep in mind I do not have a business yet. Im looking to put up something new.

I Think it would be easier to get a personal loan and use the money for your business. A Business loan is not easy to get if you have little experience or starting a new business.

The reason being the new businesses often fail. It's might be easier to get a personal loan.

Even if you apply for a business loan you will need to personally guarantee the loan, therefore why go through all the red tape of applying for a business loan?

Another benefit to taking out a personal loan is that when your business makes a profit you can repay the loan to yourself tax free. Rather than than taking that money as profit from the business.

Hope this helps

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