How much start-up capital of your own would a small business lender want to see on a 60k business loan?
Just curious how much of my own money I would have to come up with (generally speaking) if I was asking a lender to borrow money for a small business loan.
They would want 50% participation by you. They loan you the rest..
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The problem isn’t how much you need to come up with it’s your plan to pay it back. That’s 90% of their concern due to the fact that 1 out of 4 new businesses don’t make to the first year.
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i-mentor@hotmail.com
All of it.
Banks aren’t very willing to leverage new businesses these days, if ever.
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A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card.
If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are. When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own.
Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.
Good luck,
Ilya Bodner
Small Business Owner
Initial Underwriting Group
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They would want 50% participation by you. They loan you the rest..
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