First post!

[Xanathos]

I have nothing to contribute, I just wanted to be first :P

[DocDon]

LOL!

[admin]

Well, I snagged us a moderator, who will be added after I change his username (he wants to remain anonymous to his employer, a major bank).

Kristy

[DocDon]

Excellent!

[vonniegirl]

Well, I snagged us a moderator, who will be added after I change his username (he wants to remain anonymous to his employer, a major bank).

Kristy

Hi admin,
Will the new Moderator also be able to answer questions on the business side? I would like to know the procedure the banks use to expand a business or have start-up funds :)

Thanks for always improving your site :wink: Did I miss the book signing tour :lol:

[DHK]

Hi admin,
Will the new Moderator also be able to answer questions on the business side? I would like to know the procedure the banks use to expand a business or have start-up funds :)

Thanks for always improving your site :wink: Did I miss the book signing tour :lol:

Hi vonniegirl,

I can help you with some of the business procedures and building business credit, but I'm not an expert in SBA lending (just FYI).

Go ahead and ask away!

[vonniegirl]

Thanks, here goes....is there a website that has creative financing for existing businesses that have elected NOT to be incorporated or a LLC :?: Is it more difficult to get start-up financing for a new business vs existing and what exactly is the difference.

[DHK]

Thanks, here goes....is there a website that has creative financing for existing businesses that have elected NOT to be incorporated or a LLC :?: Is it more difficult to get start-up financing for a new business vs existing and what exactly is the difference.

Better late than never! I'm sorry that I took 4 MONTHS to get back to you. (Didn't know the post needed an answer.)

Most banks LOVE it when you've been in business for at least 2 years (preferably 3+ years) with good tax returns to show good income. (Good tax returns show a decent income and NOT write off EVERYTHING you can. This has a very difficult time showing your annual positive cash flow.) You can have a great business as a sole proprietorship or partnership and get the credit you need.

New business start-ups can be more difficult to get financing unless the new credit is primarily based on your PERSONAL credit history. This is almost always the case with Sole Proprietorships where you use your own SSN as your tax id number.

When I opened new checking accounts for sole props, I almost always saw an unsecured credit card offer as well to help build business credit. (No, it didn't report on personal credit history either.)

Corporations and LLC's usually have new Tax ID numbers and the credit checks are based on these numbers, so instant approvals or pre-approved offers can come much later in time. This doesn't mean that you won't get ANY credit, but it can be more difficult.

I hope this helps!