Business Credit

[ace920]

What is the name of your state (only U.S. law)? NY
My brother is trying to start a business. However, his credit is not exactly the best. Is it possible to create business credit that would be completely separate from his personal credit history? He already has the business registered as an LLC and has been approved by the state. However, it is difficult to get a business loan because they look at his personal credit history. Any help would be greatly appreciated.

 

[FlyingRon]

With no track record and lousy personal credit, they'll not look at this as anything other than more chances for them to lose. He might be able to find some small business assistance but otherwise, absent being able to come up with funding through credit, he may need to find some partners or investors.

 

[Zigner]

Why would a business owned and run SOLELY by a guy with bad credit be any better of a risk than the guy with bad credit?

 

[tranquility]

Absent unusual circumstances, a small corporation, llc, partnership, whatever, will always require a personal guarantee. If the guarantor does not have the credit to deserve the loan, it won't happen.

(The unusual circumstances involve a long-standing corporation with a lot of assets and a history of profit.)

 

[Antigone*]

Absent unusual circumstances, a small corporation, llc, partnership, whatever, will always require a personal guarantee. If the guarantor does not have the credit to deserve the loan, it won't happen.

(The unusual circumstances involve a long-standing corporation with a lot of assets and a history of profit.)

Yep, yep, yep