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I recently started a small business installing telephone…

I recently started a small...
I recently started a small business installing telephone mains underground. Fiber optic cable and copper. I have been inquiring for a business loan but I’m not having any luck. My credit score is around 550 and I know that’s not good. What I don’t understand is that I had several loans over time that has been paid off. My home, vehicles and all equipment with my business and vehicle I own. Why does that not help with getting approved. I do have one credit card account that I’m late on a couple of payments and credit limits are high but that’s just been in the last 4-5 months. Guess I don’t understand why the paying off stuff in the past doesn’t help now
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Customer reply replied 6 months ago
My goal on a loan is to pay off debt and invest in my business. Also I’m willing to use equipment as collateral to obtain this loan
Answered in 16 hours by:
3/19/2018
Andy4712
Andy4712, Accountant
Category: Finance
Satisfied Customers: 784
Experience: Business and accounting graduate.
Verified

Here is some info on getting a small business loan:

https://www.nerdwallet.com/blog/small-business/how-to-get-a-small-business-loan/

Have you contacted your local bank?

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Customer reply replied 6 months ago
I have not. I figured since my personal credit was so low that they wouldn't approve it. I have checked with a credit union and they said the couldn't help me until some of my debt was paid off. The crazy thing there is that Me and my wife have had 2 personal loans with them with bot being over $20,000 and we have paid both off within 6 months to a year. One of the accounts is still open. Just has a zero balance. I was told that that really didn't help me for a personal because those were joint loans. Why wouldn't that matter? I would think that would help matters that I have paid all my debts off until these last few months with things being rough with the new business and all

Can you just get another personal loan?

You could try this:

https://campaign.kabbage.com/landing-page/line-of-credit/?refid=SEM_c_Google_g_248338329001_StrategicBusinessLoans_Businessloans-E_e_business%20loans__1t1_9028057__28377d0c-46b2-1521484386&corrdata=28377d0c-46b2-1521484386&gclid=Cj0KCQjwv73VBRCdARIsAOnG8u0RkXmi2rbSOEijcki58SrDU8ICtGRL8MA1C4losg97QYVTUbpHe8kaAuziEALw_wcB

Have you tried SBA?

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Customer reply replied 6 months ago
I haven’t but I have an appt set up with my bank I have my business and personal accounts with tomorrow. I’ll let u know what happens. I own all my trucks and equipment so using some of that for collateral should work. I’m not asking to borrow a lot of money just enough to make payroll and every day expenses until I get paid for some past due invoices

You could try this:

https://www.biz2credit.com/getfund?utm_source=google&utm_medium=sem&utm_term=loans%20for%20small%20business&utm_content=197985306376&utm_campaign=General_PPC$business_Loan&Network=Search&SiteTarget=&Device=c&gclid=Cj0KCQjwv73VBRCdARIsAOnG8u0utQ3VnLIOwAXKN9iVxcZMcL98WSk70jTfe3paEGKTH-ya3EcJld0aAnNxEALw_wcB

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Customer reply replied 6 months ago
Ok. I have tried to give you a rating but it will not let me so I give you 5 stars

Can you accept now?

Andy4712
Andy4712, Accountant
Category: Finance
Satisfied Customers: 784
Experience: Business and accounting graduate.
Verified
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