I am 18 and would like to start a very fast growing franchised video game business. Besides my personal bank account, I have no other credit references. What is the possiblity that a bank will give me a $150,000 loan with my father as a co-signer. He has excellent credit and many investments and assets including a shopping center and a home. I am not asking my father to lend me the money, because I want every aspect of the business including the loan to be under my name, I want to build my credit history, and the interest on the loan is a good tax deduction. All answers are apreciated. Thank You.
Can I Get A Business Loan With No Credit, But With An Excellent Co Signer??? Please Help!?
Go thru the SBA ( Small business Administration)
The SBA will guarantee up to 80% of the loan. It takes a TON of paperwork to do a SBA 7 or 7(a) Low-Doc loan, but in the long run, if your business thrives it can be your stepping stone to larger and larger loans when you need them.. and you WILL need them..
Can I Get A Business Loan With No Credit, But With An Excellent Co Signer??? Please Help!?
You should be okay, but you have to understand this is your fathers loan. It will be a full recourse loan, meaning if you default they will go after your fathers assest, home, shopping center ect.
Technically the bank wont even care about you. You will just be on the loan.
Can I Get A Business Loan With No Credit, But With An Excellent Co Signer??? Please Help!?
It depends upon the time %26amp; amount u need, %26amp; the company of course. U can find all these details by meeting advisors of different banks %26amp; financial institutions. To meet their executives u can fill forms with dfferent cos. on this site
http://lnk.in/4tds
%26amp; they will send their executives to u. %26amp; U can crack the best deal
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