Trying to secure a decent rate on a business loan. Current score is 720, but I'm told if I can boost my score my rate will be better. Any tips besides "fuck off"? I have about 14 months to make improvements.
business loan based on your personal credit score? hmm... best to keep the business and personal finance separate. never never never a good idea to comingle funds.
so long as the business plan is solid, as long as you can show a history of turning profit, or at least breaking even, getting a loan shouldn't be hard.
getting a biz loan is different from a personal loan... you may be better off getting the money from individual investors.
make sure you protect yourself though. be sure to create a proper biz entity. understand the tax implications of a INC vs. LLC/LLP (sole proprietorship is not a good idea... ever)... and have a bank account in the business name (never your own).
ideally, the business should be up and running before getting the loan... even if it's small and not making any money. you should still have it incorporated and have a biz license in your state (and all appropriate licenses.. sales tax, ect...) and have the bank account and accounting/bookkeeping of every expense/asset/liability/profit, ect...
it might be best to talk to a banker (if you haven't already, I haven't read through the entire thread yet), they'll help you out and tell you the best way to go about getting what you want... that's their job. they don't care what your rate is, they'll want you to get the money from them and pay it back, they have a vested interest in you succeeding.