Thread: Business loan

Usually bankers are the same and you can't get a loan if you have a no credit score. however, if you provide the banker with a complete business plan and projected Income then they may look into it.

If you are interested in starting a small business, then you have to know about small business loans. There are many different ways to get funding for your new enterprise, as well as many different kinds of loans. Finding the one that is best for your enterprise can be a daunting task, but with the right information, it is not impossible. Most banks do not want to loan money to someone who is starting a new enterprise. When trying to get a loan for a small business, collateral will probably be needed for the bank to approve the loan. Things such as cars, houses, land, or other hard assets will usually work for collateral. The bank will probably want to have an asset-backed borrowing transaction with business owners, rather than loaning money to a business based on inventory or other such methods. Having a co-signer is also an option for getting a loan from the bank, but make sure you trust the co-signer before trying this method.

Can only deduct the interest and the rest is debited to reduce the loan on your books.

You should use an amortization schedule so you can calculate each portion accurately.