bad credit history and buisness loans

[daavedave]

i want to apply for a buisness loan
will i get refused because i have bad credit history

do they solely go by my personal credit?

does anyone have any information on which bank would be best to approach first?

[Ice.Maiden]

Blimey dave, I should think you'd be checked out before securing ANY loan. If you're seen as a bad risk, they're hardly going to offer you much - if at all.

[daavedave]

yes, i know that, but what if my buisness proposal is good?

do they just go on my personal credit score?

is a buisness loan just a personal loan with a different apr then or what?

[buildersmate]

No they will look at the business proposal as well.
But since you as a director of that business have the ultimate control over whether it succeeds financially or not, they are bound to be influenced by their perception of your previous record at managing monies.

[Oneeyedvic]

A few questions:

1) How old is the business
2) Are you a home owner (and if so do you have much equity)
3) Are there any other directors / partners and are they home owners?
4) How much are you looking for and for what reason
5) How much are you investing / have you invested in the business
6) What are the reasons for your bad credit (eg customer not paying you, made redundant etc).
7) If you are established business, do you have accounts. If you are a new start business do you have a business plan (and who prepared the business plan)


Let me know the answers to the above, and I will let you know how to proceed.