True, I wasn't thinking along those lines. I am sure the banks would be pretty strict especially at this point in time. But this is something I have heard done as a workaround to getting a loan from the bank when looking to start a small business.Druu;2655083; said:Unless you have funding already, good luck getting a loan from a bank without a degree. Xia, I agree that a lot of the owners in Chinatown have moderate success, but that's because they've been established for a while. Even with all their knowledge, a bank would not give them any capital, especially in this economy.
The idea would be to start the business from home before you open a retail location, sell online, do tank maintenance, do something from home under the business name, and open a business credit card or two and use them to buy everything, but only amounts you can pay off completely each month. Do this to establish good credit under the business name.
Then, later on after your business has good credit, you can apply for a loan through the business instead of using your personal credit rating. This could take a while but if you do this while your planing out the rest of the business it cant hurt when you finally do go to the bank.