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Business loan

Asked by: Christopher Burns - 1 November, 2011
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 I want to know when you get the DBA license do you get access to banks... like, no matter how bad your credit is, do you still get a business loan?
Answered by: Alec Green - 3 November, 2011
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/2.jpg-d85fc946de818bb769fdd6ce8cd95478 Dear Christopher,

Unfortunately, having a DBA or even a registered company will not help you get a business loan from a traditional lender, as they tend to ask for a personal guarantor, and they base their decision on this guarantor's personal credit.

It is possible to develop a good business credit and then apply for a loan based on that credit alone, however its a process that takes some time.

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