New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.


Business loan

Asked by: Christopher Burns  — 1 November, 2011

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: admin  — 1 November, 2011

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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