Where is the best place to borrow money? What kind of loan terms will I qualify for? Will my loan be denied? What can I do to enhance my chances for loan approval?

These are some of the most common questions that most business owners have asked me over the years. The worst part is that more than 98% of these same business owners told me they felt their only resources were their local banks or credit cards (secured with personal guarantees). And, most of their local banks even required them to pledge their personal homes & land as collateral.

Like most of these business owners, you’ve probably already gotten to the point… where you need money FAST! So, here’s some common sense advice that can save your business, regardless of your personal credit history.

First of all, getting approved for a small business loan is definitely easier than getting personal loans… regardless of your personal credit scores. Additionally, getting the right types of corporate credit is absolutely critical: if you want to protect your personal assets, minimize the risk of a personal lawsuit affecting your business, and to your ability to weather the economic changes that happen overnight.

All business owners must be much more proactive about developing relationships with the right types of lending institutions. You usually want to start your application process with out-of-state, national lenders… not your local or regional banking institutions. National lenders typically won’t require a personal guarantee or your social security number.

I’ve attached a basic roadmap you’ll need to follow, if you need a small business startup loan, a business debt consolidation loan, a bad credit business loan, or a government business loan.

Ultimately, you need to find a competent professional that can help you navigate through the process of building a strong corporate credit rating.

Finding a competent business loan expert will give you a head start on your competition & also let you focus on running your day-to-day activities… instead of dealing with the hassles of establishing a strong business credit rating. An excellent business credit score can help your company’s image, overnight.

You need to be able to answer all of these very basic questions, before you apply for any business credit.

1. How is your business structured? Is it a sole proprietorship, C-corporation, S-Corporation, Limited-Liability Corporation (LLC), Partnership, or Trust?

2. How long has your business been recognized by your State & Local government?

3. Has your company ever had derogatory information reported against it to either of the two (2) most popular business credit reporting agencies, Dun & Bradstreet or Experian?

4. Are your company permits, licenses and registrations current?

5. Does your business have a physical address, or are you trying to use a U.S. Post Office Box instead?