Business loan advice

[Boheme]

I don't know if this is the proper place to ask but I thought I'd give it a shot. Is it possible to request a business loan in spite of a bankruptcy on my personal record? I filed bankruptcy and got discharged in 2002 and I have a few credit cards in good standing. However, whenever I tried to apply for business credit cards, most of them declined my applications due to bankruptcy on file. This is a little frustrating, and I'm guessing I would be declined for a loan as well just like those companies. I'm not asking for a lot of loan, but a bit to get started for some things I need and I have a steady job to pay my bills. I do have some startup money already, but it's not enough for my business endeavor. Any suggestions?

[Lightning]

You filled out applications for business credit cards or business loans? I can't imagine you'd get a line of unsecured credit for a business you don't have the capital to fund or the personal credit to back it up. Did you file the appropriate paper work to establish the business (i.e. as an LLC) before you filed for a business credit card?

If you accumulate enough of a personal investment and submit a solid business plan to a a small business loan provider, you may have a chance at a business loan.

[Boheme]

You filled out applications for business credit cards or business loans? I can't imagine you'd get a line of unsecured credit for a business you don't have the capital to fund or the personal credit to back it up. Did you file the appropriate paper work to establish the business (i.e. as an LLC) before you filed for a business credit card?

If you accumulate enough of a personal investment and submit a solid business plan to a a small business loan provider, you may have a chance at a business loan.

Yes, I applied to only business credit cards but not business loans. I have officially established my business as sole proprietorship including business license, tax id, tax certificate and seller's permit with the city hall as well as a business plan. Like I said, I have some startup funds but they're not enough to finance what I'd like to do.

Thanks for replying.

[Lightning]

Why didn't you apply for a small business loan rather than credit cards?

[HHM]

Yeah, better to start with a small business loan.

Have you opened a bank account in your business name? My first business credit card was offered by the bank where I opened my business checking account. Business credit cards usually come after you have operations, not before. They are generally not offered for start-up issues, so once you have some revenue from the business, then you can start thinking about credit cards.

[hhou812hh]

Yeah, better to start with a small business loan.

Have you opened a bank account in your business name? My first business credit card was offered by the bank where I opened my business checking account. Business credit cards usually come after you have operations, not before. They are generally not offered for start-up issues, so once you have some revenue from the business, then you can start thinking about credit cards.

Same exact thing with me. It took about 2 years to get a business cc and a business gas card. Of course when I put the business to rest they closed the account.