Can I use my personal credit to obtain a business loan?
Most lenders will require good personal credit to secure a business loan, but there are other factors that go into a lending decision.
[MUSIC PLAYING] SUBJECT 1: Can I use my personal credit to obtain a business loan?
SUBJECT 2: Great question. Most lenders will require personal support of a business loan as your personal credit worthiness indicates financial responsibility and accountability. What's most important, however, is the ability of your business to support the loan. After all, repayment of the loan should come from your business, not your personal assets.
As your banker, will look at the financial profile of your business and assess if the business is viable. We compare what your business owns to how much your business may owe. We also assess how much money your business makes compared to your expenses. All of this helps to determine if you have adequate cash flow to support your loan. If your personal credit is favorable and your business can support the debt, you're well on the way to a potential new business loan.
Will BB&T lend me money to start a new business?
Learn about how our Small Business Administration (SBA) Loans can help fuel your dreams of a new business.
INTERVIEWER: Will BB&T lend me money to start a new business?
SUBJECT: Great question. At BB&T, we want to help you reach all of your business goals. And a great way to do that is with the Small Business Administration loan. We partner with the SBA to provide you with a variety of flexible lending options so you can more easily repay your loan and put more cash back into your business.
We know that all businesses are unique. So we want to help you find a loan that fits your needs. Whether that's a lower down payment, smaller monthly payments, or finding the best possible interest rate, your loan should match your goals. Knowing your past experience in a related field, a detailed business plan and a flexible outlook on your startup needs will help us determine what loan is right for you. And don't be overwhelmed. We can help you through every step of the process. So contact us today. We're ready to help you turn your ideas into reality.
Keeping your most profitable customers happy
Data shows it costs more to acquire new customers than it does to retain existing ones. But growth is essential for your survival of your business. How can you keep your current customers happy and grow the way you need to?
8 tips to start your business on solid ground
You've got a great business idea, and now you're ready to put that idea into action. Where do you start? Here are eight tips to help successfully start a business.
Why you need a business plan
While some say that making a business plan is outdated, many still agree it has huge benefits—especially for small businesses. Here are five reasons you need a business plan.
Determining the legal structure of your company
Should you set up your business as a sole proprietorship, partnership or corporation? Each has its own advantages and disadvantages based on your situation.
Guidelines for starting a business
Starting a business can be an exciting venture, and proper planning can help make it a success. Here are some guidelines for starting your own business.
Avoiding common small business startup problems
Hundreds of new businesses are started every day. Unfortunately, more than half will fail within their first two years. Here are some common pitfalls that you should try to avoid.
Startup costs for your startup business
Starting a new business can be an exciting venture. But figuring out exactly how much you'll need to get your business up and running can be a challenge. Here are some costs to anticipate for your startup.
5 steps to establishing business credit
Establishing business credit is just as important as establishing personal credit. Here are five steps you can take to build a positive credit reputation for your business.
5 steps to take before applying for a business loan
Whether you're adding a new product, updating your equipment, or expanding into larger office space, you may need a loan to help cover the costs. Here are five steps to getting the right loan.
Borrowing guidelines for businesses
Whether it's for startup costs or capital expansion, eventually most businesses need to borrow money. Being prepared and understanding the requirements can increase your chances of getting a loan and making the process easier.
What type of credit is right for your small business?
Access to cash is critical for your business’s future growth. But which type of credit is the best fit? To answer this question, it's important to understand your options and how they may help with your financial plan.
SBA loans and starting a business
If you have plans to start or expand a business, the Small Business Administration (SBA) can help. The SBA participates in loan programs for business owners who may not qualify for a traditional loan to get them the funding they need.
Why buy business insurance?
Business insurance can help ensure you're fully protected from unforeseen calamities. Let’s take a closer look at some of the reasons you need to be protected.
Business insurance needs to consider
Every business needs insurance, but your particular requirements will depend on a number of factors. Here are seven types of insurance that you may want to consider.
Choosing the right business liability insurance
If someone gets hurt while at your store or office, or if your business is being sued for some other reason, business liability insurance will cover any costs associated with the claim up to the limits of your insurance policy.
8 tips to make tax time a little easier
Filing business taxes can be overwhelming. As a small business owner, your time is precious—so it helps to prepare in advance. Here are eight tips to help ease the process.
Keeping business and personal finances separate
As a small business owner, every CPA will tell you to keep your business and personal expenses separate. Easier said than done, right? Let's look at some easy ways to get you on track.
What's the difference between general and professional liability insurance?
No matter what type of business you own, you'll likely need to purchase one or both of these policies. So what insurance is right for your business?
Do you need business insurance if you work from home?
If you currently own a home-based business, or if you're starting one, it's important that you have the right business insurance coverage.
Tools for managing your small business
As a business owner, you continually work to improve your offerings, including using advances in technology. Consider how technology can help you manage your business and maximize your success.
Managing your risk in three simple steps
As a small business owner, you know there are many risks to running your own business—from making a profit to a potential legal situation involving a customer or employee. Here are three simple steps to best manage these risks.
Tips for managing cash flow effectively
Did you know that more than 80% of small businesses fail because of poor cash flow management? Here are nine tips to help manage your cash flow successfully.
Is your business millennial-friendly?
Americans born between 1980 and 2000 are considered to be millennials, making up about a quarter of the US population. The good news is that millennials are more likely to shop at small businesses than any other generation, so make sure you're ready.
Is creating work-life balance possible?
Finding the balance between your personal life and work can be tricky for most people—but especially for small business owners. By asking yourself a few questions, you can work toward developing a more balanced life.
4 easy ways to protect your business from hackers
While you mostly hear about larger businesses being the victim of a data breach or other hacking issues, small business owners are equally at risk. Here are four ways to protect your business.
Managing seasonal cash flow
Seasonal fluctuation is a fact of life for most small businesses, so it's important to manage your cash flow all year long to make up for the times when things aren't so busy.
Is a 1099 or a W-2 employee better for my business?
When looking to fill a position, you may wonder if hiring a 1099 employee makes more sense than hiring a W2 employee. How can you know which type of employee is best for your business?
Retirement planning for your small business
How do you decide when to invest in your retirement savings over your business? Here are some ways to help you make the best choices about retirement as a business owner.
Payroll options for your small business
Whether large or small, all businesses must effectively manage payroll. If a small business doesn't pay its employees on time, or correctly, there could be legal consequences as well as increased employee turnover.
6 tips to avoid common payroll mistakes
Payroll tasks can be time-consuming and complicated. And mistakes can be costly, especially if they're serious enough to incur regulatory penalties.
Fostering a wellness culture in the workplace
One of the most common ways to foster a supportive and productive workplace is through an employee wellness program. Here are some ideas for implementing a successful program of your own.
Health insurance options for small businesses
Health insurance is something we all need but may not necessarily understand. What type of insurance you need and where to start in your search depends entirely on the type of business you own and how many employees you have.
Are employee credit cards right for my small business?
If your employees do a lot of company spending with their own money, you may consider providing them with a business credit card. Employees will appreciate the convenience, and you'll enjoy the benefits.
Inexpensive ways to build a small business
Like most small business owners, you want to grow your business—but you may not have the funds to do so. Don't worry; there are lots of ways to promote growth inexpensively. Check out eight ways to help your business grow without going into the "red."
Tips to win over millennials
As the largest generation in the US workforce, millennials have enormous purchasing power and influence. How can your business win over members of this dynamic generation?
10 ways to improve your social media marketing
These days, marketing your business through social media is a must. It's an inexpensive tool that will legitimize your business and spread the word about your products and services.
Building an effective email marketing list
Email marketing continues to be a proven and valuable way to increase, maintain and strengthen your customer relationships. Use these tips to build a strong email marketing list.
Wired for growth
When the owner of Data Communications wanted to power up growth at his cabling company, BB&T connected him to the resources that made it happen.
Writing a job description to attract the best talent
As a small business owner, hiring the right people at the right time to build and grow your team is essential. Consider these tips as you write a job description to attract the best talent for your business.
Ready to get started?
The information provided is not intended to be legal, tax, or financial advice. BB&T hopes you find this information useful but we cannot guarantee that it is accurate, up to date, or appropriate for your situation. You should consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.
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Branch Banking and Trust Company is now Truist Bank. Learn more.
BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or SunTrust.com.