Can I Use My Personal Credit to Obtain a Business Loan?

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.

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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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