A Question about getting a small business loan from chase bank?

I trying to see, if I can get a small business loan for $300,000.00 for my business. My credit score are 604 right now. But I getting a Business Grants from Leadership Grants for $100,000.00 in two month and I have a business plan and also have Equipment and tools for Collateral around $5,000 -$6,000. So when I get my Grant money for $100,000.00, can I use this for Assets and business plan and Equipment and tools for Collateral to show chase bank for I can get a business loan?

2 Answers

Relevance
  • deb s
    Lv 6
    8 years ago
    Favorite Answer

    Bank, financial institutions, venture capitalist all look at you and what your experience and education are.

    These loans are as much about the businessman as they are about the business.

    Your background check is going to bring up that 604 credit score. A person has that kind of very low credit score because they have a history of making promises to pay money and failing to honor their promise. The bank would have no assurance that you would pay them back either.

    I think you should figure out how to make your business work without that loan. Fix your credit (this will take a couple years of doing everything right), then try again.

  • omaque
    Lv 4
    4 years ago

    Your very last 3 years' income tax returns, a promotion technique exhibiting the way you recommend to employ the money and also pay off it, and funds or diverse protection a dull ringer for twenty% of the expenditure you're searching for to finance. Your pleasant relationship is the in elementary words you've with slightly of success already advanced along with your modern-day banker.

Still have questions? Get your answers by asking now.