Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question would it be easier to get business loans if you become an LLC and get an EIN? I filled bank bankruptcy a couple of years ago. so I cant really get any loans. If I had my business made into an LLC and got its own Federal Tax Identification Number, would it be easier to get a loan. Or would they still look at my personal record, and deny the loan because of the bankruptcy. By dmorgan924 Posted on 05/20/09 Total Answers 3 Answers- You are toast. Look for other creative ways, like friends that could be stock holders. Answer by : mr pickle On Date 2009-05-20 22:44:51 you may have to look towards investors or a private lender (ie family members, friends, or draw up a business plan and attract real investors), banks check personal financial reports when giving loans to a small business. Answer by : Ashley! On Date 2009-05-20 22:49:29 If you are just forming an LLC and obtaining an EIN, when you apply for a small business loan, it will be denied. Since your business is new and it really doesn't have credit itself, their decision will be based off of your credit rating. Basically when you apply for a loan, they may conditonally approve your loan. However they will say that in order to completely approve your loan, you need to provide information for the personal guarantor (you will be co-signing your business application). So in order words you will be most likely denied for the business loan due to your personal credit rating. What you may want to consider is having people investor in your business and then give them a certain percentage of the profits (basically paying them back over a certain amount of time). Also another thing you can do is ask the SBA to back your loan. So they will co-sign on your behalf so that you will get the loan. However, you will be REQUIRED to pay the loan back because you will be dealing with the government. Good luck your attempt of obtaining a loan. There are options out there, try to explore them. Answer by : manthanm2002 On Date 2009-05-23 06:06:47   Go Back To Search Results