can a new llc get a loan

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  • Can I get an LLC loan for my business?

  • There are several other areas that will maximize your chances of getting an LLC loan: A strong personal financial history and credit score, as this shows you鈥檙e good at managing your own money, which can translate to responsible business management

  • Why are there alternative business loans for an LLC?

  • But there鈥檚 also a good reason why there are alternative business loans for an LLC. Banks also have quite strict requirements that need to be met in order to qualify for a business loan. And even if you do qualify, you鈥檒l have lots of paperwork to fill out, and a long time to wait to actually receive the funds.

  • What is the difference between an LLC loan and a loan?

  • LLC loans with collateral are secured, while loans without collateral are unsecured. Collateral is an asset or combination of assets that the lender can seize and sell if you fail to make repayment on your loan. Collateral might include your business or personal bank accounts, inventory, equipment, vehicles, or real estate.

  • How do I start an LLC for a small business?

  • For most states, this will be your secretary of state. Gather together information about your business and file 鈥淎rticles of Organization鈥?to legally form your LLC. Once your LLC is formed, get a separate bank account and complete any other steps like getting an Employer Identification Number.

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