How to Obtain a Small Business Bank Loan

Getting your first Business Bank Loan can seem like an impossible task. The majority of the small business bank loan applications get declined because banks won't lend to just anybody ... or will they?

Having a Business Bank Loan can provide a powerful boost to building business credit fast. This bank loan must be set up correctly and report to the appropriate business credit agencies.

So how do we accomplish this? Under this Small Business Bank Loan Program, you will be securing a business loan with a certificate of deposit (CD) at the bank that is extending the business bank loan. You'll make a deposit into a CD account at one of our preferred lending banks (or one of your choice if you prefer if they provide this type of loan). Then, you receive a business loan for 100% of the value of the CD. The purpose of this loan will be to build your business credit scores.

This process works very well and works every time as long as your personal credit is at least ok. The bank is not basing your business bank loan on your personal credit, but if your FICO scores are in the low 500 range they may not do this deal for you.

So where does your deposit come from? We are not talking about a very large amount of money. You can start with as little as $5,000. There are many creative ways to acquire the money you need for the business bank CD deposit: family, friends, savings, garage sales, or from any of our other creative funding programs. Another option is to build a 'savings account' while building business credit.

The Features of a Secured Small Business Bank Loan

- It will appear on your business credit report just like any other small business bank loan.
- There will be no note in your file, or on your business credit reports, that show it as "secured".
- It will make your business credit report stand out to other lenders and creditors who obviously know how difficult it is to get a business bank loan

A Helpful Suggestion

If you have to borrow the money you need for this step from friends or family, you can assure them that they will get their money back. Here is how that works:

-You borrow the money for the CD to secure the business bank loan.
-The bank then makes you a loan dollar for dollar.
-Deposit the money from the loan or line of credit into a separate account and use it exclusively to re-pay itself.
-After the final payment, you return their money with interest. Remember their money is in a CD earning interest.

This technique gives you a great start towards building excellent business credit scores. We work with several lenders that offer this program.

Expert Credit Consultants, LLC specializes in establishing business credit and funding using our exclusive Business Credit and Financing Suite as well as consumer credit restoration and optimization. www.ExpertCreditConsultants.com.