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re: Looking for recommendation for local business bank for small business?
Posted on 6/13/17 at 9:05 pm to Will Cover
Posted on 6/13/17 at 9:05 pm to Will Cover
quote:quote:
No, it is a brand new business.
And if that is the case, how do businesses get started then with a banking relationship?
We operated our business on a cash basis for four years. When we decided to open a company credit card and business line of credit it was an automatic yes with the tax returns as support. It didn't place a burden on my personal credit. As a new business it's all on your personal credit and you almost certainly will have to sign personal guarantees.
1
Posted on 6/13/17 at 9:58 pm to VABuckeye
quote:
As a new business it's all on your personal credit and you almost certainly will have to sign personal guarantees
My personal credit is fine and I don't and won't have any issues with having to use my personal credit to "vouch" for my business ... however I plan to have a substantial amount of cash deposited in the bank (operating account plus one year of "reserve emergency capital") so I am hopeful I can avoid any personal guarantees since I am not obtaining a loan from them or anyone.
This post was edited on 6/14/17 at 3:38 am
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