I have a tax id# for my business. How do I establish a line of credit?
Posted by Financial Advisor | Filed under Tax Savings
I set up my music publishing company and I am registered with ASCAP. I am ultimately looking for about $20G "start up money" to grow my business into a mulitimillion dollar company. But in the immediate future, I only need about $8000 to build my home studio/office. My personal credit is being established because I learned that an insufficient credit history is the same as having bad credit. But I want to use my tax id# as an alternative short term solution until I am in a better position to execute my business plan. If you have any leads, please share. Thank you.
When you start your business loans are going to be based on your personal credit.
Get all your legal business documents/certifications and proofs of ownership and present it to a bank. Get a close friend to refer you to his bank to establish your identity… present a feasibility study if you have one…make sure you have no bad credit standing