How many unsecured start up business loans can I get?
I only see different firms offerinf from 5k to 250k. I am getting the hint that any single firm will not qualify me for the amount I need (150k) so I was thinking that I could apply to 2-3 different firms to get the toal amount that I needed. Can it be done? These loans do not show up on my personal report. So what is stopping me (or anyone) from simply applying for multiple unsecured start up business loans?
I will of course be truthful in my applications.
December 7th, 2010 at 2:49 am
oh, there’s nothing to stop you from applying —
and, if you ever get to the point of actually borrowing, you’ll find that the application requires you to provide truthful and correct financial statements PLUS a promise to not become further indebted.
If the statements you provide are false, then you’ve committed felony level fraud. And if you violate the agreement by later getting deeper into debt, the entire amount of the first debt becomes immediately due and payable [this is how the contract will be written].
***
just offhand, it sounds like you need more equity capital [startup cash from owners] in your plan and less debt.