How do I get a business line of credit for an LLC?
My boss, the owner of a small LLC, is having problems getting a loan for the LLC because he has credit card debt, and a credit score between 650 and 700. Someone told me that we could use an officer of the company to guarantor a loan for the LLC, and not use my bosses name or info. Is this true?
Get the working capital your business needs from Entrepreneur Lending, powered by CAN Capital. Learn More »Your best bet would be to visit with your business banker as each bank can have different stipulations on how they approach lending--within the governmental guidelines.
I would normally say that the managing member's information for the LLC is going to be included in any decision making but there can always be exceptions.
Unfortunately with banking there is never a clear cut answer as the banks have various aspects they look at with any lending decision.