I am in Ontario and I am not sure if this applies to you, but I just made sure my personal credit was great before I decided to head to the bank and apply for a small business loan. I did this as a sole proprietor, as that was my plan all along. I was approved for $25,000 ($10,000 credit card, $15,000 line of credit) in a matter of days. I planned, searched for tools, made my logo, built a business plan, etc. while I built myself up to go into the bank like a big boy and ask for money! I did all the things that cost little or no money before I started buying things I needed for the business.

I must say I must have been on to something with all the planning beforehand because I have never touched the line of credit and credit card is paid off immediately.

harveyj316

Contributor 2

1 day ago

I had built my credit up and did the same thing. But all they did was deny me due to me not having a business history or income... honestly makes no sense. I had a good score at 750+ and the hard pull dropped it down to 699. Now I'm a bind and don't trust anyone to pull my score. I worked hard to get that score now I'm set back 3 months trying to build it back up just from a check... This is Michigan where I am at. Also working with the Michigan small business association.. Honestly have been no help.

PestFreeCanada
Contributor 5
1 day ago
That really sucks. I don't know enough about the US banking system to help you. I can say to do one thing, start small. Take smaller jobs that require less material and ask for a deposit from your clients. Buy you material that you need, put it on a personal credit card and pay it off right away. It may be a slow burn for you but if you keep at it only good things can come. Watch every penny you make and work your butt off.
I really hope it turns around for you and can't wait to hear updates from you about your success.