richards150
New member
I have owned a business for the past 3-4 years, fully incorporated with the state and all, but everytime I speek to somebody about a business loan, building lease, etc...they always require a personal financial sheet and half the time a personal guarantee.
What is the point of having a business credit rating if you're still going to be required to provide personal financial information? I can't help but wonder why smaller businesses are singled out like this when medium to large businesses are not required to provide a personal financial statement and a personal guarantee. Isn't this why incorporating your businesses is for? To offer yourself limited liability and the ability to use a business credit score as opposed to your personal one?
Can somebody please tell me how to get around this so I don't have to use my personal score anymore or give a personal guarantee? I'm pretty sure financial institutions and leasing agencies are not asking AT&T or WalMart for personal financial statements and personal guarantees when they conduct business.
Has anybody run into this problem and how can I make things work the way they are supposed to?
What is the point of having a business credit rating if you're still going to be required to provide personal financial information? I can't help but wonder why smaller businesses are singled out like this when medium to large businesses are not required to provide a personal financial statement and a personal guarantee. Isn't this why incorporating your businesses is for? To offer yourself limited liability and the ability to use a business credit score as opposed to your personal one?
Can somebody please tell me how to get around this so I don't have to use my personal score anymore or give a personal guarantee? I'm pretty sure financial institutions and leasing agencies are not asking AT&T or WalMart for personal financial statements and personal guarantees when they conduct business.
Has anybody run into this problem and how can I make things work the way they are supposed to?