Hotel loan: Find a financing program that is right for your business.
Hotel loan financing can be difficult to obtain without the proper business credit history. Lenders are very careful when it comes to financing most businesses, and so any advantage you can have will increase the chances that you will receive the hotel loan you desire. Establishing your business credit is the biggest advantage that you can give yourself as you seek the financing necessary to purchase a hotel.
The first and most important step of establishing your business credit for a hotel loan is to separate your personal credit from your business credit. The next step is to setup what is called a 1-3-5. That means setup 1 small bank loan, 3 business credit cards, and 5 vendor lines of credit. When setting up these accounts it is important that you sign up with a bank or company that will actually report your business credit to the Small Business Financial Exchange. This will help give your business a score. It is possible to establish all of these without using your personal credit.
Our Business Finance Coach gives you more details about establishing business credit including more details on which companies to setup business credit cards with and vendor lines of credit. It also includes important details on how to actually get approved including how to plan accordingly so you can get approved for the hotel loan you are seeking.
Search our business funding directory for free today, and connect with lenders that are ready to help finance your business. We will match up with the best lenders possible.