Frequently Asked Questions

40. My personal credit is poor. Can I still get a small business loan?

When making a decision on a business loan, lenders will consider your personal credit history. Poor personal credit can be the basis for declining a business loan. Therefore, poor credit can be a problem and can prevent you from obtaining a business loan. You should consider obtaining a copy of your personal credit report to gain a better understanding of your credit history. If you have credit problems, you may want to contact Consumer Credit Counseling Services for guidance. You may need to rebuild your personal credit before applying for a business loan.

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The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions, or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. UALR is committed to the policy of providing equal opportunity for all persons and does not discriminate in employment, admissions, programs, or any other educational functions and services on the basis of sex, age, disability, race, and national origin, color or religion.