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To keep from having to finance a business loan with personal assets, the following steps should be considered:

  1. Hiring a third party firm to help build your business credit. Your account will be combined with those of many others to provide leverage with the partnering loan institution.
  2. Having an airtight business plan, focused squarely on how the business will make money back for the investors or loaning institution.
  3. Having board members that are experienced in the industry of the business, especially if the proprietor does not have the appropriate direct experience within the industry of the business by him or herself.
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14y ago

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