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The higher the figure, the harder it may be to qualify for a small business loan. Bankrate insight Debt-service coverage ratio (DSCR) may be used to compare a company’s cash flow against debts.
Personal loans: If the proceeds from a personal loan are used for business needs or expenses, the interest is tax-deductible. If you use just a portion of a personal loan for business expenses and ...
Business tax returns for the last three years, if available. ... An LLC can get a business loan by reviewing its qualifications and needs to determine the best loan type and find a lender. Next ...
To qualify for a small business loan, you typically need a good personal and business credit score, collateral and a business plan. ... Business income tax returns. Business licenses.
Personal loans work well for startups that don’t have the credit history to qualify for a traditional business loan. ... Business bank statements, if separate. Tax forms with Schedule C or SE ...
Personal loans are considered consumer debt and do not qualify for tax deductions like business loans. ... If you don’t qualify for a business loan from a bank or want to review other options, ...
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