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You have a personal credit score that's tied to your identity, primarily through your Social Security Number (SSN). If your business has a separate ?Employer Identification Number? (EIN) or ?Tax Identification Number? (TIN), then your business will have its own credit score associated with that number.
A member of an LLC can give an unsecured loan to their company, as can a third-party who's not involved. It's important that the lender get the terms of the loan in a written loan agreement, including the full loan amount, repayment dates, and interest rates.
Business debt and payment history do not affect your credit score, unless the business defaults on the loan, in which case your personal credit can be negatively impacted.
The credit score for your LLC is based on its credit history, payment history, and financial behavior, including how it manages its debts and financial obligations.
How do I get a startup business loan? Write a business plan. Many business startup loan lenders will ask for a business plan as part of the approval process. Decide what type of financing you want to apply for. ... Check your personal and business credit scores. ... Compare lenders. ... Gather required documents. ... Submit.