Asked by kevin  |  Submitted January 12, 2015

How do I use my company's EIN to get a business loan?

Getting started and I need a little credit but don't know what to do first.

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  Answers  |  1

January 13, 2015

Hi -

You should write a memo describing your business, what you will use the money for and how you intend to grow the business and pay back the loan. You should write the memo at least three times so you can think it through as you write. When you are satisfied that the memo clearly states the facts, contact your bank and visit with a loan officer. Even if they turn you down, you should get valuable feedback about your proposal. If they do turn you down, re-write the memo based on their feedback and then visit a different bank. I would repeat this process at least three times. If you get the money, great. If not, you will have gained valuable insight into what bankers are looking for when they loan money and you can refine your ideas until you find a bank that will work with you. Good luck!

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