I am starting a small business and need a $70,000 business loan. The catch? I have practically no collateral. My credit score is fairly good above 750 but I’ve only owned a credit card for around two years and don’t have much other credit history.
Do I qualify for anything? I know everyone probably says this but I have a solid business plan, a job that pays decently well and not many expenses. Even without the revenue from the business I could likely pay back the loan within 2 to 3 years. What should I be looking into if I am going to go down this path?
One thing to note is that my business partner has quite a bit more collateral than me and also has a much longer credit history. Because we are not equal business partners I am hesitant to ask her to cosign. Are there ways to cosign unevenly where the business still benefits from two people signing yet if we default she is not as affected?
I am just very new to all of this so I would appreciate any insights.