We are a start-up moving into our next stage of development and we are having some hurdles in attaining capital.
My question is, is it possible to take out two business loans to equate to the the amount needed to fulfill our startup cost? The total amount needed to get our start up going is $996,000.
Is it possible to take out two separate loans in the amount of $500,000 from two different banks? And will banks be willing to take on that risk solely based on the profitability of the business and my financial/credit history?
Some additional info … our collateral is very little ($25,000 to be exact), I have personal credit score of 700, and a salary that’s tops out at $72,000.
I know it’s a question that might be difficult to answer in its entirety but every little bit of advice helps.