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If I take out a loan for $40,000. . .?
and tell the bank that it is going to be used for equipment to start up my company, how do they know that is what I spent it on? What's the process?
2 Answers
- Anonymous1 decade ago
You still may be liable for the loan personally even if it's for a business. Some credit card companies are starting to report business credit cards on the business owner's credit report.
- Ryan MLv 71 decade ago
Easy, they will ask for the title to the equipment as collateral. Same process as if you borrowed $40k to buy a car.
