Suppose that a person is in dire need of a small business loan (complicated surrounding circumstances involving politics eliminate other options).
They have the following assets:
- 6 year old LLC with EIN that needs to be renewed if they're going to use it - this was used as a banner for several side projects with co-workers but no income was ever generated / filed
- A newly created Series and Close LLC with (pending) EIN and no history
- Mediocre personal credit
- Home with some equity, but too little equity for a HELOC with a major bank
Is there any chance of this person getting a small business loan and, if they are to make an attempt, which would be the best (highest probability of acceptance):
- Traditional banks' small business loans
- Newer products like Kabbage, crowd-funded loans, etc.
- Business credit cards
- Something else?
The small business is essentially an expert in a given field doing a mix of part-time B2B contracts, paid online educational content, and small supplementary activities. The need for the loan is for bootstrapping operations and relocation after exiting a corporate management career.