Even if your small business hasn’t had time to get good credit, or even if you have somewhat bad credit, you can still get credit. However, it is difficult and you will usually need to have significant amounts of money or at least some decent assets. Remember that while trying to obtain credit, it is better to go to the small banks than to the big national ones; they will be more likely to grant a loan. Plus, make it easy for the bank by giving them all the details they need about your business, as well as any statements you have from other banks, along with profit and loss reports.

Here are some other tips to help you.

* You can try to deposit a large amount of money in the bank from which you hope to obtain a loan. Getting a secured loan is as easy as putting a large amount of money in your bank to serve as collateral against a future loan.

* Many business owners use assets to serve as collateral for a line of credit for their small business. A paid off car or small piece of property can help you get the line of credit you need from your bank. Remember, though, that there is always a small chance of losing this collateral if you default on your loan.

* There are some banks that will be willing to lend to small businesses if they know for certain that the business will earn enough to repay the money. As an example, construction and plumbing companies almost always make thousands of dollars within a couple of months of a project’s completion.

* If none of these suggestions gives you the credit you want or need and you still feel like you don’t have the assets or money you need, then consider getting a co-signer. This is simply a person who signs an agreement to ensure that the loan is repaid in the event that your business defaults. For obvious reasons, it is best reserved as a last resort. When a bank insists on a bondsman, this is their not-so-subtle way of telling you that they’re afraid they won’t be paid.

* Don’t forget to have a written business plan to show to the bank. They will want to be able to see this and make sure that your business has the potential to make enough money so that repaying the loan is not a problem. This does not always mean having a 50-page document like before. More and more companies are opting for shorter “just the basics” business plans and, in most cases, banks are okay with that.

One last thing: remember that much of getting a loan will depend on your credit history. And we’re not just talking about your business credit history. When the business is sole proprietorship, your personal credit history is also important. So check your credit reports regularly from each of the three major credit bureaus. Look for errors, missing data, and omissions.