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Don't have a home?

Having a home implies financial stability and it also provides another source of collateral to pay a loan if your business income isn't sufficient. So if you don't have a home, you will have a difficult time obtaining a regular loan or even an SBA-guaranteed loan.

One way to establish credit for yourself and your business is to set up a secure line of credit with a bank. This involves depositing money to purchase a year CD (certificate of deposit) - that stays with the bank. You can borrow against that money and repay it. Even though you are actually borrowing money against your own deposit at the bank, it is helping you establish credit. Later, you can request an unsecured line of credit and close the original account. Usually you will have to personally guarantee an unsecured line of credit.