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pertrain

posts: 11

Jun 13, 2008 9:50 PM ET Quote Report Abuse

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Have seen and read conflicting reports. Many loans require a PG for your business.

If the owner has weaker credit can he/she bring on someone as the CFO of the

company if they may have stronger personal credit?

pertrain

posts: 11

Jun 17, 2008 7:21 PM ET Quote Report Abuse

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Not a whole lot of activity on here??!!!! I keep getting conflicting reports. My tax return

shows me as the owner of the business with all the shares, however D&B report and S.O.S. shows my wife as an officer. Wife has better personal credit. Would like to see if we can receive loans for the business with her as the CFO of the company. Any comments???

LisaPR

posts: 53

Jun 19, 2008 5:54 PM ET Quote Report Abuse

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I believe that as long a she is listed as an officer/Manager she can aply for loans and credit cards. It does not seem to matter if they own any part of the company only that they are designated as someone of authority who can garauntee the loan/credit.

BMT2010

posts: 126

Feb 28, 2011 4:13 PM ET Quote Report Abuse

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It depends on the business. If you have anything other than a Sole Proprietorship (i.e. LLC, C-Corp, S-Corp) then your articles of organization/incorporation would have to list that person (regardless if she is the CFO) as a person with the authority to contract on behalf of the business.

Also, regardless, most bankers / lenders will require with anyone with over a 20% interest in the business to provide a personal guarantee.

Your best bet is to talk with your banker - ask them the best way to proceed - then work to make that happen. They want to close the loan just as much as you do.

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Business Money Today
Small Business Loans & Start Up Loans

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