A personal loan for business is a loan for which the borrower is personally liable, even though the funds are going to be put towards small business costs.
But Bad Personal Credit can cost you.
Once you’ve been in business a while, your personal credit score won’t matter as much, but it’s still a factor in the loan decision. Depending on how long you’ve been in business, a personal business loan might be a good funding solution. Banks often review how much experience you have operating a company before you qualify.