Most lenders want to lend money to companies with a profitable history and great prospects for the future. After all, that gives the bank a good indication that the loan will be repaid. If you are an ongoing company without a history of profit or a new start-up company, borrowing money will be more challenging. You have two choices:
Personally cosign the loan. This means that you are placing your personal assets as collateral against the loan. In other words, if your company defaults on the loan, the bank will collect by taking your home, or car, or savings (or whatever else you offered as collateral). You are not protected by the “corporate veil” if you personally cosign a loan! If you do not think this is fair, don't cosign the loan, but then also don't expect to get the loan. The banks' logic is if you don't think the company is a good risk, why should they. And this is very sound logic.
Apply at a bank for a Small Business Association (SBA) loan. The SBA is a government agency that reduces the bank's risk by paying the bank a significant percentage of the loan principal in the case that you default of payments. However, in order to reduce the risk to the SBA, the SBA usually seeks further collateralization in the form of a personal guarantee from you. So, once again, you will need to offer your personal assets as collateral.
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