We can help you build credit in your BUSINESS NAME! Business Line of Credit $25,000 – $150,000
Too many business owners know the pain of using their own credit to finance their business. In fact, most of our bad credit equipment leasing clients once had excellent credit!
What went wrong?
They financed their business using their personal credit and when things got a little lean, their personal credit to the hit. Now of course, they NEED financing but only subprime banks will take the chance on them.
What is an Unsecured Business Line of Credit?
These are revolving unsecured lines of credit. Much like a credit card, you can use this line of credit, pay it down and have access to it again. Unlike a business loan that gets paid out once and then as you pay it off, you don’t regain access to that line. If you need additional funding, you have to apply again.
But with our revolving lines of credit, you don’t have to worry about applying again. In fact, as time goes on, with on-time payments your line of credit will INCREASE!
Also, even if you don’t need the financing now, you start building your business credit and use it when you need it! You only pay on your line of credit when you use it! We have some clients that just want us to build them $50,000 so that they can have it if needed, or they want to build comparative credit so that when its time to purchase their building its easier for them to do so. Request More Information
Why it’s important to build business credit.
- Separates your personal finances from your business. As we stated above, many of our bad credit clients once had good to excellent credit. But a slow period in their business resulted in late payment on their personal credit.
- No collateral required – not all businesses have the equipment or real estate they can use as collateral. Or maybe you just don’t want to put your home or business equipment up as collateral. By building your business credit NOW, it will be there when you need it.
- More banks are looking at your business AND personal credit scores – Did you know even the SBA is looking at a businesses BUSINESS credit and the business owners PERSONAL credit when making approval decisions? WIth strong business credit, it can help you get approved for your SBA loan when you are a borderline candidate. More and more banks and finance companies are looking at BOTH. And if you build your business lines of credit correctly, you will find it easier to get approved for other types of business financing.
Business Line of Credit Requirements
For this program, we require:
- That you are either a LLC, or Corp.
- And you have a 660 personal credit score.
- Your personal credit history should go back at least 5 years
- You should have at least 1 personal credit card with a $5,000 credit limit
- You should have had that credit card for at least 1 year
- We prefer low credit utilization
- No recent late payments or collection accounts
Why our business credit line program requires fair / good credit
Even though the lines of credit we build for you will be in your BUSINESS NAME ONLY. All lines are unsecured and our banks won’t approve anyone with a lower credit score for unsecured financing..
Back in 2008 it was easy to hide bad credit behind your business credit, but since the financial crash, it’s much more difficult. Banks don’t want to take the risk.
If you haven’t incorporated yet, we can help you! Just let us know on the form below that you also need to incorporate and we will have one of or incorporation specialist also reach out to you!