BUSINESS CREDIT LINES
What is the Business Credit Line Process
Completing our application, and using our resources, skill, and experience to work on your behalf.
Our service may be for you if you would rather leave the footwork up to the pros. Maybe you're too busy running your business or seeking out investments, and would prefer to just submit your application, and let us handle the rest.
There are no upfront fees, but you would owe us a percentage of your loan, better known as an "approval fee". This is only owed to us after you have received your line of credit.
REQUIREMENTS
720 middle personal credit score. Business credit scores will also be evaluated. Any delinquent business obligations can effect final lending decision.
Line of credit applicants are required to be in business for a minimum of 2 years.
All types of business will be considered. Please note that certain SIC codes such as bars, restaurants, real estate investors, etc are required to have excellent credit scores and appropriate income tax returns.
Acceptable business structures include LLC, sole proprietorship, corporation and partnership.
Loan amounts are generally calculated at 10% of gross business sales. For clients who need large sums we have the ability to use multiple lending sources and can do more than one line per applicant. Most of the loans can be approved with stated business income however, some lending institutions ask for both business and personal income tax returns during loan process.
Complete applications are submitted within 48 hours. Closings can occur in 1 to 4 weeks however, some approvals may take longer due to high volume.
Minimum 720 Credit Score Required
NO Excessive History of Late Payments or Inquiries
NO Judgements, Tax Liens, Collections, Charge Offs or Bankrupties
MUST Have Less Than 30% Outstanding on Credit Card Balances
Principals on the application must match those on their Secretary of State's Business search and must be able to show as the owner for a minimum of 2yrs.
Homebased business are ok but must have a separate business phone line and office area (site survey will be required)
Call Us For Details At 336-616-0851
(c)2007 businesscreditsource.net
| 
