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Having a business line of credit is a great help for a businessman especially start-ups.
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Best Business Line of Credit for Startups
When searching for a business credit line it is crucial that the company knows the lender's underwriting requirements. We collaborated with a network of lending institutions and also match our client's company credit rating, individual credit scores as well as years in the business with the best lender. If the lender you intend to deal with does not have their requirements clearly specified on their website, make the effort to call or email them prior to your application.
How does a business owner with a poor individual credit rating get approved for the low rate of interest in an unsecured business credit line?
If you have a bad personal credit rating. You can still be qualified for a non-collateral loan. BUT you need to make the effort to develop your company's credit history. When dealing with our poor credit rating company owners, I have actually discovered that it takes 6 months to a year to help them build up sufficient credit report to get approved for an unsecured credit line of $25,000 or even more without needing to provide an individual assurance (no personal credit checking).
There are 2 choices for unsecured business credit lines for start-ups. If business owner has excellent individual credit history (720 or more) we have an unsecured credit line program that they can get approved for. While it does need a great individual credit rating, It will certainly not show up on business owners' personal credit reports and also might not need an individual assurance. Another way a start-up company owner can get an unsecured credit line is that they develop their BUSINESSES credit rating. Similar to poor credit scores company owners, it will certainly take 6 months to one year of regular credit rating to get approved for an unsecured credit line of $25,000 or even more.
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