How To Qualify For Business Line of Credit

But first, what is unsecured business line of credit?

It is a loan for an entity or business owner that does not require for a security or collateral such as residential or commercial properties, vehicles or stocks.

Three Major Requirements for Business Credit Line

1. Years in Business — most of lending institutions require that the business is already existing for a minimum of 3 years. This is to make sure that the business is already established and has made the name in the market.
2. Credit History — it will be a great foundation if the business has its history of loan in any banks or lenders with a good or excellent report. This will help the company to be qualified and get higher credit line from their previous loan.
3. Repayment Capacity — surely the bank wanted to make sure that the business that they gave a credit line will pay and get back to them. Some lenders require the company’s statement of bank accounts wherein shows the income capacity of the business.

However, not all of businesses passed the requirements especially those startup businesses. That’s why we, at Lease Funders, give the best that we can do to help our clients avail their desired business credit line.

There are two ways to qualify for credit line as a startup business. First, if the business owner has a good and high credit score as an individual, they will surely give a good score for your business as well. And the other one is, when the business is building their credit score improve but will make months for creating good credit score.

We are here to help you build business credit line for new business. It will surely improve your history and credit score eventually.

Contact us at:

Phone 1–888–308–7160
Or: (832) 916–3229
Fax 1–888–226–0081