$50,000 BUSINESS LINE OF CREDIT | EIN ONLY LINE OF CREDIT | HOW TO GET BUSINESS LINE OF CREDIT

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What are the requirements for a business line of credit?
What Is Required for a Business Line of Credit?
Personal credit score: Ideally 660 or higher.
Annual revenue: $25,000 or higher.
Time in business: Ideally six months or more.
Collateral: To secure your line of credit.
Current debt schedule: To determine if you can afford to pay back the line of credit if you draw from it.

Can you get a line of credit to start a business?
Generally, you can apply for a startup business line of credit from an online lender — although you may be able to find a local or community bank that is willing to lend to newer businesses. Interest rates, borrowing limits and qualifications can vary by lender.

What is a business credit line?
A business line of credit lets a business borrow up to a certain amount of money and will only charge interest on the amount of money borrowed (like how your credit card works). A line of credit is unlike a traditional loan where you'd be given a lump sum of money that you'd pay back with interest in monthly payments.

Do you have to have good credit to get a business line of credit?
Check your credit score and business financials: to qualify for a bank line of credit you should expect to have a strong credit score of at least 680 and stellar business financials (stable cash flow, high revenue, and little to no existing debt).

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$50,000 BUSINESS LINE OF CREDIT

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