Business Lines of Credit
Business Lines of Credit are typically issued for businesses with a year or more of history and revenue. Among the financing options for entrepreneurs who qualify are business term loans, business lines of credit & SBA Loans. Startups operating for less than a year will be consider or can apply for other financing options. Every lender has different underwriting guidelines. However, they generally consider similar factors such as, your personal credit score, time in business and annual revenue. Lenders may also consider your cash flow and ability to repay the debt.
Only about 1 in 5 businesses that apply for a loan from a big bank are approved. Sprout Financial can help business owners by simplifying the loan application process and approval to fund with competitive rates and faster funding than most banks.
Typically do not report to personal credit
Higher credit lines
Establish business credit