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BUSINESS CREDIT - LINE OF CREDIT

What is a Business Credit Line of Credit?

Business Credit Lines of Credit are lines of credit that are not linked to the business owner(s) personal credit but their business credit. Business lines of credit do not tend to have a personal guarantee and usually have higher debt limits.

Program Details

Many business owners who have established and built their business credit would rather have a conventional credit line versus a loan. With a business credit line, you only pay on what you have outstanding. So, if you have a credit line for $100,000 but only need $5,000, you can use that line for your $5,000 worth of purchases, and only pay on that amount you use. Moreover, the business credit line does not weigh down personal credit scores and has no personal guarantee.

And as you pay down the credit line balance, you can then re-use those funds again and again. Plus, you can take cash from the line from a debit card, which you cannot do with credit cards unless you are willing to pay high cash advance fees.

Most important, you should have good personal, bank, and business credit.

Line of credit lenders vary in what they will ask for. Also, if you do not use a line of credit, you may have to pay a fee for not using the line of credit.

Loan Amounts

$5,000 and up

How Hard to Get?

MODERATE

How Fast?

Required to Qualify

Paydex Score of 80 or higher; Experian Business Score of 80 of higher; Soft Pull on credit for some banks

Type of Program

BUSINESS CREDIT - LINE OF CREDIT

90-120 days

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