How To Get A Credit Line For My Business | What You Need To Know


So, getting a lot of credit actually
hasn’t been easier as long as you aren’t trying in a bank. In this video, I’m going to
share some things that you need to know when looking to take out a line of
credit. And at the end of this video, I can actually connect you with my
financing team that can actually help get you a credit line for your business. A credit line is a great tool for
growing your business. It’s awesome to have a credit line on hand for whenever
you need for opportunity that comes up and to take advantage of opportunities
to manage your cash flow or to have in case of an unexpected challenge that may
pop up in your business. So, you’re on the right track. I also get that you’re a
business owner and you just want to get right to how to get a business line of
credit. So I’ll make this quick and get right to the point. There are a number of
different credit line options today that have become available again. About 5
or so years ago right after the Great recession. Credit lines dried up. It was
extremely hard to get. But in the recent few years, they started to come back.
What’s actually happened is is there’s a number of different options which can
make it extremely confusing as a business owner and not really know where
to go or who to trust. It’s exactly the reason why I created and built a
platform that has over 75 lenders on it where we match business owners just like
you to the right lender or the right credit line option in minutes and hours.
So, I’ll explain how you can get connected that and gain access to those
75 lenders right at the end of this video. So, I’m just going to share some
basic guidelines with you. Again, these are the minimums. So, typically there’s a
few different credit line options that are available. A few things depending on
your industry, time and business, sales will all really determine how large this
line will be and the different rates and terms that’ll go along with it. So, the
bare minimum that you’ll need is at least one year time in business. 2
years or more is always better. But one year is the minimum. And the bare minimum
credit score is about a 600 to 620 credit score. If you
don’t meet that credit score guideline because you’ve sacrificed your business
like most people do and growing it, there are some other financing options that
are available. So don’t be upset. And then your minimum annual sales requirement
will need to be at least 100 thousand dollars in gross annual sales.
Gross before taxes. Again, those are the minimum. So, the longer time the business
you have, the better credit score you have and the more you do in sales, all
those different things will make up the amount and terms that will go along with
your line. So, the cut right to the chase. Everything that you’ll need to apply for
a credit line today is pretty simple. We’ve minimized it to a one-page simple
digital application and then we just need the last 3 to 6 months of
your business bank statements. Typically up to about $150,000. That’s all you’ll need. If you’re looking for more than $150,000,
you’ll also need your financial statements to accompany that. So, your
profit loss and balance sheet usually lasts years and year to date financials.
2 things that you’ll want to understand about your credit line which
are really important. 1, is it a true revolving line? Meaning, as you borrow and
pay it down the money becomes available again. Sometimes they’re not so it’s
definitely an important question to ask. And the second thing is are there any
unutilization fees. Meaning if you open up a credit line and you don’t use it, you get
charged for what you’re not using. That is actually pretty common in business
financing. You just want to make sure that fee is not something that’s
extremely high. I hope you found this quick video helpful and me getting right
to the point. I did mention early in the video that I
can connect you with my financing team. Check out the link below in my
description. Just click on that link. You can get connected with my team. Some will
reach out to you very quickly. Get a brief understanding of what you’re
looking to get accomplished in your business. Ask you a few simple questions.
Send you out that digital application. We can literally have answers for you
usually in the same day if not within 24 hours. Let you know exactly what you
proof for. What amount go over all those terms with you and more importantly, get
any questions answered that you may have. Thanks for watching this video. TThanks
for tuning the grow by Joe. If you enjoyed this video, please comment below.
Give me any feedback. I do appreciate those comments. And also make sure you
subscribe to my channel. Again, thanks for tuning in. We’ll talk soon and I wish you
nothing but success and grow on your business. Take care.

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