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Business and Personal Requirements to Qualify for a Line of Credit

November 13, 2019 By //  by guytinzi Leave a Comment

Your business needs flexible financing for emergency situations and sudden investment opportunities. Whether you’re just getting started or looking to expand into a new range of products or services, receiving competitive lines of credit can allow you to thrive in a competitive market without draining your working capital or interrupting your cash flow. Find out how to qualify for a line of credit today.

Requirements and Qualifications for Your Business

Your business needs to have a strong financial history to apply for the best credit available. Most lenders require at least two years of operation, but more is even better. Businesses who are less than two years old will have to rely on your personal credit and qualifications to receive a line of credit. Businesses with multiple years under their belt are typically more reliable and have a proven track record in earning an income and handling finances.

Just like a loan, lines of credit typically require collateral. This allows your lender to minimize their risk and provide you with competitive interest rates without worrying about losing their financial investment. Collateral can come in many shapes and sizes, but most businesses back their line of credit with real estate, inventory, accounts receivable or equipment.

Your lender will also look at your business profits. Businesses that are struggling to earn a profit or are unstable in their income will be less likely to receive credit. Credit should be used to shore up low seasons or keep in case of emergencies, not use for daily business needs.

Personal Requirements and Qualifications

Your personal financial history can also impact the lines of credit available to your small business. First, your credit score will be a major factor in influencing your approval. A high credit score shows that you are capable of handling your finances, even if your business is too young to also reflect that capability. One low point may be countered by several high ones. For example, a lower credit score might not cause your application to be rejected outright if you have plenty of personal assets and successful history in your industry.

Any past experience in your field, personal assets, and additional income sources will also help to alleviate any concerns with you that your lender may have. Once you can put together a strong application that details many ways in which you are able to repay your lines of credit, you can enjoy competitive rates, high loan limits and flexible financing for any business need.

Filed Under: Financing Blog

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