How to Get a Business Line of Credit with Good Credit
Having good credit makes it easier to purchase a vehicle, get the best credit card rates and qualify for a mortgage. You would naturally think that it’s also simple to get a business line of credit with good credit, but this is not always the case.
A business line of credit is one of the best ways to manage cash flow and handle unexpected expenses. You can get a business line of credit with good credit, but it is important to find the right lender.
Why it May Not Be Easy to Get a Business Line of Credit with Good Credit
Banks are often not willing to offer a business line of credit as a stand-alone product. This is because they are typically less profitable than other types of small business loans. Therefore, they may only grant one if you already have an account or another quick business loan with their bank.
Even if you are able to qualify due to your good credit score, it can still be an uphill battle. For example, your line of credit will need to be backed by a significant amount of collateral. Also, you may have to meet higher requirements in terms of revenue and business history.
Additionally, going to a bank means a longer wait time. Banks still rely on old-fashioned procedures and lengthy paperwork to try to decrease risk. Therefore, it could take you days to complete the application, weeks to receive a decision and months to get your money.
Where is the Best Place to Get a Business Line of Credit with Good Credit?
With so many lenders vying for your business, it’s difficult to know what is best for the unique needs of your company. Thankfully, many alternative lenders have stepped in to make things easy for the small business owner. Your best choice is a business cash advance company, like Financing Solutions (www.financingsolutionsnow.com).
At Financing Solutions, you can get an unsecured line of credit for up to $150,000. You can have the line in place in two days or less and it stays in place for 12 months. Best of all, you only have to pay back the money you withdraw from the account and you can do that at any time.
Also, there is no pressure to renew the line once the year is over. With an A+ rating from the Better Business Bureau, this is short term business financing you can trust.
How to Build a Strong Foundation for Your Business
Just like a home, if your business is not built on a solid foundation, it will crumble. That’s why it’s vital to take the necessary steps to ensure you can survive well into the future.
One thing you must do is to plan for the unexpected. If your building burned to the ground, could your business still operate? How would you cope if you lost your biggest client? Comprehensive disaster preparation is the key to keeping setbacks from sending you into bankruptcy.
You must also work to improve your reputation. Learn about customer complaints and fix them. Make sure your product lives up to expectations. Develop great relationships with customers. When you do these things, customers and employees will be less likely to jump ship due to one slip up.
The best way to remain strong is to get your financial house in order with help from Financing Solutions. They will give you the fast business funding you need to outperform and outlast the competition.