Business Credit Lines with No Personal Guarantees
To start a small business, you begin with your ambition and vision but in order to keep being successful, many want a business credit line with no personal guarantees. A business credit line is also called a line of credit. All commercial banks require a personal guarantee (PG) but there are private financing companies that don’t require one. We will talk about why and what options you have.
Financing Solutions Line of credit with No Personal Guarantee
First, before we get into the details of why a bank requires a personal guarantee and Financing Solutions doesn’t, you should know that Financing Solutions is an A+ & 5 star rated BBB direct lender.
We provide business credit lines with no personal guarantees. Our business credit line also does not require any collateral. The approval amount is based on the cash flow of your business.
We are making the decision to approve you business line of credit based on our experience in dealing with thousands of small businesses. We want you to be successful and we know that a business line of credit that you can afford is a valuable business tool.
Unlike a bank credit line, the line costs nothing to set up, nothing when not being used, and is inexpensive when used. If your business is doing at least $400,000 per year in revenue and your personal credit score is 650 or greater, you will probably be approved.
The online application only takes 2-minutes to fill out and you will have an offer letter in hours. We do not run any credit checks for your offer letter.
Why Banks Do Not Offer Business Credit Lines Without Personal Guarantees
A commercial bank receives a lot of its funding from the government and because of this, the bank is required to have a personal guarantee on many small business loans and lines of credit. The personal guarantee is important because if you default, the bank can sell your personal assets to recoup the losses. Any business with under $10 million in yearly revenue will be required to provide a personal guarantee because banks are regulated by the federal government. You are never going to get a bank to not require a PG for any small business loan.
Do Other Lenders Offer Business Credit Lines with No Personal Guarantees
Very few companies are willing to offer a line of credit to small businesses but Financing Solutions is owned, not by people who worked on Wall Street, but by people who actually started their own businesses (9 of them actually). We get what a line of credit can do for your company and we believe that we are excellent at determining what your business can and can not afford.
Completely separating your personal credit from your business credit is a fundamental part of protecting yourself and your business. Financing Solutions does not require personal guarantees nor collateral for their line of credit product because we are not funded by the federal government but by private funds. It is our money we are willing to risk and you are the beneficiary of that.
A business line of credit from Financing Solutions will give you quick and easy access to business capital when and if you need it. This is an ideal way to manage uneven cash flow, handle emergencies and take advantage of new opportunities. More importantly, the time to set up your line of credit is when you don’t need it.
Best of all, it is easy to get the business credit line in place. Once your paperwork is in, it takes 48-72 hours for the line to be ready to be used. The credit line stays in place for 12 months and renews easily yearly.
How to Make Your Business More Personal
In these days of mega-corporations, business owners are looking for a personal touch. When dealing with a company, clients want to know that their business matters. The businesses that do this successfully are the ones who thrive. We believe Financing Solutions still has that personal touch.
First, our Relationship Managers are the best in the industry. By the end of your call, you will feel confident in knowing all of your questions were answered. Our reviews are 5 stars because of our people and you will be impressed.
Our owners take an interest in you and your business. Either Stephen Halasnik or Keith Giovannoli will give you a call prior to setting up your account. We promise you that everyone you speak with at Financing Solutions will be knowledgeable about your business and will be straight with you.
Over the years of building our companies, we have dealt with numerous banks. We know that business owners don’t have the time for runaround. That is why our application take 2 minutes to file out and requires no paperwork. You will get an offer letter in hours, not weeks or months like with a bank. If you wish to move forward we will ask for back up documentation and then your line will be set up. It’s the way we wish we were treated and that is what we know you want.
The benefits of a commercial bank is that they might be cheaper. Not always. However, with the PG, collateral and long turnaround time banks require our clients have decided that a Financing Solutions credit line is a better option. We think you will too.