When you need inspiration, you may turn to a colleague or mentor but what credit score do you need to get a business line of credit? This is perhaps one of the most important questions you can ask for the success of your business.
Is a Perfect Credit Score Necessary When You Need to Get a Business Line of Credit at a Bank?
Most commercial banks will look for a 700 credit score or better. Unfortunately, that’s only a small part of the equation. The bigger question involves what other things do you need to get a business line of credit from a bank.
For one thing, a bank will always ask for collateral. You must pledge enough to cover 100 percent of their business bank loan.
In addition, they make you spend days or weeks just gathering information and completing their application. This is time and assets that most small business owners just don’t have.
A business line of credit from a bank is also expensive. There are numerous fees to both get and maintain the line. As a result, it’s not even worth the effort to go to apply for a bank line of credit.
Do You Need a High Credit Score to Get a Business Line of Credit from Financing Solutions?
Financing Solutions (www.financingsolutionsnow.com) will look for 630 or better. This means that even if you have a few blemishes on your record, you are still eligible for their help.
Of course, you still need the answers to some key questions to learn if this is the right solution for you. Comparing terms is a good place to start.
At Financing Solutions, they do not require collateral. Best of all their line of credit products are very inexpensive.
This short term business financing costs nothing until you use it. There are no fees to set up or keep the line in place.
Most importantly, you get your money fast. The entire process, from start to finish, takes only about 48 hours. Begin by taking two minutes (really, two minutes) to complete their online application. You have time for that, don’t you? Heck, you can do it while waiting for your morning coffee order or during commercials when you are watching the game.
How to Turn Your Business Needs into Success
Experts define business needs as the space between where you are now and where you want to be. This is what drives change and growth for your organization. But how can you get closer to your goals? These tips may help.
Perform a business needs analysis. Every business is distinctive. What you need to succeed may be completely different than your competitors. To discover what your business needs most, you can use SWOT, Benchmarking, Variance or Problem analyses.
Take a good, hard look at your numbers. Are you constantly experiencing uneven cash flow problems? This is often the result of poor planning and foresight. You need to determine factors such as how much inventory you should keep on hand and how long it takes for your account receivable turns. The more you know, the easier you can make the right decisions for your growth and survival.
Get immediate business funding from Financing Solutions. If you always worry about money you can’t get anything done. With their help, you can stop thinking about what credit score you need and switch your focus from merely surviving to thriving.