Ahh yes, the unicorn of business funding, the ever sought after holy grail called the Business Line of Credit.
In order to qualify for a true business line of credit there will be some hoops to jump through to be sure. The advantage of a business line of credit is that like a business credit card, you only pay on what you use, yet you have the flexibility to access your full line of credit when the need arises.
These funds are generally deposited to your business checking account and then paid back over time. Terms for payback can be as short as 6 months and multiple years depending on what you and your business qualify for.
Lenders will often review your last 6 to 12 months of business bank statements, business tax returns, profit & loss and balance statement.
Oftentimes when compared directly with a 0% business credit card, the business card will come out more cost effective than a business line of credit the first 3 years and tend to have more long term benefits with cash-back bonuses etc.
with a 680 or better credit score, on time payments and at least a decent sized credit card, you can qualify for $15k to $150k in 0% Business/Personal credit lines/cards at 0% for up to 18 months.
with verifiable personal income (w2 if employed, last 2 yrs taxes if self employed) and manageable personal debts you can qualify for up to $100k
with business bank statement deposits of $15,000 per month over the last 90 days there are loan options and of course with 2 years of profitable business/personal tax returns there are funding options up to $1 Million.
Rate 0% up to 20 Mths