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I need a Business line of credit 20k-25K- I have 700+ scores and no baddies. Is there one that would not request finanacials for the business?
@Anonymous wrote:I need a Business line of credit 20k-25K- I have 700+ scores and no baddies. Is there one that would not request finanacials for the business?
Kabbage would be easy to get but expensive.
What about a personal loan through you? will require personal income verification but not business if you ask for it for like major purchase or something... credible.com can pre-qual. you for a few options possibly and no credit pull unless you apply at one of the offers directly.
I dont mind PG an account. I just dont wont it to show on my personal reports.
If you have a relationship with BofA their BLOC is available with just a PG. I Recently set one up for 25 K @. 10% with a simple app. and two short phone calls.
Did you have to provide financials? How long has your business been established and what was your credit score to obtain the 25k bloc.
Unfortunately most need some kind of financial info like tax returns w/ aged A/R and A/P for collateral reasons. To get an interest rate of prime plus one or better like most bloc you need to provide some kind of financial info. Banks just don't hand out bloc like candy unless it's like cabbage or others with huge interest rates.
Good luck though you fighting an uphill battle not wanting to show business info. Get a ploc instead.
Matwar,
I would first suggest you go to your existing business bank where you have your business checking and/or savings account. They should be able to grant you a BLOC secured by your deposit relationship only without any financial information. You generally just need to tell them your annual sales and they will give you a LOC for around 20% of those sales.
If you can't get around the financial disclosure, there are working capital loans available but they are generally expensive (15-18% rate and short 3-10 month terms to pay back). Another route to go is if you have titled vehicles, yellow iron construction equipment, or manufacturing equipment that your business owns free and clear, you can use that to take cash out on the equipment up to $50,000. The ratio is generally 2:1 though so if you wanted $25,000 in working capital, you would need to put up equipment with a fair market value of $50,000. The rates would be geared toward your creditworthiness, anywhere from 5.95% to 20%. Another nice part about this program is you can borrow the funds between 24 to 36 months and you don't have to show bank statements, tax returns, or any financials. Literally, you just need to submit a credit application and proof of ownership of the equipment you are putting up as collateral.
PM me if you have any other questions on this!