Best (and easiest) way to get business line of credit

[Anonymous]

So my company will be entering it's slow seasons in about a month. Last until about late-January. I'd love to be able to get an LOC to help with working capital and marketing. Anyone have any suggestions

Data points

Business open a little over 2 years

About $450,000 in sales YTD

Have a few business store cards all at 0 balance

Have 1 business credit card with BoA with $5,500 limit. It currently has a $1,000 balance which I'll probably pay off this week. BoA is not currently offering business loans or LOCs.

Have about $40,000 in the bank between 2 accounts

Personal BK7 discharged in Jan 2019

Scores are between 660-695

Anyone have any suggestions?

[bizcredit11]

@Anonymous You sound like you're in a good position for a LOC. 

Fundbox is an easy one...based on your revenue and banking history. You should use your strongest bank account as you can only link one. You can gain access to LOC in 1-2 days all online.

Wells Fargo may be an option, but you should open up a WF biz checking account in branch first, that will set you up for a soft pull and you can find out if you have any offers like biz credit card or possibly a LOC. 

PNC has one too! Not sure what state you are in, so you should check your possibilities there. You might be able to apply online. Bringing your credit score up and utilization down will help as well for WF and PNC.

Take your best shot, 

bizcredit11

[RehabbingANDBlabbing]

You could try Capital On Tap. Their interest rates are high, but they are pretty easy to get approved for. It maybe too

small for what you're needing though. I think they go up to $50k and you can revolve a balance. You cannot withdraw cash though, just charge on the card, which is a 2% cash back Visa. I got approved with a similar credit score to yours for $9,500 with a much smaller business.

[ScorpioRising]

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@Anonymous wrote:

So my company will be entering it's slow seasons in about a month. Last until about late-January. I'd love to be able to get an LOC to help with working capital and marketing. Anyone have any suggestions

Data points

Business open a little over 2 years

About $450,000 in sales YTD

Have a few business store cards all at 0 balance

Have 1 business credit card with BoA with $5,500 limit. It currently has a $1,000 balance which I'll probably pay off this week. BoA is not currently offering business loans or LOCs.

Have about $40,000 in the bank between 2 accounts

Personal BK7 discharged in Jan 2019

Scores are between 660-695

Anyone have any suggestions?

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If you belong to a Credit Union, you can start there. The American Express Charge Cards will allow you to carry balances (PayOverTime limit + interest) if you ever need to. The Blue Business cards also allow for flexible spending limits, depending on your needs, month to month with 0% for the first 12 mths. 

US Bank has the Business Triple Cash Rewards Card @ 0% for 15 months. There are choices out there. Good luck!

[sccredit]

The personal bankruptcy discharged 2 years ago is going to eliminate most bank options for you. Some of the other lenders mentioned here may be a better fit.