Business LOC

[Anonymous]

Can anyone inform me of banks or finacial instutitions that do business LOC that require minimal documentation.

I know most will ask for a PG and that isn't much of an issue for me.

A little about my business.

Just LLC'd in august. Personal credit scores are low to mid 700s, I am looking to open a photography studio. I need funidng for payroll, rent to lease a space and minor construction.

The company I plan to get gear from offers finacing for businesses. 

I need roughly $50k. I utilization is a big thing with scores. I would prefer to get a LOC because maxing out several cards ins't the best idea (assumption).

I went to Wells Fargo and a rep told me they would prefer to have clients who are memebers of the bank for a few years.

I know of kabbage but I don't meet their minimum longevity requirement, also their repayment option is too soon for me.

Any help you guys/ladies can provide would be greatly appreciated.

[pizza1]

Im gonna ask @Creditaddict to come on here with some advice. He can offer some suggestions for you. Also, you will have a few others respond, so just be patient if you dont get repsonse right away.  

[Creditaddict]

Finance the gear with the company.
Business locs will be nearly impossible until in business.
Chase? They will heavily vase personal credit.
Personal loans possible if income matches score.

[mikesonthemend]

Generally banks will require some collateral for new businesses. Once you have established cash flow, financing opportunities will follow.

[MansaMusa]

Navy Federal is generous to new businesses if you have your business established in a underwriting compliant way. When my business was still new but I had great personal credit they gave me a $9K business card and $15 business LOC, and more credit on the personal side.

[NimbusIII]

Have you looked into SBA loan, either a 7a Micro or SBA Express loan?  You may also want to check with your local township I was able to Get a 100K UDAG loan at 1% for one my business.