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Business LOC

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Business LOC

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.

Message 1 of 4
3 REPLIES 3
Community Leader
Super Contributor

Re: Business LOC

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. Smiley Happy 


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 2 of 4
Epic Contributor

Re: Business LOC

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.
Message 3 of 4
Established Contributor

Re: Business LOC

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



“If you don’t know, the thing to do is not to get scared, but to learn.” – Ayn Rand
Message 4 of 4
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