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