Over the past few months, we’ve spent a lot of time learning about the various types of financing that is available to businesses. In fact, we are working on a significant partnership that will allow us to help a lot more entrepreneurs obtain unsecured lines of credit. For those of you that are interested, here are a few tips that you’ll need before you approach any bank/lender:
- 680+ Credit Score (if you don’t quite have that high of score, that’s ok too… we’ll just start off helping you repair your credit)
- 2+ years in business
- Make sure that all of your personal and business credit is accurate with the credit bureaus
- Obtain a DUNS number for your business
- Obtain credit maturity (length of time) and credit diversity (credit lines with multiple types of credit — home, auto, revolving, etc.)
I could probably create a list with about 30-40 items, but those 5 will get you started. The two “biggies” are the first two — if you have a great credit score and you’ve been in business for at least 2 years, let us know. We are very confident that we’d be able to help you obtain an unsecured line of credit somewhere between $10k-$350k.
You do not need to be in business for 2 years to get unsecured finance from all companies. Some finance companies, like R and R Finance, can help you obtain the unsecured finance for a new business and lines of credit up to $150k,sometimes higher. All you need is a good credit score.
Comment by RandRFinance — April 18, 2008 @ 3:04 pm