April 5, 2008

Unsecured Lines of Credit

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:

  1. 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. 2+ years in business
  3. Make sure that all of your personal and business credit is accurate with the credit bureaus
  4. Obtain a DUNS number for your business
  5. 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.