At a minimum, you’ll need at least six months in business and $25,000 in annual revenue to qualify for a business line of credit. Although some lenders don’t set a minimum credit score, borrowers most likely will need a score of 500 or higher to qualify.
Correspondingly, can you start a business with a line of credit?
A business line of credit is a possible option for a small or start-up business to get the capital needed to manage cash flow, fund day-to-day operations and take advantage of new opportunities.
Similarly one may ask, what banks offer secured business lines of credit? Best Secured Lines of Credit
- Traditional Bank Loan.
- InterNex.
- Fundbox.
- BlueVine.
- Kabbage.
- OnDeck Capital.
- SBA Line of Credit.
Hereof, can an LLC get a line of credit?
To qualify for these products, an LLC owner will need to establish a business credit history through taking out small loans or applying for a business credit card. … But these opportunities are generally only available through a history of prompt repayment and proof of financial responsibility.