How Do I Apply for a Business Line of Credit?
You can apply for a business credit line either in person at a bank or credit union, or online. Some businesses apply to the same financial institution where they have a business bank account. Or you could apply online from the comfort of your home or office through a company like United Capital Source.
Consider Your Needs
First, think about what you need from your business line of credit. United Capital Source’s network of lenders offers funding amounts from $1,000 to $250,000. If you have an idea of how much funding you’ll need, we’ll have a great starting point when we talk about your line of credit.
Applying for a Business Credit Line
Before applying, keep in mind that the approval process and minimum credit score, revenue, time in business, and other details aren’t necessarily the same for every lender.
Also, the maximum limit and the best interest rates for a business line of credit varies by lender. Some financial institutions may set their maximum credit line limit as low as $100,000.
Generally, traditional lenders like banks and other financial institutions require higher credit scores than alternative business lenders.
Gather Your Documentation
Next, you should gather your documents. Collect these documents and information before starting your application. You might not require all of them. Yet having them readily available saves time in case you’re asked for them.
- personal tax returns
- business tax returns
- business bank account statements
- business financial statements
- driver’s license
- voided business check
- United Capital Source 1 page application
Apply Through United Capital Source
Once you’ve completed those steps, the next step is easy. Just apply for your business line of credit online, or give us a call so we can walk you through the process. Our application process is easy and straightforward, and you can be approved for your business line of credit within 24 hours. Funds can be available within a few business business days. If you have any questions, we’re available to help.
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