Commercial Lines of Credit for Boston, MA & All Major Cities Across the U.S.
Much like people, businesses need access to funds to buy the things that they need. However, we do not always have the cash on hand to buy it and that is why lines of credit exist. Credit allows us to purchase the things that we need by borrowing cash temporarily that we will then pay back plus interest. Just like individuals, businesses qualify for lines of credit too. At Advance Smart, we help our clients get access to the funds that they need to keep their businesses running.
We work with multiple lenders to help you find financing options that meet your needs and at competitive interest rates. Our brokers will discuss your financing needs, find you competitive options, and help you grow your business.
Tips for Qualifying for
Commercial Lines of Credit
Your business is eligible for lines of credit just like you would be. The approval process for commercial lines of credit is much like personal credit. Identical factors are used to determine eligibility and loan terms. So, here are some things to know to help you qualify for commercial lines of credit:
- Credit Score: You will need to have a personal credit score of at least 660 at the time of the application. Your business does not have a credit score, so your personal credit score is used in lieu of that.
- Years in Business: The years that your business has been in business matters too. Creditors require that you have been in business for a minimum of one year before being eligible for a line of credit.
- Monthly Revenue: You need to demonstrate the ability to pay back any credit that you use. Your monthly revenue shows that. Your business will need a valid checking account and show monthly revenues of at least $3,000.
Contact Us Today for Business Lines of Credit!
At Advance Smart, we specialize in business financing options in the Boston, MA area. Our brokers can help you get the lines of credit that you need to help your business grow. We work directly with you to find financing options with competitive interest rates that help you achieve your business goals. Contact us today to begin the application process!
