Principles of Building Business Credit
What is business line of credit?
A business line of credit is a type of small-business loan that provides flexibility that a regular business loan doesn’t. With a business line of credit, you can borrow up to a certain limit, lets say, $100,000 and pay interest only on the portion of money that you borrow. Then a business line of credit makes sense.
How do you get a line of credit for a LLC?
To establish business credit, you may first need to take the following steps:
- Incorporate your business or form an LLC (limited liability company)
- Get a federal employer identification number.
- Open a business bank account.
- Get a dedicated business phone line.
- Register with Dun & Bradstreet to get a D-U-N-S number.
What do I need to open a business line of credit?
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.
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