UNSECURE BUSINESS LINES OF CREDIT

[James Tran]

hi! does anybody have any info to guide me on obtaining an unsecure business line of credit for my llc entity? any recommended lenders, affiliates, programs/education, websites, etc... etc... I've read up quite a bit but still searching. what I've found is you need a entity setup and your personal credit has to be a fico score of 700 and above or have a cosigner. the thing is I'm not so sure of the companies I've read up on. if their legit or not and the fees associated. any referrals or recommendations is greatly appreciated. i'm sure any info shared here will help other people as well. thanks!

[Stanley Whigham]

Whenever I consult with business clients, I go with them to the bank to apply for business checking accounts. I advise them to open business checking accounts in at least 2 banks. Prior to opening the business checking accounts they do these things: 1) Establish a Dun & Bradstreet profile to reflect 3 years business of experience. If your business has been incorporated less than 3 years, the IRS will allow your sole proprietor experience on your business Employer Identification Number (EIN) application. Next, an online presence is established using your sole proprietor experience in your business listing profiles. Banks do a Google Search of your business name and address while asking questions about your company's gross sales, net income, number of employees-- you need 5, etc. Your company online presence will show 2 pages on Google with your business occupying all ten spaces, i.e., the whole page. When your business shows up on 2 pages of Google, your business has established a good advertising presence and passes the first test. 2) Get an office in a commercially zoned area. Banks can tell if you are using virtual offices or UPS boxes. They feel it shows lack of stability in business. Go to an older part of town where rents are cheaper. 3) Maintain your good credit (700+) -- it is your key to getting a business credit card while opening business checking accounts and fast-tracking your business credit development. Most banks will give you a business credit card with a $7,500 credit limit when you take the time to establish a good D&B profile, get a business phone (Google Voice is a voice over ip and is considered a landline), address and online presence. With one business credit card, you can leverage your business credit profile very quickly. When your card(s) come in the mail, go apply for a COSTCO business credit card (with bank business credit card in hand). Soon (3 - 6 months), you will have multiple credit lines established on all 3 business credit bureaus. Large unsecured lines can be obtained once a favorable bank rating is established for 3 months at your new business bank accounts. Now your company can survive beyond 5 years because it has working capital for emergencies.