You need
at least 5 - 10 Funding accounts reporting on your business credit reports to qualify for the accounts in the next tier.
Please scroll down to apply and make purchases with accounts that report to the business credit bureaus if you have not already.
Keep in mind the items discussed in Step 4 so that you can have the best success in approvals with the below accounts and success with them reporting.
APPLY WITH
1-2 ACCOUNTS
When applying for unsecured funding make sure you use your correct business information as it matches on all of your business records.
To make sure your accounts report Positive, make sure your payment is made on the statement due date rather than just the due date.
It typically takes 30-60 days to complete this step and for your payments to report on your business credit reports. Continue to search your reports regularly so you are aware when they start reporting.
when planning on securing high limit funding, dont be afraid to go back a step and secure more accounts if you are not on track. when obtaining credit, the more positive accounts you have reporting demonstrates credibility to creditors and raises your scores boosting your profile & Chances of approval.
TIER: 5
Wells Fargo
Business Line of Credit
HIGHLIGHTS
-High Limit + Low Credit Requirements
Recommended Credit
680 - 850 (Good - Excellent)
Loan Cap - $150,000
REPORTS TO:
-
ALL BUREAUS
TERMS:
-
CORPORATE UNSECURED LINE OF CREDIT
Wells Fargo is one of the largest bank lenders in the U.S. — with an average commercial and industrial loan balance of over $252 billion in 2021. In addition, the bank offers multiple small-business loans, including business lines of credit, SBA loans, commercial real estate financing and health care practice loans.
Current customers with a Wells Fargo business checking account can benefit from an online application process for a specific loan product. Wells Fargo business loans offer competitive rates and terms; however, you’ll need strong credit and several years in business to qualify.
TIER: 5
American Express
Business Line of Credit
HIGHLIGHTS
-Minimum Personal Credit Required
Recommended Credit
660 - 850 (Fair - Excellent)
Loan Cap- $250,000
REPORTS TO:
-
ALL BUREAUS
TERMS:
-
CORPORATE CREDIT CARD
The American Express® Business Line of Credit is available
to borrowers with a 660 FICO score or higher. (Note that the required FICO score may be higher based on your relationship with American Express, credit history, and other factors.) This product is known for its streamlined application process in which borrowers can connect their business checking accounts to avoid application paperwork. Keep in mind that all businesses are unique and subject to approval and review when applying for a line of credit.
TIER: 5
US Bank
Business Line of Credit
HIGHLIGHTS
-No Annual Fee
Recommended Credit
720 - 850 (Good - Excellent)
Loan Cap- $1,000,000
REPORTS TO:
-
ALL BUREAUS
TERMS:
-
CORPORATE UNSECURED LINE OF CREDIT
US Bank has a variety of term loan options. Term loans can work for many business needs―as long as they’re planned expenses (since it takes a while to apply for and get approved for a business loan).
For smaller financing needs, you can go with the US Bank Quick Loan. As the name suggests, this loan gets processed and approved faster than other loans. How fast? US Bank doesn’t say. Just faster.
TIER: 5
Bluevine
Business Line of Credit
HIGHLIGHTS
-Minimum Credit Requirements + High Limit
Recommended Credit
625 - 850 (Bad - Excellent)
Loan Cap- $250,000
REPORTS TO:
-
ALL BUREAUS
TERMS:
-
CORPORATE UNSECURED LINE OF CREDIT
Bluevine is a financial technology company that offers business lines of credit up to $250,000 that can be a good option for small-business owners looking for short-term working capital. The Bluevine line of credit is issued by Celtic Bank, a Utah-chartered industrial bank, member FDIC.
Bluevine is known for its simple application process in which borrowers can connect their business checking accounts, and in most cases, receive a decision in minutes. Although you can sign up for Bluevine business checking, business owners are not required to use that account to qualify for financing.
TIER: 5
Fundbox
Business Line of Credit
HIGHLIGHTS
-Minimum Credit Requirements + High Limit
Recommended Credit
600 - 850 (Bad - Excellent)
Loan Cap- $150,000
REPORTS TO:
-
ALL BUREAUS
TERMS:
-
CORPORATE UNSECURED LINE OF CREDIT
While many lenders require a minimum time in operation of at least one to two years, businesses that launched only six months ago could be eligible for a business line of credit from Fundbox. To qualify, you’ll also need a minimum of $100,000 in annual revenue and a credit score of at least 600. This could also make this lender an ideal option if you have fair credit (usually considered to be a credit score between 580 and 669).
Fundbox’s business lines of credit range up to $150,000 and come with terms of 12 or 24 weeks. Funds could be available as soon as the next business day after approval.
TIER: 5
Capital One
Business Line of Credit
HIGHLIGHTS
-Flexibility + High Limit
Recommended Credit
690 - 850 (Good - Excellent)
Loan Cap- $5,000,000
REPORTS TO:
-
ALL BUREAUS
TERMS:
-
CORPORATE UNSECURED LINE OF CREDIT
Capital One offers a wide variety of small-business loans: everything from SBA loans to standard term loans and lines of credit to construction loans, commercial auto loans and investor real estate loans. Across its business lending programs, Capital One had a commercial loan program totaling more than $84.9 billion at the close of 2021.
To qualify for some of that capital, your business needs at least two years in business and a Capital One business checking account (which you can open when you apply). Strong financials and excellent credit history are also important, though Capital One doesn’t specify those lending criteria on its website.
