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In order to qualify for business equipment financing, you’ll typically need a FICO score of at least 650 – or 6 months of business history and at least $120,000 in annual revenue.
While banks and credit unions have low approval rates, TRAM offers enormous flexibility when it comes to qualifying for equipment financing.
With a FICO score of 650 or higher, you may be able to forgo time in business and monthly revenue requirements entirely. You can still secure funding if your FICO score is less than 650, but you’ll need to show at least 6 months of business history and $120,000 in annual revenue. This setup is ideal for newer businesses and startups, or those that may be otherwise rejected by traditional banks.
A line of credit (LOC) for your business gives you access to a pool of funds to draw from when a business owner needs capital. Unlike a traditional business loan, you have the flexibility to borrow up to a set amount (typically anywhere from $50,000 to $500,000), repaying only the amount you withdraw, with interest. You can draw on your small business line of credit to handle cash flow gaps, get more working capital, meet payroll, purchase inventory or materials, or address almost any other emergency or opportunity.
Types of Business Line of Credit: Secured and Unsecured
#1 – A secured business line of credit:
A secured business line of credit requires your business to use an asset of choice, usually real estate as collateral to obtain the business line of credit. This may be the best option for businesses that may not have enough time in business or past credit issues that would hinder them from receiving an unsecured loans. The nature of a secured business line of credit is the institution will utilize the collateral for payment if a business defaults on their loan.
To learn more about how a business line of credit can help with working capital in your business complete, our 15-second application to speak with a business financing advisor.
#2 – The unsecured business line of credit:
An unsecured business line of credit does not require the use of an asset as collateral, similar to a credit card. However, lien and personal guarantee may be necessary. These types of loans are generally more of a risk to the lender. Without the use of collateral, your business must have a strong credit score and a positive business record of accomplishment. An unsecured business line of credit may have higher interest rates than secured due to the risk to the lender.
To learn more about how a secured or unsecured business line of credit may benefit your business complete our 15-second application to speak with a business financing advisor.