Aug 15 in General Questions 🗣️
Qualifying for different business bank products 🏦
In a previous posts I mentioned the main bank products I like to focus on are 0% credit cards, lines of credit and loans when it comes to business funding.
Below are the qualifications:
90% of the time each requires having good personal credit.
Credit cards
- Good personal credit (680+)
- Business entity (you can apply as a sole proprietor if you don’t have one)
Lines of Credit
- Everything in credit cards
- 2 years in business (some banks like TD have LOC for newer businesses)
Loans
- everything in lines of credit
- Sometimes they require bank statements, tax returns, P&L etc
Since lines of credit and loans usually require time in business, credit cards are the best option for new businesses and entrepreneurs💯
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Qualifying for different business bank products 🏦
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