Getting a business line of credit is one of the best ways to finance your business. The unsecured business line of credit is under your EIN and not your Social Security number. The EIN is the social security number of the business or LLC. It is used to build credit for the business, and all interest that you pay on the business line of credit is 100% tax-deductible.
Most business owners would prefer an unsecured business line of credit over an unsecured personal line of credit because the loan sizes are bigger, and it will not reflect on their personal credit reports. Some businesses will never qualify for a business line of credit because of the business they are in.
There will always be some prohibited types of businesses, depending on the economy or if it’s a seasonal type of business. Business funding is harder to get than personal funding. If you don’t know how to apply for the loan, the dollar amounts you need, or what banks and other business financing companies are giving out.
Getting the lowest rates on business unsecured lines of credit will depend on your industry, credit score, location, and whether your line of credit can be attained through no-doc or full-doc unsecured business lending.
For more information about our products, call us at 1-888-294-2584 and ask to speak to one of our loan specialists
