Our advice for our small and mid-size business clients is not to forfeit your low interest rate that you secured for your business loan. There are business lending alternatives to assist your business without forfeiting your current low rate. More than ever before, business and commercial lenders require a good business credit report history, besides you maintaining impeccable personal credit.
Business Credit Report
Your business credit report can be utilized at your fingertips, simply go to Experian Business, which will allow you to view your business credit quickly. Your FICO SBSS score is utilized with Experian Business and your FICO Score. All businesses should have their Duns number at their fingertips, if you do not, click here.
Lenders base creditworthiness using the “5 Cs” of credit risk, which are credit history, capacity to repay, capital, conditions of the loan, and collateral. With our current economic climate and the echoes of multimillion dollar defaults, business and commercial lenders are reassessing credit guidelines and the terms of business and commercial real estate loans abroad.
SBA Express and Non-Bank Business Lines of Credit
SBA Express is a quick alternative of needing that $150,000 and up to $500,000, within 30 days. Your FICO SBSS score, and your personal credit is used to determine your loan approval, besides your debt service ratio. A minimum credit score of 725 is required to qualify for this business loan. It is the lowest interest rate you can obtain behind your first lien business loan.
A non-bank business line of credit is a fully documented business loan that is an alternative to SBA Express, which can fund within two weeks. This business loan is creditworthiness driven and rates start approximately 3% higher than SBA Express, if you hold credit scores of 650 or better. The term of this loan is shorter than SBA Express.
Another quick second line of working capital can be utilized without providing your tax returns, knowingly you can pay it off earlier than the terms provided. Your creditworthiness and your debt service ratio are key factors of obtaining this loan without interrupting your low interest rate first lien business loan. The maximum loan term is 11 months and up to $99,000. A minimum credit score of 650 is required.
For more information on how this Florida boutique firm can help you with your business credit in Fort Myers Florida please fill out the online contact form about your concerns or give us a call at 239.260.4602. Read what our valued clients have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page
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