Contents1 Are you Eligible for an unsecured Business Line of Credit (LOC)?1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 2 To Be Eligible for an Unsecured Business Line of Credit All 6 of the Following Requirements Must Be True2.1 3 Why a UBLOC (Unsecured Business Line of Credit)4 Financing Your Business with the Clout of Business Credit Cards5 6 7 Want To Jump Start Your Business with a Business Loan Alternative?8 Frequently Asked Questions: Are you Eligible for an unsecured Business Line of Credit (LOC)? To Be Eligible for an Unsecured Business Line of Credit All 6 of the Following Requirements Must Be True Credit Score – 700+ Credit History – Credit History 2+ Year Credit Card 3+ Year Mortgage Loan No Open Bankruptcies Collections Or Liens No Late Payments Within The Past 12 Months No More Than 4 Inquiries Within The Past 12 Months No Change-Offs Less Than 2-Year-Old Why a UBLOC (Unsecured Business Line of Credit) Fast, Flexible & Simple Unsecured Business Line of Credit from $20,000- $200,000 Credit Line Rates starting as low as 0%* (This is a business line and not a term loan ) 24 – 48 Hour Approvals for Business Line of Credit Working Capital as a Business Line in as little as two weeks for funding once approved Take what you want – Only pay interest for what you use on the business line – Replenish the business line as you repay vs. a loan with fixed monthly payments. It does not impact personal credit Easier to qualify than traditional small business loans or term loan Financing Your Business with the Clout of Business Credit Cards Start a new business/Franchise Acquiring new equipment, inventory, or supplies Create great new products or services! Working Capital/Expansion Plans 5 Star Trust Rating Nothing says “Thank You” like a written review from a happy customer. Thank you, Vivian!! The loan is pending deposit in my account. Look forward to working with you too in the future! I do appreciate you. Lynn Webster Owner/Operator Quail Ranch of Oklahoma Thank you again for all the help………..you made it so easy…….and FAST! Tom F I just want to let you know that it was certainly a pleasure to speak to you. I appreciate the knowledge and instruction that you demonstrated to me. I look forward in working with you. D. Griffin Tri Commercial, Inc. And thank you both! You were terrific to work with! I really appreciated you both putting up with all my questions and your patience and help!! I couldn’t have done it without you! Chad H. C. H. Construction TOP 5 THINGS TO DO You know the adage – Banks will always give you an umbrella on a sunny day. Plan ahead. Apply Before You Need It. You Need Balance in Your Life. We’re not talking Yoga here. Keep your utilization rate below 40%. Pay down as much debt as possible before you apply. Lower is better. Check Your Credit. Make sure there are no errors negatively impacting your credit score. The latest research says 1 in 5 has a material error affecting their ability to get financing. Don’t Be A Big Spender. Approvals initially are a reflection of your personal credit. Wait to make any large purchase until after approval for a credit line. Remember to keep your credit card balances low. Don’t Shop Until You Drop. We know you want to make sure you’re getting the best deal. However, hard inquiries “kill.” No lender wants to see a shopper. Eligibility CREDIT SCORE must be over 700 (A credit rating over 700 does not guarantee eligibility). CREDIT HISTORY must have at least one open revolving bank line account. It must be at least 2+ years old (not a store card) or have a mortgage that is 3+ years old. NO OPEN BANKRUPTCIES – Exception: Lenders will look at reports with bankruptcy if your score is above 700 and the bankruptcy has been discharged for over five years without ANY negatives since. Lenders will need to know which banks are in the BK. NO UNPAID/OPEN COLLECTIONS OR LIENS, no unsatisfied tax liens, judgments, or collections, must be cleared before approval. “Unsatisfied” basically means unsettled or un-negotiated. Exception: Open medical collections are sometimes acceptable if other variables are strong – case by case basis. NO LATE PAYMENTS WITHIN THE PAST 12 MONTHS NO MORE THAN 4 INQUIRIES WITHIN THE PAST 12 MONTHS, including inquiries for credit (revolving), MCA financing (or a secured business line ), or any loan. If any of the inquiries (up to 4) resulted in too many new accounts, you might not qualify. Exception: Does NOT include inquiries for automobile or mortgage financing. These inquiries do not impact the lender review unless they are excessive. NO CHARGE-OFFS LESS THAN 2 YEARS OLD Want To Jump Start Your Business with a Business Loan Alternative? How would you like to jumpstart your growth and expansion, solidify your revenues, improve your cash flow, and get the working capital you need without taking a secured business loan? As a small business owner, make your credit work with this alternative financing solution. There is no posting of assets or collateral like the typical small business loan. Sleep better knowing you have unsecured financing. Why pay a higher interest rate with a term loan or even an SBA loan? Work with experts at connecting entrepreneurs like yourself with business credit lines to fund your business while protecting your credit score. This strategy is the perfect financing option for those that cannot go to traditional lenders or credit unions due to a lack of collateral. Unlike the big financial institution, working with an experienced team can help you get a business line between $20K-$200K for working capital. The business line is secured to meet the startup costs of a new business or help smooth out your cash flow without using collateral. Regardless of your situation, this small business line can mean the difference between getting the company launched or never starting. Thousands of owners use this business credit line to grow their company utilizing this program. All that’s needed is a recent credit report to get started. Why business credit cards? Business Credit Cards are easily the most available form of business financing. These cards benefit all businesses: from startups to companies with years of revenue under their belt. The unsecured business lines of credit can are perfect for your virtually all of your business expenses. Acquiring business credit cards from sources like Wells Fargo, Chase, and AT&T is also one of the fastest ways to establish and build a company’s credit profile. By creating business credit, you can eliminate the risk to your credit score. This strategy means no more draining your real estate assets with a HELOC. Remember, this business funding is available for expansion, equipment, advertising, and other company expenses. Plus, getting the business credit cards will not require weeks of paperwork like traditional bank financing or bank lines of credit. Can I Get a Business Line of Credit? Securing business loans means being fiscally responsible. That means to the business owner is making sure your “house” or books are in order, and you can demonstrate proper cash management. No lender wants to offer unsecured locs to someone who cannot manage their finances, either personally or in business. That’s why lending institutions require a personal credit score or FICO of at least 700. The next consideration is whether the borrower has the money to pay it back. However, just because you have a 700-credit score doesn’t automatically mean you qualify for these financing options. It would help if you had at least one open revolving line and a mortgage that’s at least three years old. There can be no open bankruptcies, judgments, or liens. Last, there can be no more than four inquiries in the past twelve months. We understand that stuff happens. Lenders look for a business owner who can manage the natural ups and downs that every business experiences, especially newer businesses. Frequently Asked Questions: Why can’t I do this myself instead of using online lenders? You can. I’d be surprised if you don’t receive offers in the mail all the time. Right? However, if you’re looking for $20,000 to $200K, you need an expert lender to get you those funds. As they say, “there is a method to the madness.” You need to make sure you work with the right lender to get the business line (versus unsecured loans). The difference between you trying on your own and our formula is that we can get you up to 5 times more, meaning getting $50K to $200K vs. $10K to $40K if you do it on your own. Working with a top lender, they have the methodology to get the highest credit limit with an unsecured business credit line. They can get you the best cards with longer 0% interest, higher limits, and lower fees by letting us go to work for you. This financing compares favorably to the unsecured business loan option or secured loans. Lastly, lending specialists make sure that there is a low impact on your credit score due to inquiries and possible declines. Do you do a soft or hard credit pull to check if I qualify? Soft Pull determines initial qualification. What are the income requirements? There is no income documentation required to qualify, unlike a typical business loan. No bank account statements or tax returns are needed. Unlike a loan, you do not need to show three months or more of revenue or tax returns as with the typical term loan or merchant cash advance. That’s why it’s crucial to work with the right lender. Are these business lines of credit secured or unsecured? This program is entirely non-collateralized but requires a personal guarantee by the applicant. Is there a lot of paperwork? The only documentation we need is to verify your business, usually with your articles of incorporation. There is no need for detailed tax returns or financial statements. Is this going to be a hassle to get it done? No. Ex-banking senior underwriters have all the knowledge to do the navigating for you. How much money can I expect to receive? The funding is an aggregate program requiring multiple accounts to meet our pre-qualification. The total combined revolving credit lines can range from $20,000 – $200,000 credit limit per applicant. If a larger credit limit is needed, you can have a credit partner apply. A credit partner can be a spouse or business partner to double or even triple the amount. The repayment term is monthly. Once you get approved for the credit loan, you want to make sure you have a business bank account. What kind of funding is this? The revolving lines of credit will come in the form of business credit cards, and for additional funding, you can receive personal cards. Each credit application submitted will require a hard credit inquiry. Most of all of the business credit card accounts will not report on individual credit history. What if I need cash and not credit cards? Most of our clients need cash. Our experts will show you how to get the money you need for your business today. What if I want to consolidate the debt, especially on my higher interest credit cards? Talk to your team about how to do balance transfers. What is a Business Line of Credit? A business line of credit is a financial tool that enables any entrepreneur access to a cash credit line for inventory, payroll processing, equipment loan, or any other short-term need. For many small business owners, the business line of credit helps with managing cash flow. The business line of credit can be an unsecured line of credit or come with personal guarantees. What are the interest rates? The business line of credit carries lower interest rates. It’s not unusual to receive a 0% introductory interest rate for anywhere from 6 to 24 months. You will receive the interest rate in advance, and you will need to accept the terms of each business line account. After the interest-free period, you generally get higher interest rates, and the average blended interest rate is 12.99% – 15.99% on your small business line with a monthly payment. How long does it take to get funded? The process to secure your business line takes about 2 – 5 weeks, plus or minus, depending on the situation. What credit score do I need? Your lowest credit score needs to be over 700. Typically you will receive a conditional pre-qualification within 48 hours. *700+ FICO does not guarantee eligibility. What if I don’t qualify? If you do not have the credit score ( bad credit ) to qualify, you can find a credit partner. A credit partner is a business partner, family member, or friend who can assist you by guaranteeing the business line of credit until you can strengthen your credit score. Once you’ve built your FICO score to 700 or better, you can take over the responsibility for the business line through balance transfers or other strategies. Over 40% of our owners start with a credit partner to secure their business line of credit. Are there any fees? Some lenders do not charge any upfront fees or any recurring loan fees. Most will charge a one-time Success Fee. Usually, this fee is 10% of what you decide is right for you. This “Success Fee” is a percentage of the total credit lines approved and can be conveniently paid with the new credit cards. Depending on the issuer, there may be an annual fee and overdraft protection. What is the “utilization” requirement on my current credit card balances? Your existing revolving credit card balances should be at no more than 45% of their maximum limits for best results. You can pay down balances during the onboarding process.