There is a right way and a wrong way to apply for a business line of credit. Doing it the wrong way can get you denied, tied up with the wrong lending company, or paying an outrageous amount of interest.
Here are a few tips for business owners in Alabama, AL, Arkansas, AR, Delaware, DE, Florida, FL, Georgia, GA, Kentucky, KY, Louisiana, LA, Maryland, MD, Maine, ME, Michigan, MI, Mississippi, MS, North Carolina, NC, New York, NY, Ohio, OH, Pennsylvania, PA, South Carolina, SC, Tennessee, TN, Texas, TX, Vermont, VT, Virginia, VA, and West Virginia, WV.
PUT YOUR BEST FOOT FORWARD
When you apply for a business line of credit an underwriting committee will review your application. Just like when you hire employees, the ones who do not put their best foot forward usually do not get hired. It works the same way with a business line of credit application.
Make it easy for the review committee to say yes, not no. What could trigger a no:
- You have a business with multiple owners and you fill out the application with just one owner listed
- Not having a clear idea about why you need the funds.
- Applying for a business line of credit with another lending company only months before coming to All Merchant Funding for more financing.
- Not being truthful with the facts.
All of the above items are a pathway to “no” for the review committee. Or at the least, they could trigger a request from the lending company for more documentation, slowing down the process by days.
Most small businesses in Alabama, AL, Arkansas, AR, Delaware, DE, Florida, FL, Georgia, GA, Kentucky, KY, Louisiana, LA, Maryland, MD, Maine, ME, Michigan, MI, Mississippi, MS, North Carolina, NC, New York, NY, Ohio, OH, Pennsylvania, PA, South Carolina, SC, Tennessee, TN, Texas, TX, Vermont, VT, Virginia, VA, and West Virginia, WV will need a line of credit at some point. All Merchant Funding encourages you to put together your long-range plan now and secure your business line of credit while times are good. Doing it when you are under stress could lead to bad decisions that hurt your chances of getting important financing.
Here is our business line of credit application (APPLY ONLINE HERE) to fill out at your leisure. If you have any questions, feel free to call us. All Merchant Funding has a streamlined funding process and only needs your three most recent business bank statements to provide an offer!
We also provide other funding solutions like invoice factoring, merchant cash advance, cash flow loans, merchant funding, term loans, equipment financing, and equipment loans.
IF YOU ARE LOOKING FOR a lending company for a business line of credit as well as a honest partner to help grow your business, please contact us at (800) 628-1001 or funding@allmerchantfunding.com. Thank you!
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About our merchant funding company
Our company is located in Chesapeake, Virginia and serves businesses in Alabama, AL, Arkansas, AR, Delaware, DE, Florida, FL, Georgia, GA, Kentucky, KY, Louisiana, LA, Maryland, MD, Maine, ME, Michigan, MI, Mississippi, MS, North Carolina, NC, New York, NY, Ohio, OH, Pennsylvania, PA, South Carolina, SC, Tennessee, TN, Texas, TX, Vermont, VT, Virginia, VA, and West Virginia, WV. Clients count on us for many types of financing like a business line of credit, invoice factoring, merchant cash advance, cash flow loans, merchant funding, term loans, equipment financing, and equipment loans. If you are looking for a lending company with 24-hour approvals and a streamlined funding process, All Merchant Funding is for you.