How long does it take to get approved for a business line of credit?
How long does it take to get approved for a business line of credit?
Home equity lines of credit, or HELOCs, are usually approved within 2 – 6 weeks. A business line of credit can take anywhere between a few weeks to a few months.Nov 8, 2021
What are the requirements for a business line of credit?
- Personal credit score: Ideally 660 or higher.
- Annual revenue: $25,000 or higher.
- Time in business: Ideally six months or more.
- Collateral: To secure your line of credit.
- Current debt schedule: To determine if you can afford to pay back the line of credit if you draw from it.
What credit score is needed for Wells Fargo business line of credit?
600
How do I build credit with an EIN?
Establish credit trade accounts with several companies that offer revolving credit lines. Use your EIN when filling out applications, charge what you need and then pay the amount in full and before the due date to establish good credit. Companies like Dell, Staples and Lowe's often work with new businesses.