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How To Build Business Credit: Getting the Best Loan Rates

Building business credit is the perfect solution to maintain a credit history that is separate from your personal credit profile. By building business credit allows a separation between the owner from the business.

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Let’s break down which best types of business loans are available today.

Lines Of Credit: This type of loan is an unsecured credit account that works like a credit card. You get approved for a set amount that you can use over and over again each time you pay down the balance. It usually the best option for most business owners and offer the least amount of fees and the lowest interest rates. Business lines of credit typically require excellent credit scores from 720 and up. Additionally, you also need strong business cash flows from $50K per month and up with no derogatories on the personal credit report nor NSFs showing on the bank statements. Business Credit Cards: These types of credit cards are much easier to get because they are usually offered with low credit limit amounts from $5k-10k. Interest rate can vary depending on the business profile and credit score of the primary borrower. These are a great option to use to build your business credit. Term Loans: Term loans are business loans that are offered at a set loan amount to be paid back with a set amount of time from 2-5 years. They are much like an auto loan, except they are for businesses. These two are usually offered in lower amounts and they are a good option to build business credit. Invoice Financing (Factor Loans): Factor loans have become more and more popular over the years. This type of business loan does not require your personal credit score for approval. Instead, lenders will lend off your business accounts receivables. This can be a good option for businesses who have a lot of transactions with a lot of accounts receivables with good balance amounts. There are also even lenders that will lend against business credit sales. Though this option can be very expensive in regards to lender fees. Microloans: Microloans are loans that are smaller than $100,000 and are based on your credit score mostly. Many newer businesses opt for this option. SBA Loans: SBA business loans are popular loans that are backed by the Small Business Administration. What that means is the SBA will pay back the loan in case the business defaults on the loan. This loan process tends to be more detail and more documentation about the business financials and personal credit profile is often needed. SBA business loan does, however, offer the best rates and terms if you are willing to deal with the application process. Equipment Loans: These are loans offered to finance equipment that is needed for a business as a medical office or manufacturer company, etc. Credit scores and bank statements will be needed to qualify for this type business loan. They are much like a term loan, except they are secured by the equipment as collateral.

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