Need some startup capital for your business, but don’t have the time to wait to get a loan from the SBA?
Business credit cards could be your answer since it can take only 7 to 10 days for you to get your funds, compared to the 6 months it usually takes to get approved for a loan from the SBA.
Are you a startup and/or don’t want to use collateral? An unsecured business credit cards are perfect for you as well. This is one of the best options for startups or people who do not want to show their financials.
But What Is A Business Credit Card?
An unsecured business credit card is a solution that only takes good credit, preferably 680 or above scores, to get the funds needed for your business.
Having a business entity and good credit, you’ll have access to funds by applying for these cards. Some companies will accept a co-signer for one of these cards. All while not using income to apply, and it is much faster than applying for a loan through the SBA.
Both cards and lines of credit are revolving credit; however, credit lines are harder to qualify for. Cards can receive approval quickly and are generally automated.
It’s even possible to get a card with 0% interest for the first 6 to 12 months.
And as you become established and able to get business terms loans and lines-of-credit, you’ll be able to use those to pay the business credit cards off early.
With an unsecured business credit card, you’ll be able to work with a company that specializes in getting you multiple cards at a time.
With this strategy, you can get about 5 cards, or about 5 times the amount of credit of your highest existing revolving card limit. The approval amounts can range from $25,000 to $150,000.
These cards are a steppingstone toward the success of your business, just needing a good credit score to get started.
They are an easy way to get funds and they usually only take 7 to 10 days. These funds can help you start your business, give you the money injection your business needs quickly.
When these cards are in your business name, they are reported to the business credit reporting agencies rather than your personal. So while you are getting access to money for your business, you’re also building your business credit at the same time! Because there isn’t consumer credit reporting, you’re able to be high limits on the cards without adverse impacts on your personal credit.
If you are in a position where you are needing funds to hold you over until this current financial blows over, or if you want to simply take advantage of the low rates on large approvals, feel free to fill out one of the pre-qualification links below and we will see what we can do for you.
Get Started here by contacting our trusted Partner John at PFG — Start Here
Just follow the instructions on the application or contact us and we can walk you through it.
You can also reach out to Ed at the Finance Factory to discuss your options. Contact Ed by starting his: Pre-Qual Mini App Here
Just email me if you have any other questions.
