When it comes to applying for a small business line of credit, what’s the best way to apply? Most people start with the bank that they hold a business checking account with. The concept is that your business has some history with this bank and you may have a relationship with someone at the bank.

From our feedback with business owners, their bank usually doesn’t approve their business for a line of credit. This is because banks much rather sell your business a credit card, because they can charge anywhere from 11% to 30% in interest rates. 

The best way to apply for a business line of credit is to maximize your potential for approval. This is why we created Line of Credit Depot. We work with hundreds of ‘small business friendly’ bankers, so you can be assured that at least one of our banking partners will approve your business. Different banks have different qualifications for approval, and oftentimes a banker won’t tell you the requirements upfront. 

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What happens if you apply on your own and you get declined? That’s why it’s important to ‘hedge your bets’ and have multiple banks compete for your business. When applying for a business line of credit, each bank has different requirements for approval….and we know what these parameters are!

Approvals range from $50,000 line of credit limits to $500,000. You don’t have to switch your business checking account to another bank, since these lines of credit are not checking accounts, but credit facilities.

Interested in seeing what the range of qualifications needed to be approved for a business line of credit? Check here for your state requirements.

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