Business Checkbook LOC

Overview and Benefits

Checkbook access to funds immediately. Recipients usually get a Visa/MC debit card, too
Up to $200,000 initial approval limits per LOC. Multiple lenders are usually available
Rates typically Prime +0.75% Prime + 4.5%, usually totaling 5 10% APR
Will NOT report to personal credit as long as the line stays in good standing
Will typically report to business credit, making the business more bankable over time
Clients are typically approved and receive their checkbooks in about 14-21 days

Business Checkbook LOC

Business Entity must have incorporated at least 2 years ago. No sole proprietorships

Business must have strong verifiable revenues (ideally $300,000 gross/year and up)

Completed pre qualification form

Credit reports from anybody that owns more than 10% of the business. 700+ scores only

Last year’s business tax returns. If the most recent year has not been filed yet, then we need the most recent business tax filing, a YTD P&L, and ideally a P&L from last year also.

*** Additional financial documentation may be requested, depending on the business, location, lenders available, and they amount they are applying for. Strong verifiable revenues can offset some potentially negative personal credit items.

Restricted industries:

Check cashing, Strip clubs, Bars/night clubs, Liquor Stores, Gas Stations, Medical Marijuana Growers and Dispensaries, Real Estate Flippers (property management companies can be okay), Financial or Investment companies, Laundromats, Anything that competes with banking . If you’re not sure about a company, just ask

Personal Credit Guidelines, for cards and checkbook LOCs

The list below is what the lenders like to see. All positive items are weighed against potentially negative items. If a client is borderline or barely outside of any of these guidelines, they may still be considered for funding if the rest of their credit report is good or if they have strong business financials. Borderline prospective clients should still send in a Prequel and credit report. If they do not qualify themselves, they can always use someone else as guar antor.*

720+ credit score across all 3 bureaus (700+ can sometimes work, it depends on the client)
No missed payments on any account in last 12 months
No Foreclosures, Bankruptcies, or Liens, ever.
* Client may be considered if the event was 3+ years ago and client has good history and accounts since then.
At least 3 years personal credit history
At least $5,000 in major bank credit card Limits on Individual or Joint personal credit cards
Usage ratio of less than 30% of available personal credit Limits
Less than 5 inquiries on each credit bureau in the last 12 months

Free Consultation