Business lines of credit can be a great alternative to bank loans or merchant cash advances. Business lines of credit can be great for handling day to day operations and is a great way to simplify your business’s receipts as tax season approaches. A business line also helps you build your credit score. Qualifunds helps you stay agile and respond to unexpected expenses as they come up.
If you haven’t started building your business credit, you can take the following steps, according to Experian:
- Incorporate or form an LLC (Limited Liability Company) to ensure your company is seen as a separate business entity
- Obtain a federal Employer Identification Number
- Open business bank accounts in your legal business name
- Set up a dedicated business phone line in your business name and make sure it’s listed
Qualifunds does require you to have been in business for 6 months to qualify for financing but these are some good initial steps to take as you set up your business. If you have been open for more than 6 months and you’ve missed any of these steps. However, Qualifunds will work with your business to get you approved, even without an extensive credit history.
Make sure your business is ready for any financial obstacle or unexpected expense. Apply today: https://qualifunds.com/apply-now/