If you you are planning to run your own business (or already run one) then one of the first things you will need to get started is money, and fortunately there are a number of different loans for small businesses – whether you are just getting started or are looking to expand. Whether the flexibility of a Line of Credit will help you best prepare for the changing needs of your business, or you’re looking for a Term Loan to provide a specific amount of credit to purchase assets or meet specific financing need, PNC has a variety of borrowing options to meet your needs.
Small Business Lines of Credit are subject to credit approval and applicable only to secured Small Business Lines of Credit between $10,000.00 and $100,000.00. The promotional rate and $0 origination fee is available for qualified applicants that maintain an active TD Bank Business Checking account from which loan payments will be automatically deducted.
Once your loan is funded, you attempt to execute your marketing plan but find that you are a bit too late and your business is only able to generate $4,000 per month in additional revenue (your product is seen as a copy cat to the new market leader – your competitor).
More than likely, you’ll need an excellent business credit score as well as good personal credit to qualify for an SBA loan or traditional loan from a bank; this will depend on the individual lender and business factors such as your revenue, cash flow and time in business.
If bad credit is holding you back from getting the business loan your company needs, maybe it is time to step up to the plate and seek a loan that is more concerned about the abilities of your business and not solely on if you have made a few credit mistakes in the past.