Unsecured Business Funding Program
This program gains the approval of multiple revolving business credit lines for the business that only report to the business credit reporting agencies.
Unsecured Business Credit Lines Program
The UBF program gains the approval of multiple revolving business credit lines in the form of high limit business credit cards so that your business may end up with 5 or more credit lines from different banks to make up your total funding. This type of credit is the best way to strengthen the foundation of your business.
You will have multiple banking relationships established instead of just one which is ideal for several reasons.
- It builds the strength of your business credit profile faster.
- Having multiple banking relationships enables your business to negotiate lower rates and get credit limit increases down the road (6 months minimum).
- Banks will offer lower rates competing for your business once your business has shown its ability to use its credit responsibly.
This is unsecured credit so it's not attached to any personal property or collateral of any kind. Since it's revolving credit it is a much easier debt to service compared to a traditional business loan. With a loan you have a lump sum monthly payment that's fixed. With these revolving business credit lines your minimum monthly payment on any outstanding debt is 1-2% per month. Best of all every dollar you pay back in principal becomes immediately available for your business to use again.
Below are some additional bullet points:
- Funding range $20,000 - $150,000
- Reports only to the business credit reporting agencies
- Does not require collateral, income docs, or financials
- Minimum credit score range is 680
- Credit utlization percentage - 50% and lower
- No past bankruptcies
- Collections - tax liens - judgments (cannot be in unpaid status)
- Business credit cards are the form of capital
- Promo rates at 0% for 6, 9, 12 months
- No business age requirements - can be a startup
- Typical interest rates range from 7.99% to 11.99%
- Business credit accounts appears under the business name not the person
- 7 days start receiving credit lines - done in 20 days
Rather than shop around and have multiple banks pull your credit (hard inquiries) to see what you qualify for, we have you supply your own credit report for an initial review. Our in house underwriters will then analyze your credit report and give you a rating (funding range report) just like our banking connections would.
By supplying your own credit report for pre qualification, you are not triggering a hard inquiry to your credit. You’ll know firsthand how much you pre-qualify for in business credit lines ($20k to $150k) before actually starting the funding process.
How to Pre Qualify
Step 1
Our underwriters require only one credit report (less than 4 weeks old) from either Equifax, Experian or Transunion to conduct a pre qualification review. Here are two options to obtain your credit report:
AnnualCreditReport.com - By law you are entitled to a free copy of your credit report every 12 months from each credit reporting agency. Before you obtain your credit report, you will need to answer a few questions for verification purposes. Upon completion select only one agency report and be sure to save it in PDF format.
CreditReportEngine.com – Credit Report Engine information is provided by Experian. On this site you can obtain all 3 of your credit reports & credit scores for only $1.
Once you sign up, login to your account and go to the report section. Next, select the print report option and then select the Experian Report. Next, instead of printing out the report select the Print to PDF option on your computer. This will create your report in PDF format.
*Keep in mind that checking your credit report and scores utilizing any of the options listed above triggers only a soft inquiry, which will never affect your credit.
Step 2
To start the pre-qualification process, send your credit report along with contact details to funding@startbusinesscredit.com. You’ll receive an email confirmation receipt and a phone call within 24-48 hours to discuss the results of your pre-qualification review.
