A business line of credit gives your business access to cash, whenever you need it, up to a pre specified amount. The main advantage of a line of credit is flexibility. Funds are always available when you need them, but you pay no interest until you draw on the line which makes it great for emergencies. The line can be secured or unsecured, with multiple repayment options, and a variable interest rate.
Business lines of credit are great for a variety of ongoing or short-term financing needs, such as improving cash flow, acquiring seasonal working capital, purchasing inventory, materials, or equipment, and financing accounts receivable.
Ensure that your company is listed in D&B's database Using D&B as a credit reference enables business owners to effectively manage their business expenses and Separates your Consumer Credit from your Business Credit. Creating a positive20resume for your business giving it the character, capacity and capital history needed to access:
• Business Credit Lines
• Better terms in leases
• Better pricing with those you do get suppliers
We proceed to fund your business $30k up to $5 million.
Lines of credit consist of: business credit cards, bank credit lines and loan deposits.
FREQUENTLY ASKED QUESTIONS
Q. How much can I be approved for?
A. The amount of credit that banks will loan out through our program typically ranges 25k – 200K. (This amount can be increased to 500k depending upon your current credit status)
Q. How long does it take to be funded?
A. Depending upon client’s current credit status, Corporation status, D&B status; it can range anywhere from 30 to 90 days.
Q. What are “funding rounds?”
A. A funding round is the first five-six banks that we apply to on your behalf. Depending upon the client’s status and request, we can submit to anywhere from five to twenty banks. There can be as many as four to five rounds depending upon the amount requested.
Q. Will First Trust Capital Financial remove all inquiries that will be incurred during the “funding process?”
A. No, First Trust Capital Financial will NOT remove inquiries; however, we can refer you to a reputable company that provides that service.
Q. Do you charge any upfront fees?
A. Yes, depending upon the amount requested, an upfront fee will apply.
Q. How much will First Trust Capital Financial charge after funding?
A. There is a 10 – 15% backend fee due upon received funds.
Q. Do I have to have good credit in order to be eligible to apply for a business line of credit?
A. Yes. First Trust Capital Financials’ business line of credit program is geared towards individuals with a 700+Fico and who have Corporations that have been established for 2+ years.
First Trust Capital Financial, Inc.
Q. Will First Trust Capital Financial establish a Dun and Bradstreet number for my corporation?
A. Yes, First Trust Capital Financial will attempt to establish a paydex score, this is part of our Business Line of Credit program (this is a corporate credit profile for D&B). This information is necessary in order to apply for a line of credit with major financial institutions.
Q. What form of credit will I receive the funds?
A. Clients will receive funds in the form of credit cards and/or business checks.
Q. What type of rate are you going to get from the banks?
A. Depending upon your credit status, can range anywhere from 4-13%.
Q. Will you notify me once you submit to financial institutions?
A. Yes, you will be in direct correspondence with one of our business line of credit consultants. We often call our clients with a follow-up once every two weeks or as we get new information.
Q. How long does it take for the banks to respond to the request for funding?
A. Typically it takes anywhere from 48 to 72 hours.
Q. Will I be getting any letters from the banks? What should do with them?
A. Yes, you must forward all/any correspondence with the financial institutions within 72 hours upon received.
Q. Can I use the funds for personal use?
A. No, First Trust Capital Financial WILL NOT accept any applicants into our Business Credit Line program that do not have a legitimate business plan for which the funds will be used.
