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Unsecured Credit Lines Now Available For Home Based Businesses

Patrick Zanders

March 02, 2007

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It wasn’t that long ago that the home based business world was exploding. The late 1980’s and 1990’s was a boom. People were beginning the transition from laborer and 9-5 slave into business owners. These pioneers were kicking butt and taking names. Many of them went on to not only succeed, but to capture their markets and make millions.

Today this same zest for business adventure lives on. The individuals that are starting businesses today will realize success faster than their earlier counterparts. They have advanced technologies to assist them along the way, and home based businesses are now an accepted practice among society at large.

This is still a “boom time” for the home based entrepreneur. Along those same lines, we now see the financial community taking note of this segment of the business community. Years ago, a home based business owner would have to start on a shoestring budget, have money saved for their venture, or borrow from family and friends. While, these are wonderful ways to start your business (since many true home based businesses are extensions of hobbies or bright ideas that do not require massive money injections for start up), there comes a point, normally sooner than later, that you will need an additional shot in the arm financially to expand your business. This is where unsecured lines of business credit have come to the rescue.

An unsecured business line of credit is easily the new frontier for the home based business owner. If your company has expanded to the point where you need additional capital to take things to the next level, these lines are exactly what the doctor ordered. Depending on the state that you reside, your company can obtain $100,000-$650,000 in unsecured credit to expand your business. These lines are not like a sba loan or any traditional financing that you may have tried either. They require no assets to back the line, they are not looking for an executive summary, and they are not going to take 6 months to obtain. In all actuality, these lines are stated income in nature, no assets are ever required and you can have your funds in 1-4 weeks (by law they have to get you an answer in less than a month so it won’t drag on and on). The interest rates normally run from 12-13% so having a definite plan to replace the funds after using the lines is very important. That aside, there has never been a better way to maximize your companies growth and visibility.

The only requirements are that you have been in business over two years and this should be verifiable with a DBA, LLC, or Corporation. You should also have a clean credit file. The reason for this is that even though it is a business line of credit, they will want a personal guarantor signing for the lines of credit. Once this is done, the business lines of credit will not show up on your personal credit report.

The bottom line is, if you are ready to take your business to the next level and need the funds to do so, it may be a good idea to build your businesses financial prowess and obtain unsecured lines of business credit.

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