What is Start Up Financing?
LendSpark’s start-up financing program connects entrepreneurs and small business owners with up to $150,000+ in Unsecured Business Lines of Credit. This program can provide you with funding in as little as 10 days and is offered with 0% interest financing for the first 6-18 months.
What are the Benefits?
- The funds can be used for Any Purpose
- The funds are available for All Industries
- The Unsecured Business Lines don’t report to Personal Credit
- Unsecured Start-Up Financing gives your business an increase in working capital without giving up equity or tying up your business (or personal) assets.
- It allows you to take advantage of vendor discounts and extend credit to customers on large orders.
How Does It Work?
If you don’t already have one, LendSpark’s Funding Advisors help you obtain a recent personal Credit Report. You submit the Credit Report to us and, within 24 hours, we’ll have underwriting feedback regarding your qualification into the program and a prequalification amount of funding you can obtain. You will begin receiving the unsecured business lines of credit in as little as 10 days.
There is No time-in-business requirement, No tax return requirement, NO collateral requirement and NO business financial record requirement (stated income only). The only requirement for you or your credit partner is strong personal credit. In order to qualify, you or your credit partner need:
- 680 or better FICO score
- No bankruptcies or foreclosures
- No judgments, collections or tax liens in unpaid status
- No late payments or derogatory credit marks for past 12 months
- At least 3 established credit lines; 1 or more with $5,000+ limits
- Less than 50% usage of Credit Card limits
“Unsecured Start-Up Financing gives your business an increase in working capital without giving up equity or tying up your business (or personal) assets.“
LendSpark offers a wide variety of solutions and our experienced professionals will present you with the best fit for your needs, budget and business profile.