Wanted to let you know that even with US banks tightening up their lending practices, Line of Credit Depot is issuing more business credit line approvals for almost all industries. We have already processed over 940 applications for lines of credit so far in 2023.

What does it mean to get approved for a business line of credit and what can be expected?

If your business showed profits on the 2022 business tax return, your business may be qualifiable for a credit line. A significant loss on the business tax return will disqualify your business from this program.

Approvals are generally anywhere from 15% to 20% of the annual Gross Receipts on the business tax return. So, if a business generated $850k in Gross Sales for 2022 with a small profit: the expected approval would be a credit facility of $127,500 to$170,000. The third factor to consider when applying for a line of credit is the owner's personal credit score. This must be a minimum of 700 FICO 9.