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Start-Up New Business
General Credit Guidelines:
- There is no time-in-business requirement with the exception of food/beverage service establishments, which must have one (1) year of operating history.
- Credit decision will be primarily based on a review of each owner’s consumer credit report (CBR); all owners must be identified at the time of submission. Personal guaranty of all owners with 15% or greater ownership. Be sure to disclose 100% of ownership.
- Payment habits, level of revolving debt, availability of revolving debt, comparable debt, and home ownership are also factors.
- If no commercial bank account is available to verify at the time of application submission, the most recent (three months) personal bank statements will be considered.
- There are some equipment and industry restrictions.
- Some approvals require payment by automatic check withdrawal (ACH). The two payments with lease contract are considered security deposit.
Credit Bureau Scoring Guidelines:
- $10,000 - $35,000 – Fair Isaac Score - 620 minimum required
Bank Balance Requirements:
- $5,000 - $20,000 – average balance of $1,500 required
- $20,000 - $35,000 – average balance of $3,000 required
The Following is Required for Transactions Above $20,000:
- Last year’s personal tax returns on all guarantors
- Personal financing statements on all guarantors
- Last year’s business tax returns (if applicable)
- Most recent company interim financial statements (if applicable)
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