Business credit partners

    Just when you need your credit the most, its not quite there at the time. We may have just the solution to solve your problem!

    Legacy 7 Funding has exciting news for you,  you can bring on a new business credit partner that has good personal credit to qualify for unsecured business lines of credit. 

    Lets start with who you can partner with to get the funding you require.   The following is a list of possible people you should consider:

  • Business Partners/Corporation Members/Managers:   Speak with your current business partners or members/managers and certify if anyone has a strong  enough  credit profile/score. These People believe in you and want you to succeed!

  • Family members:   Many times family members will be willing to go in on the business with you since they have your best interest in mind.

  • Friends:   Close friends are a good source of people who would be interested in working with you and your business.

    Note: be careful whom you ask to do business with you, everyone wont be a good fit. Do you trust them? Can you two or three work together in unison? Do you all have the same goal and mission for the company?  Be honest with yourself! 

Now, the business credit partner may have some questions for you! 

  • Why did _So & So_ ask me to be a business credit partner?

         One of the fastest and most effective ways to get funding for a business is  with                                unsecured business lines of credit. Our bank partners require at least one person to                        have good personal credit history to obtain these credit lines. You are agreeing to                        leverage your good credit profile and score, in order to obtain these business credit                    lines to start or grow the business.

  • Is it safe and legal?

        Yes, indeed it is 100% legal ! Businesses can/may bring on partners all the time.

 

  • will this partnership affect my own personal credit score and profile?          you have the peace of mind that the unsecured business credit lines will not report to your personal credit report, lowering the risk of leveraging your good credit so that the business can obtain financing.  These unsecured business credit lines are in the company’s name, so they will not show up  on your personal credit reports, unless the lines go into default with the banks.                                                                                                                             NOTE: When initially applying for the unsecured business credit, it will require hard pull/inquiries on your personal credit. 

  • What are my responsibilities as a business credit partner?

      As a credit partner you have no responsibilities in the business. Anyone can be a business                credit partner, however the final decision is up to you and the rest of the partners.

  • Can I be removed as the personal guarantor?

     After a certain amount of time has passed  you being the  personal guarantor can be                      removed ONLY if:

  1. The business made all of its payments on time as required.

  2. The business made payments of more than just the minimum amount.

  3. The business actually reports revenues on its corporate tax returns.

Using a business credit partner is a common strategy used by thousands of businesses across the country to qualify for business credit lines.  The good news is you can bring on one or several credit partners to obtain multiples lines of business credit. I'm sure we can meet you need and get the funding you are looking for,