Hello everyone!
I'm reaching out to the community for some guidance and to gather personal experiences regarding securing an unsecured line of credit for a new business with either Wells Fargo or PNC.
My business was established in January 2024, and I'm currently exploring financing options to support its growth. Based on my research and conversations with bank representatives, here's what I understand so far:
- Wells Fargo: Offers a business line of credit ranging from $5,000 to $50,000 for businesses under 2 years old. This requires a personal guarantee and a minimum FICO score of 680.
- PNC: Their website mentions a preference for businesses with at least two years under the same ownership for traditional lending solutions, though other options might exist for newer businesses. They offer a line of credit between $20,000 and $100,000. A recent call with a PNC representative suggested I might still be eligible.
Given the current tightening of market conditions, I'm keen to learn from your experiences, particularly:
- Recency of Application: When did you last apply for a business line of credit with either Wells Fargo or PNC? This will help me gauge the current lending climate.
- Approval Timeframe: How long did the application process take from submission to approval?
- Impact of Credit Inquiries: My personal FICO score is around 710, but I have 4 recent hard pulls (2 from Amex, 1 from Chase, and 1 from BOA which was denied due to too many recent inquiries). How might this affect my application?
Any insights, tips, or experiences you can share would be immensely valuable in helping me decide the best path forward for my business.
Thank you in advance for your time and help!
Amex Biz Gold | Amex Biz Plat | Chase Ink Preferred $5k
Starting Score: 512