Examples of a business include corporations, LLCs, nonprofits, partnerships or sole proprietors. You are considered a sole proprietor if you get paid via a 1099 or operate a business and report your income via a Schedule C or F on your 1040 tax return.

• Although there will be a personal credit inquiry on any owner with at least 25% ownership when you apply, when the transaction funds, it does not get recorded on your personal credit as a new trade line of debt. It only reports to your business credit, helping you build your business credit profile.

The factors First Citizens will evaluate include:

• Time in business (TIB) under current ownership
  • If you have <2 years, you can expect a max approval up to $50K for 60 months (application-only).
  • If you have >5 years, you can expect a max approval for up to $250K for 72 months (application-only).
• Comparable business credit
  • This means a history of other business transactions comparable to the amount you are requesting, typically found on a business credit report such as Paynet.
• Depth of credit on your personal credit report
  • This means a history of multiple transactions, such as a car loans or a mortgage with good payment history over time.
  • If you are <2 years TIB, you should have a credit score of >710.
  • If you have 3+ years TIB, you should have a credit score of >600.
• For corp-only approvals (no personal guarantor)
  • 5+ years TIB under the current ownership
  • 50+ employees
  • Diversified ownership (typically 5+ owners)