Things You'll Need:
- Understanding of banking terms
-
Step 1
Get your business records into order. For obvious reason, the lender will need to review your business's financial history and previous tax return. It will speed the process if you have them already compiled into a document. It will be important that to show you operate a profitable business.
-
Step 2
Shop around. You will want to find the best arrangement for you. While you may want to use your existing bank for the small business credit line, you may be able to negotiate a special deal. If it is not the best arrangement, do not feel trapped into it. You can always open a line of credit at a different bank.
-
Step 3
Have a co-signer ready. If you are looking for a larger credit line, the bank will probably require a co-signer.
-
Step 4
Read all literature given to you. This will make sure that you understand how the credit line works as well as notifying you of any possible fees. This will also explain how your interest is incurred and what minimum payment would be due.
-
Step 5
Ask questions. Make sure to get a firm understanding of the interest rate and other terms before opening your credit line. You may want to consider making an appointment to speak loan specialist to review materials.










