In today’s economic environment, being approved for a traditional bank line of credit can be difficult for small to mid-sized businesses. Your approval for the line of credit is dependent on many factors including various ratios calculated from your financial statements. Applying for a line of credit with Gateway Acceptance Company is easier than applying for a bank line of credit because Gateway looks at your customer’s credit worthiness rather than the strength of your financial statements. Let’s face it, running a business is difficult enough without being turned away because of the length of time you’ve been in business or your financial strength.
Gateway Acceptance Company makes it easy to qualify for a line of credit. We only require the following items to determine if you qualify:
1) Completed and signed Gateway Application
2) Detailed (by customer) A/R and A/P aging
3) Most recent financial statements (balance sheet, P & L and income statement)
4) Copy of your driver’s license
5) Sample invoice copy
6) Company brochure (if applicable)
If you are incorporated, we also need a copy of your articles of incorporation
If you are a partnership or sole proprietorship, we also need a copy of your fictitious name statement
Once we have the above information it typically takes 1 – 3 business days to determine if you’ve qualified and 7 – 10 business days to open a line of credit for you.