A business can get more business credit quickly if it has at least one bank reference and an average daily account balance of at least $10,000 for the past three months. This yields a Bank Rating of Low-5 (meaning an ADB of $5,000 to $30,000).
A lower rating, say a High-4, or balance of $7,000 to $9,999 won’t put a stop to the business’s application. But it will slow down the approval process.
This rating is the average minimum balance maintained in the business bank account over a three (3) month period. A $10,000 balance will rate as Low 5. $5,000 rates as Mid 4. $999 rates as High 3 and so on.
The main goal should be to maintain a minimum Low 5 bank rating ($10,000) for at least 3 months. Unfortunately, without at least a Low 5 rating, most banks will assume the business has little ability to repay a loan or a line of credit.