I have a line of credit at a bank for my business and I want to open a new business with a new FEIN number. Will the bank allow me to transfer my line from one FEIN number to another even though the new business will not have strong sales at the beginning?
It's unlikely that the bank will let you transfer that credit line without going through a completely new loan underwriting. Your bank may have granted the current credit based not on your company's strength, but on your personal financial strength, so the bottom line is that you need to ask the bank how it feels about your proposition.
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It's unlikely that the bank will let you transfer that credit line without going through a completely new loan underwriting. Your bank may have granted the current credit based not on your company's strength, but on your personal financial strength, so the bottom line is that you need to ask the bank how it feels about your proposition.