Business Line of Credit vs. Term Loan

[Darina Pogodina]

Hello BP Family.

I have one year old LLC and my company made less then 10K in 2016. I really need to obtain finance to make another purchase. When I ask my bank about business loan they advised to be more specific: "A term loan for buying something specific or a line of credit for cash flow?"

Could you please define the difference between this too different types? What are typical terms and what would be the minimum personal score? Is it possible to only use EIN number and not use personal SSN? My goal is to buy multi and hold. 

Any help is much appreciated.

Thank you so much. 

Darina