Business Line of Credit
What Is It?
A business line of credit is a reserve amount of money that your business can draw when needed. For most business owners, this is used as a safety net. Get access to cash for your business with an unsecured business line of credit for your ongoing financial needs. This product will put more control in your hands as you can withdrawal funds as they are needed. Whether it is a crisis that requires an immediate surge of funds or a more strategic purchase which we help grow your business.
There are various types of business lines of credit. The most common is the traditional line of credit, however, these may not work as well for newer companies. Here’s all of the types of business lines of credit:
- Traditional line of credit
- Short term line of credit
- Equipment backed line of credit
- Invoice backed line of credit
It’s Different than a Credit Card
A business line of credit is often compared to a credit card. It is somewhat similar, but there are some key differences.
- If you use a credit card for a cash advance, there may be a fee associated.
- Interest rates with credit card cash advances are usually quite high.
- Credit cards require payments on a monthly basis, while business lines of credit usually don’t except for a small fee.
What Are the Advantages?
- You only pay interest on the amount that you have borrowed.
- It’s similar to a credit card, but normally with better interest rates.
- Very flexible terms
- Helps build and improve your credit history
You Need Cashflow
- Can’t Sleep At Night?
- Don’t have enough cashflow
- Haven’t been in business long enough
- No collateral
- Poor credit history
- Your bank isn’t moving fast enough?
Don’t Wait, Get The Cash You Need!