Revolving Line of Credit
What happens when your business needs working capital and is short on cash to address the situation? Have you ever looked back on the opportunities you have had but did not have the money necessary to take advantage of the investment? Every small business across the united states should have the ability to access capital at their fingertips. Our Small Business Line of Credit Program makes this desire a reality. You gain access to an unsecured revolving line of capital that enables you to draw funds as the need arises.
What is a line of credit?
A business line of credit is a financing option available to small business owners who require affordable and easy-to-access funds. It is a revolving line of credit where you can draw funds as per your business requirements and repaid it over a set period, much like a credit card. Small businesses usually use them to augment cash flow or to finance unforeseen expenditures for their operations.
Moreover, it is also an excellent option to take advantage of unexpected opportunities or investments that require a sudden infusion of money. Since it’s an unsecured business credit line, you don’t have to put up any collateral, and the interest rate is lower when compared to other types of funding.
Additionally, with a business line of credit, you can borrow up to the approved limit and pay interest only on the amount you borrow over the term you acquire it. The faster you repay the funds, the lower the cost of capital. Furthermore, as it is a revolving line of credit, any subsequent draws are only limited by the approval amount, and there’s no obligation to pay down the credit line.
A small business line of credit is an attractive financing option for business owners looking for flexibility, affordable interest rates, and the facility to access funds when needed.
Line of Credit Requirements
Here are basic requirements towards obtaining a line of credit:
- US Credit Score of 550+ (recommended credit score of 650+)
- Time in business of at least 6 months
- Annual gross revenue of at least $200,000
- No history of default or litigation
- Completed and signed lender application
The Tool Every Business Owner Needs
Business lines of credit are a necessity for a growing business. It provides an entrepreneur with the flexibility needed to make on-the-spot business decisions that are growth-oriented. And it's always better to have the funds available to you before you need them for situations just like that.
-
What if I don't have the time in business or the annual revenue for a business line of credit?
If you don't qualify for the standard business line of credit programs, we have micro-financing and business startup programs that can help bridge the gap until your business grows to the level of standard solutions! Ask us also about our personal line of credit options that have no restrictions!
-
When is a line of credit a good option for me?
Having a business line of credit can be a huge help when it comes to financing options. It's like having an open account with a healthy balance on hand, ready to go! The best part is that you don't start paying interest until you actually draw the funds, so you can have peace of mind knowing that it's there without worrying about any extra costs. Plus, with the advancements in Fintech (Financial Technology) today, it's easier than ever for small businesses to qualify for credit lines. Just remember, you only have to pay interest on the amount you actually borrow. So why not consider getting a business line of credit before you actually need it? It could come in handy down the road!
-
What are some restricted industries?
There are several industries that would not qualify for a line of credit. These industries include other financial institutions, automotive dealers, and adult entertainment, for example. If you are concerned about not qualifying for a business line of credit because of your business type, we have other options that will cover you!
SimpleTransparentSecure