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Everything You Need To Know About Business Lines Of Credit.
Flexible funding, ready whenever you are.
A Business Line of Credit is a flexible financing option that allows businesses to borrow money up to a certain limit, as needed. Borrow only what you need, when you need it, and only pay on that amount. It operates similarly to a credit card, offering ongoing access to funds.
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Best Uses For Lines Of Credit.
This type of funding is particularly useful for businesses seeking to maintain financial fluidity without committing to a long-term loan. It's a powerful tool for ensuring financial agility and resilience in a dynamic business landscape.
Growth Opportunities
When an opportunity presents itself, don't let a lack of funding hold you back.
Unexpected Expenses
It happens to the best of us. For those things, both good and bad, that you just never see coming.
Managing Cash Flow
Managing the ebbs and flows and the ups and downs is a reality every business owner knows.
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Covering Payroll Costs
When payday conveniently falls on the same day that opportunity of a lifetime presents itself.
Project or Job Supplies
While you're still waiting to get paid for the last job, but need the capital start on the next one.
Reoccurring Expenses
For those predictable, planned costs, the ones that happen like clockwork, every month.
Restocking Inventory
Every business needs a product or service to sell. For when yours starts to get a little too low..
Any Short-Term Need
Any situation you can think of that you wouldn't want to still be paying for in 1+ years from now.
Unsure if it's a fit? Check out the Product Use Case Evaluation for more guidance,
or schedule a complementary Funding Consultation to go over your specific needs.
Unique Features Of
Lines Of Credit.
Revolving Credit Usage
This unique feature allows businesses to borrow, repay, and re-borrow funds up to a pre-determined credit limit. It offers flexibility, as businesses can manage cash flow without applying for multiple loans.
Quick Access To Funds
Once established, a line of credit provides quick access to funds, ofter through simple bank transfers or a designated card. This immediate availability is crucial to manage unexpected or time sensitive needs.
Pay On Amount Borrowed
Businesses are only charged interest on the amount of money they actually draw, not on the total credit limit. This can significantly reduce the cost, compared to traditional loans.
Build Business Credit
Proper use of a business line of credit can help you improve your business credit score by demonstrating creditworthiness through timely payments. Conversely, mismanagement can harm your business' credit substantially.
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Qualifying For A Line Of Credit.
These requirements are a general rule of thumb, but by no means, are they set in stone. Certain exceptions can be made, depending on the circumstances. If you're unsure if you qualify, contact us for personalized assessment.
Minimum Revenue
Minimum of $30,000 average monthly revenue
Minimum Time in Business
Minimum time in business of at least 2 years or more
Minimum Credit Score
Minimum personal credit score of 650 or higher
Past Payment History
No active judgments or recent charge-offs on credit report
Ready To Get Started?
Applying for a Business Line of Credit is easy. Complete your 1-page application and we'll take of the heavy lifting. Then in just a few hours, you'll be getting a phone call to review your approval terms. And within a few days, your Business Line of Credit will be set up, activated, and ready for use.
Safeguarding your business against all of life's unknowns.
Or continue exploring your funding options.
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Turning dreams into dollars.
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