Want flexible financing? Then you want a business line of credit.
Think of a line of credit as a financial safety net for your business. It’s there if you need it, but you’re under no obligation to use it. And when you do tap into it, you can use it to cover almost any small business need. Plus, you only pay interest on the funds you use, not the full amount. In other words, it’s as flexible as a double-jointed yoga teacher.
Benefits Of A Business Credit Line
There are multiple benefits to a line of credit that make it ideal for businesses.
Only pay interest on the funds you use
One of the coolest things about a business line of credit is that you only pay interest on the funds you use, not the full amount. For example, if you’re approved for a $40,000 business line of credit and you use $20,000 for office upgrades, you’ll just pay interest on that $20,000. This could save you a bundle in interest.
Multiple use cases
Just like with a credit card, you can use a business credit line for just about anything. It’s good for businesses looking to expand and in need of a little cash to set up a new location, or to buy inventory. It can also be great to have on deck in the event you might need funds unexpectedly. Or it can be good if you expect to experience cash flow issues due to an off-season or something of the like.
Minimum requirements for a Business Line Of Credit.
If your business doesn’t match some of the qualifiers below, it may be more challenging to receive funding from our lending partners.
CREDIT SCORE
560 or higher
ANNUAL REVENUE
at least $50K
TIME IN BUSINESS
6 months or more
LOAN AMOUNT
$1000-$500,000
TIME TO FUND
1-2 Weeks
LOAN TERMS
1-2 Year Maturity
INTEREST RATE
8-24%
