Why is it important
A business line of credit can help your new or growing small business keep working capital available for whenever it’s needed. Many entrepreneurs prefer this type of business funding because of it’s direct access to cash when needed. Lenders will give you access to a specific amount but you don’t make payments or charge interest until you draw from the available credit line. This allows owners to only pay for what they need at that very moment. Different from term loans, SBA loans, and short term loans, where you would be disbursed a large amount followed by a subsequent monthly payment Our experts will help you understand the advantages of getting a business line of credit and offer some insider advice about the best way to obtain this versatile and affordable financing.
The Benefits
A business line of credit provides a controllable source of cash that is immediately available when it’s needed. A lot of entrepreneurs find it advantageous compared to getting money from angel investors or other funding sources. That’s because those entities typically take some degree of control over your operations to ensure their repayment. That’s not so with a business credit line.
Getting a business line of credit also does not require you to engage in various other typical ways of getting funding like maxing out personal credit cards, qualifying for the strict requirements of traditional bank loans; or soliciting your family, friends, and peers for their investments.
Further, a business line of credit offers flexibility that most other funding sources cannot. Many business owners appreciate the fact that they do not have to take a large lump sum of funding all at once, and therefore incur the interest fees for that large sum. With a business credit line, you only pay interest on the amount that you use, regardless of what your credit score is. Additionally, the payments you make to repay what you use will help to build a better credit rating for your small business.
Get Funded!
If you are considering applying for a business line of credit, then contact a financing expert today at 516-828-2863. We facilitate business funding for qualified applicants via our network of high-quality private lenders. Our smart and attentive team can help get you the business line of credit you need to ensure smooth operations, no matter what unforeseen expenses may pop up in the future.
