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Lines Of Credit

When you need to cover special projects or unexpected expenses quickly, a line of credit is a marvelous option. Withdraw what you need when you need it, without a new loan application each time.

 

Keep funds at the ready to act on new opportunities with a revolving line.

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01. Overview
02. Advantages
03. FAQ’s
05. Contact

Access Funds through a revolving line of credit

Smart business owners often use lines of credit as a backup plan in case of emergency expenses. Take from the balance during periods of slow sales and pay back into the account when sales are up.

 

  • Lower APRs Than Credit Cards
  • Higher Spending Limits
  • Secured Line of Credit
  • Unsecured Line of Credit (Limit Applies)
  • Low FICO Score, OK

Pay Bills

Draw on your line of credit to quickly cover the cost of doing business. Rent, utilities and supplies are easily fulfilled with a business line of credit.

Payroll

During slow periods it may help to cover payroll costs with a line of credit. Talk with us about this option as well as other pathways to working capital for cyclical industries.

Open to Buy Dollars

When you see items you know you can sell quickly a line of credit comes in handy for managing Open to Buy funds for retail businesses. Add to your bottom line!

Expense Account

Instead of maintaining petty cash, provide manager access to expense funds with a business line of credit and manager cards with a set spending limit.

Financing Options

Non revolving line

When you have a fixed expense, a non revolving line of credit might be right for you. Once you have spent down the funds and repaid the line, the account closes without the hit to your credit score associated with closing a credit account.

Secured line

Increase spending limits and reduce interest fees by leveraging valuable assets owned by your business. Secured lines of credit are an excellent choice for businesses with positive cash flow.

Unsecured line

An unsecured line of credit means you don’t leverage any existing business assets. Because the lender carries higher risk, limits are lower than secured lines. Interest rates are higher than secured lines, but often lower than a business credit card.

Advantages of Lines of Credit

  • Borrow more than once from the same account.
  • Flexible
  • Lower APRs than credit cards.
  • No interest on a zero balance.

Frequently Asked Questions

When is a Line of Credit not a good fit?
If your business doesn’t have assets it can use as collateral, it may be difficult to qualify for a line of credit. In this case, a term or bridge loan could be a better option. We’ll work with you until you find the right solution to fit your business.
How do I find the best Line of Credit?
Our professional experience and far-reaching lender network allow us to find the best deals on both secured and unsecured lines of credit. Don’t waste your time shopping around when we could do the searching for you.
Who uses business Lines of Credit?
Business owners of all types utilize lines of credit as part of their financial strategy. It gives them greater control over their capital. Lines of credit help build positive business credit if handled properly, making them great tools for young business owners.
What is the interest rate for a business Line of Credit?
Most unsecured lines follow the prime lending rate, which is currently 3.25%. That’s the base amount. Rates can range anywhere from 5% to 20% depending on your assets and credit history. There are fixed and variable rate lines on the market. Tell us what you need and we’ll make sure you have several options to choose from.

Additional
Questions?

For more information, contact one of our friendly and knowledgeable financing experts today. Give us a call at:

(408) 451-3993

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Start your journey to business funding.